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Illinois sells $250 million bond in third deal since pension fix

The pension law, passed a bill in December to repair the worst-funded U.S. state pension system, and Quinns tax proposal havent changed Illinoiss standing as the lowest-rated state.

By Brian Chappatta | Updated on April 10, 2014

April 10 (Bloomberg) — Illinois issued $250 million of tax-exempt bonds in its third general-obligation sale since lawmakers passed a bill in December to repair the worst-funded U.S. state pension system.

The competitive deal included a portion maturing in April 2024 that priced to yield 3.42 percent, data compiled by Bloomberg show. The interest rate is 0.92 percentage point more than benchmark munis. The state issued 10-year debt two months ago with a spread of 1.11 percentage points.

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