On November 5, 2019, Columbia College Chicago (the “College”) sold the $18,035,000 Illinois Finance Authority Revenue Bonds, Columbia College Chicago, Series 2019 the (the “2019 Bonds” or the “Bonds”) with Loop Capital Markets as sole manager. The Bonds were rated BBB+ (Stable) by S&P. Proceeds of the financing were used to (i) finance, refinance or reimburse the College for all or a portion of the costs related to its new Student Center (that opened in September 2019) and (ii) pay costs of issuance.
The 2019 Bonds are secured by a gross revenue pledge and issued on parity with the College’s outstanding Bonds. The 2019 Bonds were structured with a 30-year final maturity with level debt service amortization in years 2025 to 2049 after a 5-year interest-only period. The transaction generated an All-In TIC of 4.179% and an average life of 20.571 years. Buyers of the transaction were all bond funds.