By Sheri Kasprzak
New York, April 7 - The Illinois Finance Authority priced on Wednesday $135.97 million of series 2010 revenue bonds, said a term sheet.
The bonds (A3//A-) were sold through senior manager Bank of America Merrill Lynch. The co-managers are Cabrera Capital Markets LLC and Loop Capital Markets LLC.
The bonds are due 2011 to 2022 with term bonds due 2025 and 2030. The serial coupons range from 3% to 5%. The 2025 bonds have a 5.125% coupon and priced at 98.614. The 2030 bonds have a 5.25% coupon and priced at 97.35.
Proceeds will be used to reimburse the health system for costs associated with upgrading St. Alexius Medical Center in Chicago, as well as other upgrades made to Alexian Brothers hospitals. The remainder will be used to refund existing debt.
The authority, based in Chicago, provides loans to nonprofit organizations, businesses, agriculture operations and local governments throughout the state. Alexian Brothers, based in Addison, Ill., is a health care network operated by the Congregation of Alexian Brothers, an apostolic Catholic order.
| Issuer: | Illinois Finance Authority/Alexian Brothers Health System
|
| Issue: | Series 2010 revenue bonds
|
| Amount: | $135.97 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch (lead), Cabrera Capital Markets LLC and Loop Capital Markets LLC (co-managers)
|
| Ratings: | Moody's: A3
|
| Fitch: A-
|
| Pricing date: | April 7
|
|
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 3% | 101.17
|
| 2012 | Serial | 4% | 103.24
|
| 2013 | Serial | 4% | 103.831
|
| 2014 | Serial | 5% | 106.748
|
| 2015 | Serial | 3.5% | 99.864
|
| 2015 | Serial | 5% | 106.454
|
| 2016 | Serial | 4.5% | 102.671
|
| 2017 | Serial | 4.25% | 99.76
|
| 2017 | Serial | 4.5% | 101.224
|
| 2017 | Serial | 5% | 104.151
|
| 2018 | Serial | 4.25% | 98.297
|
| 2018 | Serial | 5% | 103.191
|
| 2019 | Serial | 4.5% | 98.429
|
| 2019 | Serial | 5% | 102.066
|
| 2020 | Serial | 5% | 101.075
|
| 2021 | Serial | 5% | 100.158
|
| 2022 | Serial | 5% | 99.025
|
| 2025 | Term | 5.125% | 98.614
|
| 2030 | Term | 5.25% | 97.35
|
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