Illinois offers $1.44 billion G.O. refunding bonds in negotiated sale

By Cristal Cody

Tupelo, Miss., Feb. 12 - The State of Illinois intends to sell $1.435 billion in general obligation refunding bonds, according to a preliminary official statement released late Thursday.

The series February 2010 bonds (A2/A+/A) will price through a negotiated sale led by senior managers Morgan Stanley & Co. and Citigroup Global Markets Inc.

Co-managers of the sale are PNC Capital Markets LLC; Siebert Brandford Shank & Co., LLC; Grigsby & Associates, Inc.; Melvin & Co.; Ramirez & Co., Inc.; and Ross, Sinclaire & Associates, LLC.

The bonds have serial maturities from 2011 through 2025, according to the statement.

The proceeds will be used to refund all or a portion of maturities of outstanding G.O. bonds of the state and to purchase U.S. Treasury obligations to provide for the refunding.

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