Illinois Finance Authority plans to sell $204.1 million revenue bonds

By Sheri Kasprzak

New York, Sept. 10 - The Illinois Finance Authority plans to price $204.1 million in series 2010 revenue bonds for the Admiral at the Lake project, according to a preliminary official statement.

The offering includes $125.6 million in series 2010A bonds, $5.35 million in series 2010B bonds, $5 million in series 2010C accelerated redemption reset option securities, $12.15 million in series 2010D-1 tax-exempt mandatory paydown securities, $18.15 million series 2010D-2 tax-exempt mandatory paydown securities, $35.35 million in series 2010D-3 tax-exempt mandatory paydown securities and $2.5 million in taxable mandatory paydown securities.

The bonds will be sold through Ziegler Capital Markets with BB&T Capital Markets and RBC Capital Markets Corp. as the co-managers.

The maturities for the 2010A bonds have not been set. The 2010B bonds are due May 15, 2018; the 2010C bonds are due May 15, 2018; the 2010D-1 bonds are due May 15, 2018; the 2010D-2 bonds are due May 15, 2017; and the 2010D-3 bonds are due May 15, 2017. The 2010E bonds are due May 15, 2016.

Proceeds will be used to design, acquire, construct and equip a new independent and assisted living facility for senior citizens at the site of the current Admiral at the Lake facility, which is located in Chicago.

Based in Chicago, the authority provides financing for projects for businesses, nonprofit organizations and local governments.

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