By Sheri Kasprzak
New York, Dec. 15 - The Illinois Finance Authority priced $421.25 million in series 2008B revenue bonds for the University of Chicago, according to an official statement released Monday.
The bonds (Aa1/AA/AA+) were sold on a negotiated basis Friday with J.P. Morgan Securities Inc. and Banc of America Securities LLC as the lead managers. The co-managers were Cabrera Capital Markets; Goldman, Sachs & Co.; Jackson Securities; Loop Capital Markets LLC; Morgan Stanley & Co. Inc.; and William Blair & Co. LLC.
The serial bonds are due 2013 to 2038 with coupons from 3.5% to 6.25% and yields from 3.28% to 6%.
Proceeds will be used to finance, refinance or reimburse the university for the construction, acquisition, renovation or improvement of educational facilities on campus.
| Issuer: | Illinois Finance Authority/University of Chicago
|
| Issue: | Series 2008B revenue bonds
|
| Amount: | $421.25 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities Inc. and Banc of America Securities LLC (leads); Cabrera Capital Markets; Goldman, Sachs & Co.; Jackson Securities; Loop Capital Markets LLC; Morgan Stanley & Co. Inc.; and William Blair & Co. LLC
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA
|
| Fitch: AA+
|
| Pricing date: | Dec. 12
|
| Settlement date: | Jan. 7
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2013 | Serial | 5% | 3.28%
|
| 2013 | Serial | 3.5% | 3.28%
|
| 2014 | Serial | 5% | 3.53%
|
| 2014 | Serial | 4% | 3.53%
|
| 2015 | Serial | 5% | 3.79%
|
| 2016 | Serial | 5% | 4.06%
|
| 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% | 5.35%
|
| 2023 | Serial | 5.25% | 5.43%
|
| 2028 | Serial | 5.5% | 5.80%
|
| 2033 | Serial | 5.75% | 6.00%
|
| 2038 | Serial | 6.25% | 6.00%
|
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