By Sheri Kasprzak
New York, July 14 - The State of Illinois sold $900 million in series 2010-5 general obligation Build America Bonds on Wednesday, according to a term sheet.
The bonds (A1/A+/A-) were sold through Citigroup Global Markets Inc. with Morgan Keegan & Co. Inc. and PNC Capital Markets LLC as the co-senior managers. The co-managers were Baird & Co., Grigsby & Associates Inc., Melvin & Co. and Rice Financial Products Co.
The bonds are due 2011 to 2016 with term bonds due 2021 and 2035. The serial coupons range from 2.28% to 5.23%. The 2021 bonds have a 6.2% coupon priced at 99.971, and the 2035 bonds have a 7.35% coupon priced at par.
Proceeds will be used to fund transportation projects and other capital projects throughout the state.
| Issuer: | State of Illinois
|
| Issue: | Series 2010-5 general obligation Build America Bonds
|
| Amount: | $900 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead); Morgan Keegan & Co. Inc. and PNC Capital Markets LLC (co-senior managers); Baird & Co., Grigsby & Associates Inc., Melvin & Co. and Rice Financial Products Co. (co-managers)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
| Fitch: A-
|
| Pricing date: | July 14
|
| Settlement date: | July 21
|
|
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 2.28% | 99.992
|
| 2012 | Serial | 3.08% | 99.985
|
| 2013 | Serial | 4.01% | 99.987
|
| 2014 | Serial | 4.55% | 99.979
|
| 2015 | Serial | 4.85% | 99.975
|
| 2016 | Serial | 5.23% | 99.976
|
| 2021 | Term | 6.2% | 99.971
|
| 2035 | Term | 7.35% | 100
|
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