CHICAGO — Illinois later this week will refund up to $1.4 billion of general obligation bonds in a deal that should provide some small but much-needed debt service savings as Gov. Pat Quinn and lawmakers move to begin addressing the state’s liquidity and budget crisis.
Morgan Stanley and Citi are joint book-running senior managers and PNC Capital Markets LLC and Siebert Brandford Shank & Co. are co-seniors. Scott Balice Strategies is financial adviser. Chapman and Cutler LLP and Shanahan & Shanahan LLP are co-bond counsel.