Published on 5/2/2012 in the Prospect News Municipals Daily.
Correction: Illinois sells $1.79 billion bonds via bookrunners Jefferies, BMO, Duncan-Williams
An article in the May 2 edition of the Prospect News Municipals Daily misidentified Duncan-Williams Inc.'s role in the sale by the State of Illinois of $1.79 billion of general obligation bonds. The investment bank was a joint bookrunner along with Jefferies & Co. and BMO Capital Markets. A corrected version of the story follows:
By Sheri Kasprzak
New York, May 2 - The State of Illinois sold $1,791,440,000 of series May of 2012 general obligation refunding bonds, according to a pricing sheet.
The bonds (A2/A+/A) were sold through senior managers Jefferies & Co., BMO Capital Markets LLC and Duncan-Williams Inc.
Co-managers were Rice Financial Products Co., M.R. Beal & Co., Piper Jaffray & Co., PNC Capital Markets LLC, William Blair & Co. Inc., City Securities Corp., Edward D. Jones & Co. LP, Estrada Hinojosa & Co., Janney Montgomery Scott LLC, Podesta & Co. and Williams Capital Group LP.
The bonds are due 2013 to 2025 with 1.6% to 5% coupons.
Proceeds will be used to refund existing G.O. debt.
| Issuer: | State of Illinois
|
| Issue: | Series May of 2012 general obligation refunding bonds
|
| Amount: | $1,791,440,000
|
| Type: | Negotiated
|
| Underwriters: | Jefferies & Co., BMO Capital Markets LLC and Duncan-Williams Inc. (lead), Rice Financial Products Co., M.R. Beal & Co., Piper Jaffray & Co., PNC Capital Markets LLC, William Blair & Co. Inc., City Securities Corp., Edward D. Jones & Co. LP, Estrada Hinojosa & Co., Janney Montgomery Scott LLC, Podesta & Co., Williams Capital Group LP (co-managers)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A+
|
| Fitch: A
|
| Pricing date: | May 1
|
| Settlement date: | May 8
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $127.96 million | 2013 | Serial | 2% | 100.835
|
| $127.96 million | 2013 | Serial | 3% | 102.414
|
| $25 million | 2014 | Serial | 1.6% | 100.584
|
| $102.96 million | 2014 | Serial | 4% | 105.824
|
| $25 million | 2015 | Serial | 2.5% | 102.295
|
| $102.96 million | 2015 | Serial | 5% | 110.095
|
| $1.2 million | 2016 | Serial | 2% | 99.475
|
| $126.76 million | 2016 | Serial | 5% | 111.548
|
| $127.96 million | 2017 | Serial | 5% | 112.443
|
| $127.96 million | 2018 | Serial | 5% | 112.737
|
| $2 million | 2019 | Serial | 3% | 99.803
|
| $125.96 million | 2019 | Serial | 5% | 112.701
|
| $40 million | 2020 | Serial | 5% | 113.238
|
| $87.96 million | 2020 | Serial | 5% | 112.467
|
| $127.96 million | 2021 | Serial | 5% | 111.572
|
| $50 million | 2022 | Serial | 5% | 112.617
|
| $77.96 million | 2022 | Serial | 5% | 111.705
|
| $127.96 million | 2023 | Serial | 5% | 111.365
|
| $127.96 million | 2024 | Serial | 5% | 109.377
|
| $34.5 million | 2025 | Serial | 4% | 99.486
|
| $93.46 million | 2025 | Serial | 5% | 108.322
|
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