Published on 10/1/2015 in the Prospect News Municipals Daily.
New Issue: Illinois Finance sells $58.47 million Columbia College revenue bonds
By Sheri Kasprzak
New York, Oct. 1 – The Illinois Finance Authority sold $58,465,000 of series 2015 revenue refunding bonds for Columbia College, according to a pricing sheet.
The deal included $50.49 million of series 2015A bonds and $7,975,000 of series 2015B taxable bonds.
The 2015A bonds are due 2023 to 2030 with a term bond due in 2037. The serial coupons range from 4.125% to 5% with yields from 3.38% to 4.47%. The 2037 bonds have a 5% coupon priced at 103.367 to yield 4.58%.
The 2015B bonds are due 2015 to 2022 with coupons from 2% to 4.25% and yields from 0.74% to 4.45%.
The bonds (/BBB+/) were sold through Loop Capital Markets LLC and BMO Capital Markets.
Proceeds will be used to refund the college’s series 2003, 2007 and 2011 revenue bonds.
| Issuer: | Illinois Finance Authority/Columbia College
|
| Issue: | Series 2015 revenue refunding bonds
|
| Amount: | $58,465,000
|
| Type: | Negotiated
|
| Underwriters: | Loop Capital Markets LLC and BMO Capital Markets (lead)
|
| Rating: | Standard & Poor’s: BBB+
|
| Pricing date: | Oct. 1
|
| Settlement date: | Oct. 15
|
|
|
| $50.49 million series 2015A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,845,000 | 2022 | Serial | 5% | 110.181 | 3.38%
|
| $2,245,000 | 2023 | Serial | 5% | 109.859 | 3.59%
|
| $2.36 million | 2024 | Serial | 5% | 109.663 | 3.74%
|
| $2.48 million | 2025 | Serial | 5% | 109.565 | 3.85%
|
| $2.61 million | 2026 | Serial | 5% | 108.603 | 3.96%
|
| $2.74 million | 2027 | Serial | 5% | 107.737 | 4.06%
|
| $2.88 million | 2028 | Serial | 5% | 106.965 | 4.15%
|
| $3.03 million | 2029 | Serial | 5% | 106.284 | 4.23%
|
| $3.17 million | 2030 | Serial | 4.125% | 96.231 | 4.47%
|
| $27.13 million | 2037 | Term | 5% | 103.367 | 4.58%
|
|
|
| $7,975,000 series 2015B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.51 million | 2015 | Serial | 2% | 100.16 | 0.74%
|
| $500,000 | 2016 | Serial | 2.137% | 100 | 2.137%
|
| $510,000 | 2017 | Serial | 2.687% | 100 | 2.687%
|
| $530,000 | 2018 | Serial | 3.267% | 100 | 3.267%
|
| $1.27 million | 2019 | Serial | 3.552% | 100 | 3.552%
|
| $1.32 million | 2020 | Serial | 3.60% | 99.063 | 3.802%
|
| $2,045,000 | 2021 | Serial | 3.95% | 98.923 | 4.15%
|
| $290,000 | 2022 | Serial | 4.25% | 98.785 | 4.45%
|
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