25-1089_Attachment B Pricing Document Tollway Projected Bond Issuance 2026-2035_Bond Underwriting_FINAL.xlsx

This is a pricing document and bond underwriting schedule for the Illinois State Toll Highway Authority's projected bond issuance program spanning 2026 through 2035. The document establishes fixed underwriting takedown rates that qualified municipal bond underwriters must agree to for senior lien bonds issued by the Tollway during this ten-year period. The total estimated par amount of bonds to be issued is $10,528,000,000, consisting of both refunding bonds and new money bonds for the Move Illinois capital program. The schedule projects annual bond issuances ranging from approximately $1,300,000,000 to $1,933,000,000 per year, with specific refunding tranches identified by year and callable bond series. Written vendor questions regarding the broader RFP were due by 5:00 p.m. on August 6, 2026, and electronic submissions were required with paper responses not accepted.

The underwriting takedown compensation structure is tiered by bond maturity, ranging from $1.25 per $1,000 par amount for one- to three-year maturities to $2.00 per $1,000 par amount for bonds with eight-year or longer maturities and ten-year-plus fixed rate bonds. These takedown rates apply uniformly to tax-exempt and taxable bonds, as well as senior and junior lien bonds, with any underwriter's discount consisting solely of the applicable takedown and customary underwriting expenses with no management fee included. The document notes that new money bond issues occurring after 2027 are preliminary estimates subject to change based on historic capital spending patterns, while refunding bond issuances are contingent upon market conditions and other factors, and BABs refunding is subject to market conditions and potential changes to federal tax law and sequestration provisions. All projections are estimates only with no guarantee that bond issuances will occur as scheduled.