MEMPHIS, Tenn., May 2, 2012 /PRNewswire/ -- Duncan-Williams announces the state of Illinois sold $1.8 billion of general-obligation refunding bonds Tuesday in the largest refunding in the State of Illinois history. The book-runners, based on a rotation list of qualified firms, are Duncan-Williams Inc., Jefferies & Co., BMO Capital Markets and Rice Financial Products Co. Duncan-Williams and Rice submitted a joint bid during the state's request for proposals process last year. Public Financial Management Inc. is advisor. Mayer Brown LLP and the Hardwick Group Inc. are bond counsel.
The proposal process conducted by the State was based on an objective point system which appointed Duncan-Williams and Rice to the Senior Manager pool. "The present deal is the largest in its history for Duncan-Williams to participate as Senior Manager," says Duncan F. Williams, President of Duncan-Williams, Inc.
The sale includes a mix of advance and current refunding general obligation bonds. The Syndicate, consisting of the above listed four senior managers and ten co-managers successfully completed placing the bonds in an offering which achieved $156 million, or 8.7%, in net-present value savings, "better than originally projected," according to James Prichard, Illinois' manager of capital markets. The largest ever tax-exempt issue by the State received a total of $5.3 billion in orders from 100 investors. The deal achieved a true interest cost of 3.35%.
Duncan-Williams, Inc. is a privately owned full service broker-dealer headquartered in Memphis, TN. With stockholders' equity of over $30 million and over $250 billion (par amount) of bonds sold over the past five years, Duncan-Williams, Inc. is one of the largest "female-owned" investment banking firms in the nation. The Women's Business Enterprise National Council certifies Duncan-Williams, Inc. as a Women's Business Enterprise (WBE). The firm is a member of FINRA, SIPC and BDA. Additional information is available at www.duncanwilliams.com.