By Sheri Kasprzak
New York, Sept. 19 - The Illinois Finance Authority priced $113.73 million of series 2011 revenue bonds for the Advocate Health Care Network, according to an official statement.
The offering included $43.73 million of series 2011A bonds and $70 million of series 2011B bonds.
The 2011A bonds are due 2012 to 2022 with term bonds due in 2039 and 2041. The serial coupons range from 2% to 4%, and the yields range from 0.42% to 3.4%. The 2039 bonds have a 4.75% coupon to yield 5%. The 2041 bonds have a 5% coupon to yield 5.03%.
The 2011B bonds are due April 1, 2051 and bear interest at the Windows rate plus 12 bps.
Citigroup Global Markets Inc. was the senior manager for the 2011A bonds and the sole manager for the 2011B bonds (Aa2/AA/AA). The co-managers for the 2011A bonds were Loop Capital Markets LLC and Cabrera Capital Markets LLC.
Proceeds will be used to construct a six-story ambulatory care center at Advocate Christ Medical Center in Oak Lawn, Ill.
| Issuer: | Illinois Finance Authority/Advocate Health Care Network
|
| Issue: | Series 2011 revenue bonds
|
| Amount: | $113.73 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead for 2011A, sole for 2011B); Loop Capital Markets LLC and Cabrera Capital Markets LLC (co-managers for 2011A)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | Sept. 16
|
| Settlement date: | Sept. 21
|
|
|
| $43.73 million series 2011A revenue bonds
|
| Amount | Maturity | Type | Coupon | Yield | Price
|
| $2.675 million | 2012 | Serial | 2% | 0.42% | 100.832
|
| $2.74 million | 2013 | Serial | 2.5% | 0.65% | 102.807
|
| $350,000 | 2014 | Serial | 3% | 1.13% | 104.646
|
| $355,000 | 2015 | Serial | 3% | 1.39% | 105.523
|
| $370,000 | 2016 | Serial | 3% | 1.82% | 105.105
|
| $835,000 | 2017 | Serial | 4% | 2.18% | 109.429
|
| $3.48 million | 2018 | Serial | 5% | 2.50% | 114.970
|
| $200,000 | 2019 | Serial | 4% | 2.82% | 107.952
|
| $205,000 | 2020 | Serial | 4% | 3.05% | 107.085
|
| $215,000 | 2021 | Serial | 4% | 3.22% | 106.355
|
| $220,000 | 2022 | Serial | 4% | 3.40% | 104.847
|
| $4 million | 2039 | Term | 4.75% | 5% | 96.282
|
| $27.085 million | 2041 | Term | 5% | 5.03% | 99.539
|
|
|
| $70 million series 2011B revenue bonds
|
| Maturity | Type | Coupon | Price
|
| April 1, 2051 | Term | Windows rate plus 12 bps | 100
|
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