CHICAGO — Chicago plans to enter the market later this year with up to $900 million of O’Hare International Airport revenue debt to refund outstanding bonds and raise new-money for the airport’s capital improvement program and ongoing $8 billion runway expansion program.

The city intends to refund up to $500 million of existing airport debt depending on market conditions. The new-money piece would provide $100 million for the relocation of parking under the $8 billion O’Hare Modernization Program, or OMP.  The remainder would cover issuance costs, capitalized interest, fund reserves, and finance capital improvement program projects, according to Kathleen Strand, a spokeswoman for Mayor Rahm Emanuel.

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