Illinois State Toll Highway Authority planning $750 million offering

By Angela McDaniels

Tacoma, Wash., April 17 – Illinois State Toll Highway Authority expects to issue $750 million of series 2015 bonds, according to slides from a presentation given by the authority at the JPMorgan Public Finance Transportation and Utility Conference.

The issue will include $350 million of series 2015A refunding bonds and $400 million of series 2015B new money bonds.

The authority expects to price the refunding bonds in late April or early May and the new money bonds in late May or early June. In each case, closing is expected to occur four to five weeks after pricing.

The refunding bonds will mature on Jan. 1, 2032 and Jan. 1, 2033. They will be callable at par.

The new money bonds will have maturities on Jan. 1 of 2027 through 2040.

The bonds (expected Aa3/expected AA-/expected AA-) will be secured by a pledge of and lien on the net revenues of the tollway system and certain other funds. They will be exempt from federal taxes but not Illinois state income taxes.

The proceeds of the refunding bonds will be used to advance refund the authority’s $350 million series 2008B toll highway senior priority revenue bonds. The proceeds of the new money bonds will finance a portion of the Move Illinois Capital Program and a deposit to the debt reserve.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.