Illinois Finance to sell $455.98 million bonds for Northwestern Memorial Hospital

By Sheri Kasprzak

New York, March 17 - The Illinois Finance Authority is gearing up to price $455.975 million in series 2009 revenue bonds for Northwestern Memorial Hospital, according to a preliminary official statement. The sale is expected for later this month, a sellside source told Prospect News Tuesday.

The bonds (Aa2/AA+/) will be sold on a negotiated basis with J.P. Morgan Securities Inc. as the senior manager. The co-managers include Citigroup Global Markets Inc., Loop Capital Markets LLC and Cabrera Capital Markets LLC.

The sale includes $352.525 million in series 2009A bonds and $103.45 million in series 2009B bonds.

Proceeds will be used to reimburse the hospital for costs related to constructing and renovating healthcare facilities. The rest will be used to refund the hospital's outstanding 1995, 2004B, 2007B and 2008B bonds.

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