By Sheri Kasprzak
New York, May 27 - The Illinois Finance Authority priced $105.765 million in series 2010A revenue bonds for the Art Institute of Chicago on Thursday, according to a term sheet.
The bonds (A1/A+/) are due 2015 and 2040. The 2015 bonds have a 5% coupon, priced at 111.362. The 2040 bonds have a 5.25% coupon, priced at 102.441.
J.P. Morgan Securities Inc. and Loop Capital Markets LLC were the senior managers. The co-managers were Morgan Stanley & Co. Inc. and William Blair & Co. LLC.
Proceeds will be used to redeem the institute's series 1992, 1995 and 1996 bonds, as well as repay a line of credit.
The authority, which has its headquarters in Chicago, provides financing for nonprofit organizations.
| Issuer: | Illinois Finance Authority/Art Institute of Chicago
|
| Issue: | Series 2010A revenue bonds
|
| Amount: | $105.765 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities Inc. and Loop Capital Markets LLC (lead), Morgan Stanley & Co. Inc. and William Blair & Co. LLC (co-managers)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
| Pricing date: | May 27
|
| Settlement date: | June 9
|
|
|
| Maturity | Type | Coupon | Price
|
| 2015 | Term | 5% | 111.362
|
| 2040 | Term | 5.25% | 102.441
|
© 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.
