By Cristal Cody
Springdale, Ark., April 29 - The Illinois Housing Development Authority priced $57.625 million variable-rate housing bonds with 2.75% to 3% initial rates on Tuesday, a source told Prospect News.
The $14.17 million series 2008A bonds for Larkin Village and the $5.57 million series 2008C bonds for the Florida House priced with 3% initial rates.
The $37.885 million series 2008B bonds for Lakeshore Plaza priced with a 2.75% initial rate.
The interest rates on the bonds (Aaa/AAA/) reset weekly.
The series 2008A bonds are due Jan. 1, 2027. The series 2008B bonds are due July 1, 2027, and the series 2008C bonds are due July 1, 2041.
J.P. Morgan Securities Inc. was the senior manager of the negotiated sale, and UBS Investment Bank was the co-manager.
Proceeds will be used to refinance outstanding series 1997 revenue bonds, series 2000A revenue bonds and series 2006C variable-rate bonds.
| Issuer: | Illinois Housing Development Authority/Larkin Village/Florida House/Lakeshore Plaza
|
| Issue: | Variable-rate housing bonds
|
| Type: | Negotiated
|
| Underwriter: | J.P. Morgan Securities Inc. (lead)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Pricing date: | April 29
|
|
|
| 2008A issue
|
| Issue: | Series 2008A bonds
|
| Amount: | $14.17 million
|
| Initial rate: | 3%
|
| Set: | Weekly
|
| Maturity: | Jan. 1, 2027
|
|
|
| 2008B issue
|
| Issue: | Series 2008B bonds
|
| Amount: | $37.885 million
|
| Initial rate: | 2.75%
|
| Set: | Weekly
|
| Maturity: | July 1, 2027
|
|
|
| 2008C issue
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| Issue: | Series 2008C bonds
|
| Amount: | $5.57 million
|
| Initial rate: | 3%
|
| Set: | Weekly
|
| Maturity: | July 1, 2041
|
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