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FOR IMMEDIATE RELEASE
January 13, 2011

State Plans to Issue $3.7 Billion in Bonds to Fund Employee Pensions

SPRINGFIELD – The Governor’s Office of Management and Budget of the State of Illinois today announced plans to issue $3.7 billion in taxable General Obligation Bonds to be deposited into the Pension Contribution Fund.  The issuance of these bonds will reimburse or fund the State’s required deposit to its pension systems for fiscal year 2011. 

The bonds will have an 8-year final maturity with principal payments of $100 million due in 2014, $300 million in 2015, $600 million in 2016, and $900 million due annually from 2017 through 2019.

The bonds are expected to price in mid-February. Goldman Sachs, Loop Capital and Morgan Stanley have been named as joint book running senior managers. Mesirow Financial and William Blair are senior managers. Peralta Garcia Solutions will serve as the financial advisor.

The Illinois Senate passed the pension borrowing bill (SB 3514) this week.  The Illinois House passed the measure in May 2010.

This is the State's second issuance of medium term notes for its pension system.



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