Illinois Finance to sell $60 million bonds for Art Institute of Chicago Tuesday

By Sheri Kasprzak

New York, March 16 - The Illinois Finance Authority is set to price $60 million in series 2009A fixed-rate bonds for the Art Institute of Chicago on Tuesday, said Eric Hogan with the institute.

The full offering includes the $60 million in series 2009A bonds, as well as $40 million in series 2009B1 adjustable-rate weekly interest revenue bonds and $40 million in series 2009B2 adjustable-rate weekly interest revenue bonds. No pricing date has been set for the 2009B bonds. The variable-rate bonds will price March 24.

J.P. Morgan Securities Inc. is the senior manager for the bonds.

Cabrera Capital Markets LLC, Loop Capital Markets LLC and William Blair & Co. LLC are the co-managers.

Proceeds will be used to finance, refinance and reimburse the institute for costs to acquire, construct, renovate, improve and equip cultural facilities.

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