Illinois Sells $1.09 Billion in General Obligation Bonds
By Chris Wack
The state of Illinois has sold $1.09 billion in general obligation bonds.
Proceeds from the sale will be used to refund outstanding general obligation bonds, according to documents posted on MuniOS on Monday. Some proceeds will be deposited into an escrow account to buy U.S. Treasury obligations.
Interest on the bonds is payable on Feb. 1 and Aug. 1, beginning Feb. 1, 2025. The bonds are direct, general obligations backed by the full faith and credit of the state.
The bonds have an interest rate of 5%, and yields ranging from 2.99% to $3.49%, with maturities ranging from 2025 to 2039.
The bonds have ratings of A3 from Moody's Investors Service, A- from Fitch Ratings and S&P Global Ratings.
RBC Capital Markets is the lead underwriter.
By Chris Wack, chris.wack@wsj.com
(END) Dow Jones Newswires
September 17, 2024 10:42 ET (14:42 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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