By Sheri Kasprzak
New York, May 8 - The Illinois Finance Authority priced $149.09 million of series 2013A revenue bonds for the University of Chicago, according to a pricing sheet.
The bonds (Aa3/AA/AA+) were sold through senior managers Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC.
The bonds are due 2015, 2034, 2049 and 2052. The 2015 bonds have a 4% coupon priced at 108.436 to yield 0.43% and the 2034 bonds have a 5% coupon priced at 116.798 to yield 3.02%. The 2049 bonds have a 4% coupon priced at 98.114 to yield 4.10% and the 2052 bonds have a 5.25% coupon priced at 114.504 to yield 3.50%.
Proceeds will be used to construct and renovate educational facilities for the university, as well as to refund the university's series 2001A, 2004A and 2007 revenue bonds.
| Issuer: | Illinois Finance Authority/University of Chicago
|
| Issue: | Series 2013A revenue bonds
|
| Amount: | $149.09 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC (lead), Cabrera Capital Markets LLC, Loop Capital Markets LLC and The Northern Trust Co. (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA
|
| Fitch: AA+
|
| Pricing date: | May 7
|
| Settlement date: | May 15
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.42 million | 2015 | Term | 4% | 108.436 | 0.43%
|
| $6.26 million | 2034 | Term | 5% | 116.798 | 3.02%
|
| $66,775,000 | 2049 | Term | 4% | 98.114 | 4.10%
|
| $73,635,000 | 2052 | Term | 5.25% | 114.504 | 3.50%
|
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