Published on 10/11/2012 in the Prospect News Municipals Daily.
New Issue: Illinois Finance brings $59.94 million Art Institute of Chicago bonds
By Sheri Kasprzak
New York, Oct. 11 - The Illinois Finance Authority sold $59.94 million of series 2012A revenue bonds for the Art Institute of Chicago, said a pricing sheet.
The bonds (A1/A+/) were sold through Morgan Stanley & Co. LLC.
The bonds are due 2013 to 2022 with term bonds due in 2030 and 2034. The serial coupons range from 3% to 5%. The 2030 bonds have a 5% coupon priced at 115.343 and the 2034 bonds have a 5% coupon priced at 113.342.
Proceeds will be used to refund the authority's series 1998A, 2000A and 2003A revenue bonds.
| Issuer: | Illinois Finance Authority/Art Institute of Chicago
|
| Issue: | Series 2012A revenue bonds
|
| Amount: | $59.94 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), William Blair & Co. LLC and Loop Capital Markets LLC (co-managers)
|
| Ratings: | Moody's: A1
|
| Fitch: A+
|
| Pricing date: | Oct. 11
|
| Settlement date: | Oct. 18
|
|
|
| Amount Maturity | Type | Coupon Price
|
| $7 million | 2013 | Serial | 3% | NRO
|
| $9.89 million | 2014 | Serial | 4% | 104.728
|
| $7.12 million | 2015 | Serial | 5% | 110.111
|
| $945,000 | 2016 | Serial | 4% | 109.984
|
| $1,045,000 | 2017 | Serial | 3% | 107.594
|
| $1.13 million | 2018 | Serial | 4% | 113.346
|
| $1,125,000 | 2019 | Serial | 4% | 113.827
|
| $1.22 million | 2020 | Serial | 5% | 120.839
|
| $1,325,000 | 2021 | Serial | 5% | 121.124
|
| $1.28 million | 2022 | Serial | 5% | 121.509
|
| $4.47 million | 2030 | Term | 5% | 115.343
|
| $23.39 million | 2034 | Term | 5% | 113.342
|
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