University of Chicago starts tender offers for taxable fixed-rate bonds

Chicago, April 30 – The University of Chicago started tender offers for any and all of certain outstanding taxable fixed-rate bonds on Tuesday, according to a press release.

The university is offering to buy from the following eight series:

• $27,895,000 outstanding 4.261% series 2015B bonds due Oct. 1, 2033 (Cusip: 91412NBB5) with a purchase price based on the 4% U.S. Treasury due Feb. 15, 2034 plus 25 basis points, with an eligible purchase amount of $14,504,000;

• $10.24 million outstanding 3.972% series 2015B bonds due Oct. 1, 2030 (Cusip: 91412NBA7) with a purchase price based on the 4.625% U.S. Treasury due April 30, 2029 plus 20 bps, with an eligible purchase amount of $5,324,000;

• $175,685,000 outstanding 4.411% series 2014B bonds due Oct. 1, 2044 with a first call date Oct. 1, 2024 (Cusip: 91412NAK6) with a purchase price based on the 4.5% U.S. Treasury due Feb. 15, 2044 plus 25 bps, with an eligible purchase amount of $121,219,000;

• $350,495,000 outstanding 3% series 2021B bonds due Oct. 1, 2052 with a first call date April 1, 2052 (Cusip: 91412NBG4) with a purchase price based on the 4.5% U.S. Treasury due Feb. 15, 2044 plus 30 bps, with an eligible purchase amount of $157,722,000;

• $205 million outstanding 4.151% series 2013B bonds due Oct. 1, 2045 that are currently callable (Cusip: 91412NAJ9) with a purchase price based on the 4.5% U.S. Treasury due Feb. 15, 2044 plus 27.5 bps, with an eligible purchase amount of $98,399,000;

• $9,845,000 outstanding 3.922% series 2015B bonds due Oct. 1, 2029 (Cusip: 91412NAZ3) with a purchase price based on the 4.625% U.S. Treasury due April 30, 2029 plus 15 bps, with an eligible purchase amount of $5,119,000;

• $9.47 million outstanding 3.772% series 2015B bonds due Oct. 1, 2038 (Cusip: 91412NAY6) with a purchase price based on the 4.625% U.S. Treasury due April 30, 209 plus 12.5 bps, with an eligible purchase amount of $4,924,000; and

• $9,125,000 outstanding 3.622% series 2015B bonds due Oct. 1, 2027 (Cusip: 91412NAX8) with a purchase price based on the 4.5% U.S. Treasury due April 15, 2027 plus 10 bps, with an eligible purchase amount of $4,745,000.

Interest will be paid in addition to the purchase price.

Each tender offer will expire at 5 p.m. ET on May 7.

There are guaranteed delivery procedures, with tendered notes via that method due May 9.

Settlement is planned for May 14.

Funding will come from proceeds of Illinois Finance Authority Revenue Bonds, University of Chicago, Series 2024A, to be issued by the Illinois Finance Authority.

In parallel, the university is executing a tender offer on select tax-exempt securities.

RBC Capital Markets, LLC is the dealer manager (877 381-2099, 212 618-7822).

Globic Advisors is the tender and information agent (212 227-9622, rstevens@globic.com, www.globic.com/uchicago).

The University of Chicago is a private non-denominational research university based in Chicago.

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