Published on 12/17/2010 in the Prospect News Municipals Daily.
New Issue: Illinois Housing Development sells $50.58 million revenue bonds for Randolph Tower
By Sheri Kasprzak
New York, Dec. 17 - The Illinois Housing Development Authority priced $50.58 million of series 2010 multifamily housing revenue bonds for the Randolph Tower City Apartments, according to a pricing sheet.
The bonds (/AAA/) were sold on a negotiated basis with Citigroup Global Markets Inc. as the senior manager.
The bonds are due 2014 to 2022 with a term bond due 2028 with coupons from 2.3% to 4.55%, all priced at par. The 2028 bonds have a 5.375% coupon priced at par.
Proceeds will be used to renovate a 45-story historic official building in the Chicago Central Business District and convert it into apartments.
| Issuer: | Illinois Housing Development Authority/Randolph Tower City Apartments
|
| Issue: | Series 2010 multifamily housing revenue bonds
|
| Amount: | $50.58 million
|
| Type: | Negotiated
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Rating: | Standard & Poor's: AAA
|
| Pricing date: | Dec. 15
|
| Settlement date: | Dec. 22
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $440,000 | 2014 | Serial | 2.3% | 100
|
| $455,000 | 2015 | Serial | 2.65% | 100
|
| $475,000 | 2016 | Serial | 3% | 100
|
| $495,000 | 2017 | Serial | 3.35% | 100
|
| $515,000 | 2018 | Serial | 3.7% | 100
|
| $540,000 | 2019 | Serial | 4% | 100
|
| $570,000 | 2020 | Serial | 4.2% | 100
|
| $600,000 | 2021 | Serial | 4.4% | 100
|
| $635,000 | 2022 | Serial | 4.55% | 100
|
| $45.855 million | 2028 | Term | 5.375% | 100
|
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