Illinois Sells $600 Million in GO Bonds to Fund Pension Benefits

By Paulo Trevisani

Illinois sold $600 million in general obligation bonds to fund accelerated pension benefit payments and finance capital expenditures.

The federally taxable series of October 2024A, totalling $150 million, have maturities ranging from 2025 to 2034, and priced at par with yields ranging from 4.06% to 4.64%. The $150 million in series 2024B bonds, with maturities ranging from 2025 and 2036, priced with yields ranging from 2.76% to 3.33%.

The remaining $300 million series 2024C bonds mature between 2037 and 2045, carry 4% coupons and priced with yields ranging from 3.65% to 4.13%.

The series include a $75 million term bond due October 1, 2048, with a 4% coupon and 4.2% yield.

All series are subject to state taxes. All bonds are backed by the state, according to a document published Wednesday on MuniOS.

Moody's Investors Service has assigned a rating of A3 to the bonds. S&P Global Ratings and Fitch Ratings each assigned a A- rating.

J.P. Morgan Securities and BofA Securities are underwriters.

Write to Paulo Trevisani at paulo.trevisani@wsj.com

(END) Dow Jones Newswires

September 26, 2024 11:39 ET (15:39 GMT)

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