Illinois Finance Authority plans to sell $135.97 million in bonds for Alexian Brothers Health

By Sheri Kasprzak

New York, March 26 - The Illinois Finance Authority is expected to sell $135.97 million in series 2010 revenue bonds for Alexian Brothers Health System, according to a preliminary official statement.

The bonds (A3//A-) will be sold through senior manager Bank of America Merrill Lynch. The co-managers are Cabrera Capital Markets LLC and Loop Capital Markets LLC.

The maturities have not been set.

Proceeds will be used to reimburse the health system for costs associated with upgrading St. Alexius Medical Center in Chicago, as well as for other upgrades made to Alexian Brothers hospitals. The remainder will be used to refund existing debt.

The authority, based in Chicago, provides loans to nonprofit organizations, businesses, agriculture operations and local governments throughout the state. Alexian Brothers, based in Addison, Ill., is a health care network operated by the Congregation of Alexian Brothers, an apostolic Catholic order.

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