Deal of the Year 2024: Illinois Finance Authority / University of Chicago (Midwest)

The Illinois Finance Authority and the University of Chicago's $1.92 billion Revenue Bond transaction was a record-setting deal and the largest ever issued by the Authority. This sophisticated restructuring included tender offers, interest rate hedging, and strategic refinancing that optimized the university's capital structure. The transaction funded critical infrastructure, such as the new Engineering and Sciences Building, while attracting a diverse range of investors. By achieving substantial savings and mitigating interest rate risk, this financing sets a new standard for innovation and financial resilience in the higher education sector, reinforcing the University of Chicago's commitment to world-class research and education.