CHICAGO, May 8, 2024 /PRNewswire/ -- The University of Chicago (the "University")
today announced, in connection with the University's tender offer
to purchase any and all of the University's outstanding taxable
fixed rate bonds described in the table below (together, the
"Bonds") its acceptance of certain bonds tendered for
purchase to the University. The following is the text from the
notice of acceptance issued by the University on the date hereof.
Capitalized terms used but not defined in this press release have
the meanings given to them in the Offer to Purchase (as defined
below).
SERIES
|
CUSIP
|
MATURITY
DATE
|
INTEREST
RATE
|
OUTSTANDING
PRINCIPAL
AMOUNT
|
PRINCIPAL
AMOUNT
TENDERED FOR
PURCHASE
|
PRINCIPAL AMOUNT
ACCEPTED
|
|
|
|
|
|
|
|
2015B
|
91412NBB5
|
10/1/2033
|
4.261 %
|
$ 27,895,000
|
$ 15,795,000
|
$15,795,000
|
2015B
|
91412NBA7
|
10/1/2030
|
3.972 %
|
10,240,000
|
5,240,000
|
5,240,000
|
2014B
|
91412NAK6
|
10/1/2044
|
4.411 %
|
175,685,000
|
90,953,000
|
90,953,000
|
2021B
|
91412NBG4
|
10/1/2052
|
3.000 %
|
350,495,000
|
44,919,000
|
44,919,000
|
2013B
|
91412NAJ9
|
10/1/2045
|
4.151 %
|
205,000,000
|
21,481,000
|
21,481,000
|
2015B
|
91412NAZ3
|
10/1/2029
|
3.922 %
|
9,845,000
|
160,000
|
160,000
|
2015B
|
91412NAY6
|
10/1/2028
|
3.772 %
|
9,470,000
|
0
|
0
|
2015B
|
91412NAX8
|
10/1/2027
|
3.622 %
|
9,125,000
|
0
|
0
|
Pursuant to the Offer to Purchase Bonds, dated April 30, 2024, as supplemented by the Pricing
Notice, dated May 7, 2024 (as it may
be further amended or supplemented, including the cover page,
inside cover pages and Appendices, the "Offer"), the
University invited Bondholders to tender Target Bonds for cash at
the applicable purchase price (the
"Purchase Price") based on a fixed spread ("Fixed Spread")
to be added to the yields on certain benchmark United States
Treasury Securities
("Benchmark Treasury Securities"), plus
Accrued Interest on the Target Bonds tendered for purchase to but
not including the Settlement Date.
The Offer expired at 5:00 p.m., Eastern
time, on May 7, 2024.
The principal amounts of Target Bonds of each CUSIP that the
University is accepting for purchase are set forth in the table
above. The University has set the Fixed Spreads, the Offer Yields
and the Purchase Prices for the Target Bonds of each CUSIP pursuant
to the terms of the Pricing Notice, dated May 7, 2024.
The Amount Tendered Condition of the October 1, 2033 maturity of the 2015B Bonds was not met because the amount
tendered exceeded the Eligible Purchase Amount as set forth in the
Offer. The University has waived the Amount Tendered Condition with
respect to the Target Bonds of such and will use funds of the
University on hand and available to purchase the excess tendered
Target Bonds.
A portion of the October 1, 2052
maturity of the 2021B Bonds in the
amount of $396,000 were tendered
pursuant to the Guaranteed Delivery Procedures described in the
Offer. Such Target Bonds tendered pursuant to the Guaranteed
Delivery Procedures are included in amounts under the headings
"Principal Amount Tendered for Purchase" and "Principal Amount
Accepted" in the relevant row of the Table above.
The University's obligation to pay for Target Bonds validly
tendered (and not validly withdrawn) and accepted pursuant to the
Offer is subject to the terms and conditions of the Tender Offer
including, inter alia, satisfaction or waiver of the
Financing Conditions, the Amount Tendered Condition and the Maximum
Purchase Condition (each as defined in the Offer) on or prior to
the Settlement Date.
The Offer, including the Preliminary Official Statement, dated
April 30, 2024, relating to the
University's Illinois Finance Authority Revenue Bonds, The
University of Chicago, Series 2024A,
the proceeds of which will be used to purchase the tendered Target
Bonds, if such Target Bonds are purchased, and the Pricing Notice
dated May 7, 2024 are available on
the website of the Information and Tender Agent at
https://www.globic.com/uchicago.
This press release must be read in conjunction with the Offer to
Purchase.
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SOURCE The University of Chicago