Published on 8/5/2014 in the Prospect News Municipals Daily.
New Issue: Illinois Finance prices $574.07 million of University of Chicago bonds
By Sheri Kasprzak
New York, Aug. 5 – The Illinois Finance Authority sold $574,065,000 of series 2014A revenue bonds for the University of Chicago, according to a pricing sheet.
The bonds (Aa2/AA/AA+) were sold through Barclays and PNC Capital Markets LLC.
The bonds are due 2019 to 2024 and 2026 to 2035 with a term bond due in 2038. The serial coupons range from 4% to 5%. The 2038 bonds have a 4% coupon priced at 100.41 and a 5% coupon priced at 111.797.
Proceeds will be used to finance the construction, acquisition, design and equipment of educational facilities for the university, as well as to advance refund the university’s series 2008B revenue bonds.
| Issuer: | Illinois Finance Authority/University of Chicago
|
| Issue: | Series 2014A revenue bonds
|
| Amount: | $574,065,000
|
| Type: | Negotiated
|
| Underwriters: | Barclays and PNC Capital Markets LLC (lead), Loop Capital Markets LLC and William Blair & Co. Inc. (co-managers)
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA
|
| Fitch: AA+
|
| Pricing date: | Aug. 5
|
| Settlement date: | Aug. 12
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $14,635,000 | 2019 | Serial | 5% | 117.616
|
| $15,385,000 | 2020 | Serial | 5% | 118.892
|
| $16,175,000 | 2021 | Serial | 5% | 119.562
|
| $17 million | 2022 | Serial | 5% | 120.091
|
| $17,875,000 | 2023 | Serial | 5% | 120.303
|
| $18.79 million | 2024 | Serial | 5% | 121.162
|
| $19,755,000 | 2026 | Serial | 5% | 118.614
|
| $20.77 million | 2027 | Serial | 5% | 117.652
|
| $21,835,000 | 2028 | Serial | 5% | 116.888
|
| $22,955,000 | 2029 | Serial | 5% | 116.131
|
| $24.13 million | 2030 | Serial | 5% | 115.473
|
| $31.77 million | 2031 | Serial | 5% | 114.819
|
| $33,335,000 | 2032 | Serial | 5% | 114.17
|
| $37.54 million | 2033 | Serial | 5% | 113.709
|
| $48.71 million | 2034 | Serial | 4% | 101.919
|
| $63.5 million | 2035 | Serial | 5% | 112.794
|
| $75 million | 2038 | Term | 4% | 100.41
|
| $74,905,000 | 2038 | Term | 5% | 111.797
|
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