By Sheri Kasprzak
New York, Nov. 4 - The Illinois Finance Authority priced $204.1 million of series 2010 revenue bonds for the Admiral at the Lake project on Thursday, according to pricing sheets.
The offering included $125.6 million of series 2010A bonds, $5.35 million of series 2010B bonds, $5 million of series 2010C accelerated redemption reset option securities, $12.15 million of series 2010D-1 tax-exempt mandatory paydown securities, $18.15 million of series 2010D-2 tax-exempt mandatory paydown securities, $35.35 million of series 2010D-3 tax-exempt mandatory paydown securities and $2.5 million of series 2010E taxable mandatory paydown securities.
The bonds were sold through Ziegler Capital Markets Inc. with BB&T Capital Markets and RBC Capital Markets Corp. as the co-managers.
The 2010A bonds are due 2020, 2025, 2030, 2040 and 2046. The 2020 bonds have a 7.25% coupon, the 2025 bonds have a 7.625% coupon, the 2030 bonds have a 7.75% coupon, the 2040 bonds have an 8% coupon and the 2046 bonds also have an 8% coupon, all priced at par.
The 2010B bonds are due May 15, 2020 and have a 7.375% coupon priced at par.
The 2010C bonds are due May 15, 2046 and have a 7.5% coupon priced at par.
The 2010D-1 bonds are due May 15, 2018 and have a 7% coupon priced at par.
The 2010D-2 bonds are due May 15, 2017 and have a 6.375% coupon priced at par.
The 2010D-3 bonds are due May 15, 2017 and have a 6% coupon priced at par.
The 2010E bonds are due May 15, 2016 and have a 7.125% coupon priced at par.
Proceeds will be used to acquire, construct and equip a new independent and assisted living facility for senior citizens at the site of the current Admiral at the Lake facility in Chicago.
| Issuer: | Illinois Finance Authority/Admiral at the Lake
|
| Issue: | Series 2010 revenue bonds
|
| Amount: | $204.1 million
|
| Type: | Negotiated
|
| Underwriters: | Ziegler Capital Markets Inc. (lead), BB&T Capital Markets and RBC Capital Markets Corp. (co-managers)
|
| Pricing date: | Nov. 4
|
| Settlement date: | Nov. 19
|
|
|
| $125.6 million series 2010A
|
| Maturity | Type | Coupon | Price
|
| 2020 | Term | 7.25% | 100
|
| 2025 | Term | 7.625% | 100
|
| 2030 | Term | 7.75% | 100
|
| 2040 | Term | 8% | 100
|
| 2046 | Term | 8% | 100
|
|
|
| $5.35 million series 2010B
|
| Maturity | Type | Coupon | Price
|
| May 15, 2020 | Term | 7.375% | 100
|
|
|
| $5 million series 2010C
|
| Maturity | Type | Coupon | Price
|
| May 15, 2046 | Term | 7.5% | 100
|
|
|
| $12.15 million series 2010D-1
|
| Maturity | Type | Coupon | Price
|
| May 15, 2018 | Term | 7% | 100
|
|
|
| $18.15 million series 2010D-2
|
| Maturity | Type | Coupon | Price
|
| May 15, 2017 | Term | 6.375% | 100
|
|
|
| $35.35 million series 2010D-3
|
| Maturity | Type | Coupon | Price
|
| May 15, 2017 | Term | 6% | 100
|
|
|
| $2.5 million series 2010E
|
| Maturity | Type | Coupon | Price
|
| May 15, 2016 | Term | 7.125% | 100
|
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