Transaction Details

Waukegan Park District

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Following a competitive RFP process against five other underwriting firms, Baird was appointed as sole underwriter on the negotiated sale of Waukegan Park District’s $12,000,000 General Obligation Park Bonds (Alternate Revenue Source), Series 2022 which carried a “AA” underlying rating. The Bonds generated $12.8 million for various capital improvement projects throughout the District.

We implemented a 2-day marketing strategy which resulted in oversubscriptions of 2x in 6 of the 8 maturities. The Bonds were structured to wrap around existing alternate revenue debt that shared the same revenue pledge. The District locked in a true interest cost of 4.26% on a non bank qualified 19-year transaction with an average life of 14.2 years.