Illinois Finance offers $114.58 million bonds for Advocate Health

By Cristal Cody

Tupelo, Miss., Sept. 6 - The Illinois Finance Authority announced a three-tranche bond offering (Aa2/AA/AA) of more than $114 million for Advocate Health Care, according to preliminary official statements.

The offering includes $44.575 million in two tranches of series 2011A bonds. The authority will offer $12.325 million of series 2011A1 revenue bonds with serial maturities from 2012 through 2022 and $32.25 million of series 2011A2 revenue bonds due April 1, 2041.

The second tranche of $70 million is an offering of series 2011B revenue bonds due April 1, 2051.

Citigroup Global Markets Inc. is the lead manager of the negotiated sales. Loop Capital Markets LLC and Cabrera Capital Markets, LLC are the co-managers on the sale of the series 2011A bonds.

Proceeds of the bonds will be used to refund the outstanding Illinois Health Facilities Authority series 1998A and 1998B revenue bonds for Advocate Health Care and to finance, refinance and reimburse a portion of the costs to acquire, construct, renovate and equip a nine-story ambulatory care facility at Advocate Christ Medical Center.

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