State of Illinois sells $965 million in bonds


(Springfield, IL)  --  The State of Illinois has sold $965,770,000 in General Obligation Refunding Bonds, Series A and Series B of September 2018. The $641,160,000 Series A of September 2018 were a takeout of the State’s $600 million in 2003B variable rate bonds and the termination of five swaps associated with those bonds. The refunding will eliminate all the variable rate exposure and remove the highest-cost debt from the State’s capital market programs. Proceeds from the $324,610,000 Series B Bonds of September 2018 will be used to refund several series of previously issued general obligation bonds of the State. Total debt service savings of $33,643,047, or 5.89 percent of present-value savings were derived from the Series B Bonds, and each individual bond selected for refunding in this series had in excess of 3 percent present-value savings to the State. The State received bids from 87 institutional investors totaling $4,166,070,000 in orders, or a 4.3 times subscription for the bonds. Wednesday's bond issue has an all-in borrowing cost for the combined series of 4.19 percent. The bonds are being issued as fully exempt from federal taxation and are rated BBB by Fitch Ratings, Baa3 by Moody’s Investor Service and BBB- by S&P Global.

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