Illinois Finance to sell $140 million bonds for Art Institute of Chicago

By Cristal Cody

Tupelo, Miss., March 12 -The Illinois Finance Authority plans to sell $140 million in revenue bonds (A1/A+/) for the Art Institute of Chicago, according to a preliminary official statement.

The sale includes $60 million in series 2009A fixed-rate bonds and $40 million in series 2009B1 and $40 million in series 2009B2 adjustable rate weekly interest revenue bonds.

J.P. Morgan Securities Inc. will be the senior manager of the negotiated sale of the series 2009A bonds and will manage the negotiated sale of the series 2009B1 and series 2009B2 bonds.

The co-managers for the series 2009A bonds are Cabrera Capital Markets, LLC, Loop Capital Markets, LLC and William Blair & Co., LLC.

The proceeds will be used to finance and refinance the costs to acquire, construct, renovate, improve and equip cultural facilities.

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