The Illinois Finance Authority board advanced a handful of small direct or private placements for an array of not-for-profits.
The board at its February meeting advanced a deal for up to $18 million for the American College of Chest Physicians to finance the acquisition, design, development, construction, improvement, and equipping of new educational and training facilities in Glenview.
The bonds will be directly purchased by North Shore Community Bank & Trust Co. The group’s mission is to promote the prevention, diagnosis, and treatment of chest diseases.
The board advanced The Catherine Cook School’s sale of up to $5 million of debt to help finance the construction and furnishing of a new 25,000-square-foot addition to its existing facilities in Chicago. The school has an enrollment of 500 in kindergarten through eighth grade. The school will privately place the debt with supporters of the school, according to IFA documents.
The board also advanced a $7 million issue for Helping Hand Center and Helping Hand Foundation to finance improvements to its facilities and refinance debt. The organization assists children and adults with disabilities in the suburbs west of Chicago. The bonds will be purchased directly by MB Financial Bank NA.
The board advanced a $4 million issue for Three Crowns Park to finance improvements to its continuing care community north of Chicago in Evanston. The facility anticipates privately placing a fixed-rate issue.
The board also approved an issue of up to $10 million for the Northern Illinois University Foundation to refinance debt and help finance the proposed Chessick Practice Center indoor facility on the university’s campus in DeKalb. The facility will house a full-size, 120-yard artificial surface football practice field, a four-lane track, and batting cages. The facility will be leased to the university. The bonds are expected to be purchased directly by a commercial bank.
The board also signed off on a public offering of up to $17 million for the Steppenwolf Theatre Company to refund debt and raise $6 million in new money proceeds to finance the acquisition and renovation of an adjacent building to its theater campus on Chicago’s north side.
The bonds will be a secured by a letter of credit from The Northern Trust Co. and underwritten by PNC Capital Markets LLC. The Tony Award winning company was founded in 1976.