Illinois Announces Plans to Sell Postponed $3.7B Deal Next Week

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CHICAGO — Illinois plans to sell $3.7 billion of taxable general obligation bonds Tuesday and Wednesday, the state said this morning.

The state postponed the sale Monday to give investors time to digest Gov. Pat Quinn’s budget proposal, released Wednesday.

A supplement to the preliminary official statement released this morning shows revisions to fiscal year 2010 and 2011 figures. The updated POS also includes the 2012 proposed budget.

Morgan Stanley, Goldman, Sachs & Co. and Loop Capital Markets are joint book-running senior managers on the transaction. Eleven additional firms round out the underwriting team.

The state will use proceeds to pay its 2011 pension contribution.

The bonds are rated A1 by Moody’s Investors Service, A-plus by Standard & Poor’s, and A by Fitch Ratings.

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