Published on 5/12/2015 in the Prospect News Municipals Daily.
New Issue: Illinois Finance brings $129.54 million Northwestern University bonds
By Sheri Kasprzak
New York, May 12 – The Illinois Finance Authority sold $129,535,000 of series 2015 revenue bonds for Northwestern University, according to a term sheet. The deal was upsized from $120 million.
The bonds (Aaa/AAA/AAA) were sold through senior managers BofA Merrill Lynch and RBC Capital Markets LLC.
The bonds are due 2022 to 2028 with 3% to 5% coupons.
Proceeds will be used to finance capital expenditures on the university’s Evanston and Chicago campuses.
Issuer: | Illinois Finance Authority/Northwestern University
|
Issue: | Series 2015 revenue bonds
|
Amount: | $129,535,000
|
Type: | Negotiated
|
Underwriters: | BofA Merrill Lynch and RBC Capital Markets LLC (lead), Siebert Brandford Shank & Co. LLC (co-manager)
|
Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
| Fitch: AAA
|
Pricing date: | May 12
|
Settlement date: | June 4
|
|
Amount | Maturity | Type | Coupon | Price
|
$6.8 million | 2022 | Serial | 5% | 120.853
|
$7,855,000 | 2023 | Serial | 5% | 121.493
|
$10.39 million | 2024 | Serial | 5% | 122.332
|
$10.91 million | 2025 | Serial | 5% | 123.05
|
$10 million | 2026 | Serial | 3% | 102.448
|
$20.03 million | 2026 | Serial | 5% | 121.606
|
$16.23 million | 2027 | Serial | 3% | 100.268
|
$15 million | 2027 | Serial | 4% | 110.365
|
$15 million | 2028 | Serial | 3% | 99.231
|
$17.32 million | 2028 | Serial | 5% | 121.188
|
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