Illinois Housing Development Authority plans $57.625 million variable-rate housing bonds

By Cristal Cody

Springdale, Ark., April 24 - The Illinois Housing Development Authority intends to price $57.625 million of variable-rate housing bonds on April 29, a source said.

The sale includes $14.17 million of series 2008A bonds for Larkin Village, $37.885 million of series 2008B bonds for Lakeshore Plaza and $5.57 million of series 2008C bonds for the Florida House.

The bonds will price initially with a weekly interest mode.

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.

JPMorgan is the senior manager of the negotiated sale and UBS Investment Bank is the co-manager.

Proceeds will be used to refinance outstanding series 1997 revenue bonds, series 2000A revenue bonds and series 2006C variable-rate bonds.

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