Illinois to sell $115 million Art Institute of Chicago bonds Tuesday

By Sheri Kasprzak

New York, May 21 - The Illinois Finance Authority is set to price $115 million in series 2010A revenue bonds for the Art Institute of Chicago on Tuesday, according to a sales calendar.

The bonds (A1/A+/) will be sold through J.P. Morgan Securities Inc. and Loop Capital Markets LLC. The co-managers are 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 to repay a line of credit.

The authority, which is based in Chicago, provides financing for nonprofit organizations.

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