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The University of Chicago - Tender Offer 2024 (US) - Launch

The University of Chicago Announces Commencement of Cash Tender Offers

30 April 2024

Full announcement, including disclaimers and restrictions, available via Prnewswire: Source: The University of Chicago


CHICAGO, April 30, 2024 /PRNewswire/ -- The University of Chicago (the "University") today announced, in connection with the University's previously announced plan to issue tax-exempt bonds, an offer to purchase any and all of the University's outstanding taxable fixed rate bonds described in the table below (together, the "Bonds"), for the consideration listed in the table below. Capitalized terms used but not defined in this press release have the meanings given to them in the Offer to Purchase (as defined below).

The Purchase Price for each CUSIP number of Bonds payable per each $1,000 principal amount of Bonds bearing such CUSIP number validly tendered for purchase will be based on the Fixed Spread for the Bonds bearing such CUSIP number, plus the Reference Yield of the Reference Security on the Price Determination Date. The Purchase Price does not include the applicable accrued interest, which will be payable in cash in addition to the applicable Purchase Price. Each Tender Offer will expire at 5:00 p.m., New York City time, on May 7th, 2024, unless extended or earlier terminated (the "Expiration Time"). Holders who have validly tendered their Bonds may withdraw such Bonds at any time at or prior to the Expiration Time. The Guaranteed Delivery Date is expected to be May 9th, 2024. The University expects to pay the applicable consideration for Bonds validly tendered, and not validly withdrawn at or prior to the Expiration Time, on May 14th, 2024 (the "Settlement Date"). Each Tender Offer is conditioned upon satisfaction of certain conditions, but none of the Tender Offers is conditioned upon completion of any of the other Tender Offers. The source of funds to purchase the Bonds validly tendered for purchase pursuant to the Tender Offers will be limited to proceeds of the Illinois Finance Authority Revenue Bonds, The University of Chicago, Series 2024A (the "2024A Bonds"), anticipated to be issued by the Illinois Finance Authority (the "Authority"), together with any other available funds that the University may decide to apply to such purchase.

In addition to the above mentioned Tender Offers, the University, on behalf of the Authority is also executing in parallel to this transaction a tender offer on select tax-exempt securities."



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