Published on 6/26/2013 in the Prospect News Municipals Daily.
New Issue: Illinois prices $1.3 billion general obligation bonds via Wells Fargo
By Sheri Kasprzak
New York, June 26 - The State of Illinois sold $1.3 billion of series of June 2013 general obligation bonds, according to a pricing sheet.
The bonds (A3/AA-/A-) were sold through Wells Fargo Securities LLC, Siebert Brandford Shank & Co. LLC and Stifel, Nicolaus & Co. Inc.
The bonds are due 2014 to 2031 with term bonds due in 2033 and 2038. The serial coupons range from 2.5% to 5.5% with yields from 0.47% to 5.48%. The 2033 bonds have a 5.25% coupon priced at par and a 5.5% coupon priced at 98.758 to yield 5.52%. The 2038 bonds have a 5.5% coupon priced at 98.003 to yield 5.65%.
Proceeds will be used to finance capital development, school construction and transportation projects.
| Issuer: | State of Illinois
|
| Issue: | Series of June 2013 general obligation bonds
|
| Amount: | $1.3 billion
|
| Type: | Negotiated
|
| Underwriters: | Wells Fargo Securities LLC, Siebert Brandford Shank & Co. LLC and Stifel, Nicolaus & Co. Inc. (lead), Cabrera Capital Markets LLC, George K. Baum & Co. LLC, Lebenthal & Co. LLC, M.R. Beal & Co. Inc., Oppenheimer & Co., Piper Jaffray & Co., PNC Capital Markets LLC, William Blair & Co., Janney Montgomery Scott LLC and North South Capital (co-managers)
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: AA-
|
| Fitch: A-
|
| Pricing date: | June 26
|
| Settlement date: | July 10
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $52 million | 2014 | Serial | 4% | 103.429 | 0.47%
|
| $52 million | 2015 | Serial | 4% | 105.247 | 1.30%
|
| $52 million | 2016 | Serial | 4% | 106.195 | 1.85%
|
| $10 million | 2017 | Serial | 2.5% | 100.301 | 2.42%
|
| $42 million | 2017 | Serial | 5% | 109.721 | 2.42%
|
| $10 million | 2018 | Serial | 3% | 100.367 | 2.92%
|
| $42 million | 2018 | Serial | 4% | 104.966 | 2.92%
|
| $52 million | 2019 | Serial | 5% | 109.319 | 3.27%
|
| $52 million | 2020 | Serial | 5% | 108.31 | 3.64%
|
| $52 million | 2021 | Serial | 5% | 106.981 | 3.97%
|
| $52 million | 2022 | Serial | 5% | 105.394 | 4.27%
|
| $17 million | 2023 | Serial | 4.25% | 100 | 4.25%
|
| $35 million | 2023 | Serial | 5% | 104.308 | 4.46%
|
| $52 million | 2024 | Serial | 5.5% | 106.229 | 4.71%
|
| $52 million | 2025 | Serial | 5.5% | 105.171 | 4.84%
|
| $52 million | 2026 | Serial | 5.5% | 104.367 | 4.94%
|
| $52 million | 2027 | Serial | 5.5% | 103.253 | 5.08%
|
| $17 million | 2028 | Serial | 5% | 100 | 5.00%
|
| $35 million | 2028 | Serial | 5.25% | 99.69 | 5.28%
|
| $52 million | 2029 | Serial | 5.25% | 98.827 | 5.36%
|
| $52 million | 2030 | Serial | 5.25% | 98.018 | 5.43%
|
| $52 million | 2031 | Serial | 5.25% | 97.389 | 5.48%
|
| $16 million | 2033 | Term | 5.25% | 100 | 5.25%
|
| $88 million | 2033 | Term | 5.5% | 99.758 | 5.52%
|
| $260 million | 2038 | Term | 5.5% | 98.003 | 5.65%
|
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