Melio & Company advised The University of Chicago Medical Center on the issuance of $140 million of 2009D&E variable rate bonds.
In August 2009, the Illinois Finance Authority issued $140,000,000 of Series 2009D&E variable rate demand bonds backed by letters of credit from Bank of America and Chase. The bonds were underwritten by J.P. Morgan, Barclays Capital, Loop Capital Markets, and Cabrera Capital Markets.
The proceeds from the sale of the bonds will be used , together with certain other funds, to pay or reimburse The University of Chicago Medical Center for the costs of acquiring, constructing, renovating, and equipping certain of The University of Chicago Medical Center’s health facilities including a portion of the costs of a new 10-story, 1.2 million square foot hospital pavilion with approximately 240 beds.
The New Hospital Pavilion will form the core of The University of Chicago Medical Center in the 21st century. It will house inpatient and procedural components of The University of Chicago Medical Center’s most distinguished programs, including cancer, gastrointestinal disease, neuroscience, advanced surgery and high-technology imaging.