By Sheri Kasprzak
New York, Oct. 27 - The Illinois Finance Authority and Cook County, Ill., priced on Tuesday $225 million in recovery zone economic development revenue bonds for Navistar International Corp., according to a term sheet.
The sale included $135 million in bonds sold through Illinois Finance and $90 million in bonds sold through Cook County.
Both bonds are due Oct. 15, 2040 and have 6.5% coupons, priced at par.
Merrill Lynch, Pierce, Fenner & Smith Inc. was the senior manager.
Proceeds will be used to construct, equip and acquire Navistar facilities, as well as to expand warehouse facilities, to consolidate operations into a central location and to make other improvements.
Navistar, based in Chicago, manufactures trucks, diesel engines and school and commercial buses.
| Issuer: | Illinois Finance Authority/Cook County/Navistar International Corp.
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| Issue: | Series 2010 recovery zone economic development revenue bonds
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| Amount: | $225 million
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| Type: | Negotiated
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| Underwriter: | Merrill Lynch, Pierce, Fenner & Smith Inc.
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| Pricing date: | Oct. 26
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|
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| $135 million Illinois Finance Authority bonds
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| Maturity | Type | Coupon | Price
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| Oct. 15, 2040 | Term | 6.5% | 100
|
|
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| $90 million Cook County
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| Maturity | Type | Coupon | Price
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| Oct. 15, 2040 | Term | 6.5% | 100
|
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