Transaction Details
City of Chenoa
Baird served as placement agent on the City’s $1,620,000 General Obligation Refunding Bonds (Alternate Revenue Source), Series 2024.
As placement agent, Baird contacted over 30 banks, including national, regional and five local banks. The City received three bids, which included two from local banks. The interest rate bids received ranged from 3.74% to 4.75%, a differential of over 1.00%. The winning bid was a national bank that generated an all-in true interest cost that was 0.87% lower than the cover bid from a local bank.
The bond refinancing achieved $72,500 in gross debt service savings and $60,050 in present value savings for the City.
- Issuer
- City of Chenoa
- State
- Illinois
- Type
- Municipalities & Counties
- Par
- $1,620,000
- Role
- Placement Agent
- Date
- February 2024
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