New Issue: Illinois Finance brings $71.65 million of Advocate Health revenue bonds

By Sheri Kasprzak

New York, Oct. 19 – The Illinois Finance Authority sold $71,645,000 of series 2015B revenue bonds for Advocate Health, according to a pricing sheet.

The bonds (Aa2/AA/AA) were sold through senior manager J.P. Morgan Securities LLC.

The bonds are due 2022 to 2027 with term bonds due in 2041 and 2044. The serial bonds have 5% coupons with 1.91% to 2.89% yields. The 2041 bonds have a 4% coupon priced at 98.581 to yield 4.09% and the 2044 bonds have a 4% coupon priced at 98.161 to yield 4.11%.

Proceeds will be used to advance refund the authority’s series 2010 bonds issued for the health system.

Issuer:	Illinois Finance Authority/Advocate Health
Issue:	Series 2015B revenue bonds
Amount:	$71,645,000
Type:	Negotiated
Underwriters:	J.P. Morgan Securities LLC (lead), Citigroup Global Markets Inc., Loop Capital Markets Inc. and Cabrera Capital Markets LLC (co-managers)
Ratings:	Moody’s: Aa2
	Standard & Poor’s: AA
	Fitch: AA
Pricing date:	Oct. 14
Settlement date:	Oct. 22
Amount	Maturity	Type	Coupon	Price	Yield
$8.94 million	2022	Serial	5%	118.871	1.91%
$870,000	2023	Serial	5%	119.167	2.22%
$915,000	2024	Serial	5%	120.106	2.38%
$930,000	2025	Serial	5%	120.695	2.54%
$960,000	2026	Serial	5%	118.925	2.73%
$990,000	2027	Serial	5%	117.458	2.89%
$27.28 million	2041	Term	4%	98.581	4.09%
$30.76 million	2044	Term	4%	98.161	4.11%

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