By Sheri Kasprzak
New York, March 23 - The Illinois Finance Authority priced $140 million in series 2009 revenue bonds for the Art Institute of Chicago on Friday, according to an official statement.
The sale included $60 million in series 2009A bonds (A1/A+/), series 2009B-1 adjustable-rate bonds and $40 million in series 2009B-2 adjustable-rate bonds (Aaa/VMIG1/AAA/A-1+/).
The 2009A bonds are due 2019 with a 5.25% coupon to yield 5% and 2038 with a 6% coupon to yield 6.23%.
The 2009B-1 bonds are due 2038 and reset at the weekly rate. The 2009B-2 bonds are due 2038 and reset at the weekly rate.
J.P. Morgan Securities Inc. was the senior manager. The co-managers were Cabrera Capital Markets, Loop Capital Markets LLC and William Blair & Co. LLC.
Proceeds will be used to construct, renovate and repair wings at the institute's galleries.
| Issuer: | Illinois Finance Authority FBO Art Institute of Chicago
|
| Issue: | Series 2009 revenue bonds
|
| Amount: | $140 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities Inc. (lead); Cabrera Capital Markets, Loop Capital Markets LLC and William Blair & Co. LLC (co-managers)
|
| Ratings: | Moody's: A1 (for 2009A); Aaa/VMIG1 (for 2009B)
|
| Standard & Poor's: A+ (for 2009A); AAA/A-1+ (for 2009B)
|
| Pricing date: | March 20
|
| Settlement date: | March 26
|
|
|
| Series 2009A
|
| Maturity | Type | Coupon | Yield
|
| 2019 | Term | 5.25% | 5.00%
|
| 2038 | Term | 6% | 6.23%
|
|
|
| Series 2009B-1
|
| Maturity | Type | Rate
|
| 2038 | Term | Weekly
|
|
|
| Series 2009B-2
|
| Maturity | Type | Rate
|
| 2038 | Term | Weekly
|
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