Illinois Finance Authority plans to price $115 million Art Institute of Chicago revenue bonds

By Sheri Kasprzak

New York, May 19 - The Illinois Finance Authority is expected to sell $115 million in series 2010A revenue bonds for the Art Institute of Chicago, according to a preliminary official statement.

The bonds (A1/A+/) will be sold on a negotiated basis with J.P. Morgan Securities Inc. and Loop Capital Markets LLC as the senior managers. The co-managers are Morgan Stanley & Co. Inc. and William Blair & Co. LLC.

The maturities have not been set.

Proceeds from the sale will be used to redeem the institute's series 1992, 1995 and 1996 bonds, as well as to repay a line of credit.

The Chicago-based authority provides financing for nonprofit organizations.

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