Illinois Finance Authority plans $117.48 million sale of Greenfields of Geneva revenue bonds

By Sheri Kasprzak

New York, June 14 - The Illinois Finance Authority is set to sell $117.48 million in series 2010 revenue bonds, according to a preliminary official statement. The bonds will be sold for the Greenfields of Geneva project.

The offering includes $88.48 million in series 2010A bonds, $5 million in series 2010B accelerated redemption reset option securities, $4.575 million in series 2010C-1 tax-exempt mandatory paydown securities, $8.35 million in series 2010C-2 tax-exempt mandatory paydown securities and $11.075 million in series 2010C-3 tax-exempt mandatory paydown securities.

The bonds will be sold through senior manager Ziegler Capital Markets.

The 2010A maturities have not been set. The 2010B bonds are due Feb. 15, 2017. The 2010C-1 bonds are due Feb. 15, 2017 and the 2010C-2 bonds are due Feb. 15, 2016. The 2010C-3 bonds are due Feb. 15, 2016.

Proceeds will be used to reimburse Greenfields of Geneva for the construction of a senior living facility in Geneva, Ill., as well as to provide working capital for the facility.

The Chicago-based authority provides financing for nonprofit organizations and small businesses.

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