Published on 4/24/2014 in the Prospect News Municipals Daily.
New Issue: State of Illinois offers up $750 million of general obligation bonds
By Sheri Kasprzak
New York, April 24 - The State of Illinois sold $750 million of series of May 2014 general obligation bonds, according to a pricing sheet.
The bonds (A3/A-/A-) were sold through lead manager Wells Fargo Securities LLC.
The bonds are due 2015 to 2036 with a term bond due in 2039. The serial coupons range from 2% to 5%. The 2039 bonds have a 4.5% coupon priced at par and a 5% coupon priced at 103.657.
Proceeds will be used to finance capital projects under the Illinois Jobs Now! program.
| Issuer: | State of Illinois
|
| Issue: | Series of May 2014 general obligation bonds
|
| Amount: | $750 million
|
| Type: | Negotiated
|
| Underwriters; | Wells Fargo Securities LLC (lead), J.J.B. Hilliard, W.L. Lyons LLC/Melvin & Co. LLC, Mesirow Financial Inc. and U.S. Bancorp Investments Inc. (co-senior managers), Academy Securities Inc., Alamo Capital, Blaylock Robert Van LLC, Janney Montgomery Scott LLC and Stern Brothers & Co. (co-managers)
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Fitch: A-
|
| Pricing date: | April 24
|
| Settlement date: | May 8
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $30 million | 2015 | Serial | 2% | 101.613
|
| $30 million | 2016 | Serial | 5% | 108.133
|
| $30 million | 2017 | Serial | 5% | 111.03
|
| $30 million | 2018 | Serial | 5% | 113.143
|
| $30 million | 2019 | Serial | 5% | 114.306
|
| $30 million | 2020 | Serial | 5% | 114.764
|
| $30 million | 2021 | Serial | 5% | 114.817
|
| $30 million | 2022 | Serial | 5% | 114.481
|
| $30 million | 2023 | Serial | 5% | 113.952
|
| $30 million | 2024 | Serial | 5% | 113.626
|
| $30 million | 2025 | Serial | 5% | 112.006
|
| $850,000 | 2026 | Serial | 3.5% | 99.611
|
| $29.15 million | 2026 | Serial | 5% | 110.501
|
| $30 million | 2027 | Serial | 5% | 109.021
|
| $30 million | 2028 | Serial | 5% | 108.076
|
| $30 million | 2029 | Serial | 5% | 107.564
|
| $5.75 million | 2030 | Serial | 4% | 99.765
|
| $30 million | 2030 | Serial | 5% | 106.887
|
| $30 million | 2031 | Serial | 5% | 106.215
|
| $30 million | 2032 | Serial | 5% | 105.714
|
| $30 million | 2033 | Serial | 5% | 105.382
|
| $15 million | 2034 | Serial | 4.25% | 99.333
|
| $15 million | 2034 | Serial | 5% | 104.721
|
| $30 million | 2035 | Serial | 5% | 104.31
|
| $30 million | 2036 | Serial | 5% | 104.147
|
| $8.42 million | 2039 | Term | 4.5% | 100
|
| $81.58 million | 2039 | Term | 5% | 103.657
|
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