Illinois Housing organizes $108.62 million of mortgage revenue bonds

By Sheri Kasprzak

New York, July 3 – The Illinois Housing Development Authority is set to price $108,615,000 of series 2014 housing mortgage revenue bonds, according to a preliminary official statement.

The offering includes $94.64 million of series 2014A bonds, comprised of $17.72 million of series 2014A-1 non-AMT bonds, $41.87 million of series 2014A-2 AMT bonds, $4,375,000 of series 2014A-3 taxable bonds, $10,675,000 of series 2014A-4 taxable variable-rate bonds and $20 million of series 2014A-5 taxable variable-rate bonds, as well as $13,975,000 of series 2014B AMT bonds.

The bonds will be sold on a negotiated basis. Morgan Stanley & Co. LLC is the senior manager for the bonds and the sole underwriter for the variable-rate debt. Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Ramirez & Co. Inc., RBC Capital Markets LLC, CastleOak Securities LP, PNC Capital Markets LLC, Mesirow Financial Inc., Raymond James/Morgan Keegan and Wells Fargo Securities LLC as the co-managers for the fixed-rate bonds.

The 2014A-1 bonds are due 2022 to 2024 with a term bond due in 2027.

The 2014A-2 bonds are due 2015 to 2022 with a term bond due in 2035.

The 2014A-3 bonds are due 2015 to 2017.

The 2014A-4 bonds are due in 2034.

The 2014A-5 bonds are due in 2035.

The 2014B bonds are due 2015 to 2024 with term bonds due in 2029, 2034, 2039 and 2044.

Proceeds will be used to purchase or buy back mortgage bonds, as well as to refund the authority’s series 2003B, 2004A, 2004C and 2005C bonds.

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