By Sheri Kasprzak
New York, Dec. 4 - The Illinois Finance Authority priced $500 million in series 2008B revenue bonds on Thursday for the University of Chicago, according to a pricing sheet released by a sellside source.
The bonds (Aa1/AA/) were sold on a negotiated basis with J.P. Morgan Securities Inc. as the lead manager. The co-managers were Banc of America Securities LLC; Cabrera Capital Markets; Goldman, Sachs & Co.; Jackson Securities; Loop Capital Markets; Morgan Stanley & Co. Inc.; and William Blair & Co.
The bonds are due 2013 to 2025 with term bonds due 2028, 2033 and 2038. The serials have coupons from 3.5% to 5.5% with yields from 3.28% to 5.25%. The 2028 bonds have a 5.5% coupon to yield 5.8%, the 2033 bonds have a 5.75% coupon to yield 6% and the 2038 bonds have a 6.25% coupon to yield 6%.
Proceeds will be used for financing, refinancing or reimbursing the University of Chicago for construction, acquisition, equipment or renovation of educational facilities on campus.
| Issuer: | Illinois Finance Authority/University of Chicago
|
| Issue: | Series 2008B revenue bonds
|
| Amount: | $500 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities Inc. (lead); Banc of America Securities LLC; Cabrera Capital Markets; Goldman, Sachs & Co.; Jackson Securities; Loop Capital Markets; Morgan Stanley & Co. Inc.; and William Blair & Co. (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA
|
| Pricing date: | Dec. 4
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2013 | Serial | 3.5% | 3.28%
|
| 2013 | Serial | 5% | 3.28%
|
| 2014 | Serial | 4% | 3.53%
|
| 2015 | Serial | 5% | 3.79%
|
| 2016 | Serial | 4.25% | 4.06%
|
| 2017 | Serial | 5% | 4.34%
|
| 2019 | Serial | 5.5% | 4.84%
|
| 2021 | Serial | 5.5% | 5.19%
|
| 2022 | Serial | 5.25% | 5.25%
|
| 2023 | Serial | 5.25% | 5.25%
|
| 2025 | Serial | 5% | 5.181%
|
| 2028 | Term | 5.5% | 5.80%
|
| 2033 | Term | 5.75% | 6.00%
|
| 2038 | Term | 6.25% | 6.00%
|
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