Published on 4/14/2016 in the Prospect News Municipals Daily.
New Issue: Illinois Finance sells $102.95 million Presbyterian Homes revenue bonds
By Sheri Kasprzak
New York, April 14 – The Illinois Finance Authority priced $102,945,000 of series 2016 revenue bonds, according to a pricing sheet. The deal was downsized from $107,375,000.
The bonds (/BBB+/A-) were sold through senior manager Ziegler Inc.
The offering included $69,945,000 of series 2016A bonds and $33 million of series 2016B floating-rate bonds.
The 2016A bonds are due 2016 to 2031 with 1% to 5% coupons and yields from 0.75% to 2.94%.
The 2016B bonds are due May 1, 2036 and have an initial rate of 1% priced at par.
Proceeds will be used to construct, renovate, improve and equip Presbyterian Homes facilities, as well as to refund the authority’s series 1996A adjustable rate demand bonds, series 2001 adjustable rate demand bonds, 2006 variable-rate refunding bonds and 2007 variable-rate revenue refunding bonds.
| Issuer: | Illinois Finance Authority/Presbyterian Homes Obligated Group
|
| Issue: | Series 2016 revenue bonds
|
| Amount: | $102,945,000
|
| Type: | Negotiated
|
| Underwriter: | Ziegler Inc.
|
| Ratings: | Standard & Poor’s: BBB+
|
| Fitch: A-
|
| Pricing date: | April 13
|
| Settlement date: | April 27
|
|
|
| $69,945,000 series 2016A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.75 million | 2016 | Serial | 2% | 100.636 | 0.75%
|
| $1,815,000 | 2017 | Serial | 1% | 100 | 1.00%
|
| $1.79 million | 2017 | Serial | 3% | 102.885 | 1.07%
|
| $1.82 million | 2018 | Serial | 1.25% | 100 | 1.25%
|
| $1.8 million | 2018 | Serial | 4% | 106.957 | 1.18%
|
| $1.84 million | 2019 | Serial | 4% | 107.855 | 1.33%
|
| $1,815,000 | 2019 | Serial | 4% | 108.877 | 1.40%
|
| $1,855,000 | 2020 | Serial | 5% | 113.491 | 1.52%
|
| $1,875,000 | 2020 | Serial | 5% | 114.881 | 1.57%
|
| $1,925,000 | 2021 | Serial | 5% | 115.839 | 1.69%
|
| $1,965,000 | 2021 | Serial | 5% | 117.06 | 1.74%
|
| $2,025,000 | 2022 | Serial | 5% | 117.593 | 1.89%
|
| $2,065,000 | 2022 | Serial | 5% | 118.766 | 1.92%
|
| $2,125,000 | 2023 | Serial | 5% | 119.245 | 2.04%
|
| $2.17 million | 2023 | Serial | 5% | 119.9 | 2.12%
|
| $2.23 million | 2024 | Serial | 5% | 120.137 | 2.24%
|
| $2.28 million | 2024 | Serial | 5% | 120.762 | 2.30%
|
| $2,345,000 | 2025 | Serial | 5% | 120.775 | 2.42%
|
| $2,395,000 | 2025 | Serial | 5% | 121.432 | 2.46%
|
| $2,465,000 | 2026 | Serial | 5% | 121.23 | 2.58%
|
| $2.52 million | 2026 | Serial | 5% | 121.743 | 2.62%
|
| $5,235,000 | 2027 | Serial | 5% | 120.823 | 2.71%
|
| $5.5 million | 2028 | Serial | 5% | NRO | NRO
|
| $5,775,000 | 2029 | Serial | 5% | 119.309 | 2.86%
|
| $6.07 million | 2030 | Serial | 5% | 119.108 | 2.88%
|
| $4,495,000 | 2031 | Serial | 5% | 118.51 | 2.94%
|
|
|
| $33 million series 2016B floating-rate bonds
|
| Maturity | Type | Coupon | Price
|
| May 1, 2036 | Term | 1% | 100
|
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