THE UNIVERSITY OF CHICAGO ANNOUNCES TENDER RESULTS

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May 08, 2024, 18:51 ET

CHICAGO, May 8, 2024 /PRNewswire/ -- The University of Chicago (the "University") today announced, in connection with the University's tender offer to purchase any and all of the University's outstanding taxable fixed rate bonds described in the table below (together, the "Bonds") its acceptance of certain bonds tendered for purchase to the University. The following is the text from the notice of acceptance issued by the University on the date hereof. Capitalized terms used but not defined in this press release have the meanings given to them in the Offer to Purchase (as defined below).

SERIES	CUSIP	MATURITY DATE	INTEREST RATE	OUTSTANDING PRINCIPAL AMOUNT	PRINCIPAL AMOUNT TENDERED FOR PURCHASE	PRINCIPAL AMOUNT ACCEPTED

2015B	91412NBB5	10/1/2033	4.261 %	$ 27,895,000	$ 15,795,000	$15,795,000
2015B	91412NBA7	10/1/2030	3.972 %	10,240,000	5,240,000	5,240,000
2014B	91412NAK6	10/1/2044	4.411 %	175,685,000	90,953,000	90,953,000
2021B	91412NBG4	10/1/2052	3.000 %	350,495,000	44,919,000	44,919,000
2013B	91412NAJ9	10/1/2045	4.151 %	205,000,000	21,481,000	21,481,000
2015B	91412NAZ3	10/1/2029	3.922 %	9,845,000	160,000	160,000
2015B	91412NAY6	10/1/2028	3.772 %	9,470,000	0	0
2015B	91412NAX8	10/1/2027	3.622 %	9,125,000	0	0

Pursuant to the Offer to Purchase Bonds, dated April 30, 2024, as supplemented by the Pricing Notice, dated May 7, 2024 (as it may be further amended or supplemented, including the cover page, inside cover pages and Appendices, the "Offer"), the University invited Bondholders to tender Target Bonds for cash at the applicable purchase price (the "Purchase Price") based on a fixed spread ("Fixed Spread") to be added to the yields on certain benchmark United States Treasury Securities ("Benchmark Treasury Securities"), plus Accrued Interest on the Target Bonds tendered for purchase to but not including the Settlement Date.

The Offer expired at 5:00 p.m., Eastern time, on May 7, 2024.

The principal amounts of Target Bonds of each CUSIP that the University is accepting for purchase are set forth in the table above. The University has set the Fixed Spreads, the Offer Yields and the Purchase Prices for the Target Bonds of each CUSIP pursuant to the terms of the Pricing Notice, dated May 7, 2024.

The Amount Tendered Condition of the October 1, 2033 maturity of the 2015B Bonds was not met because the amount tendered exceeded the Eligible Purchase Amount as set forth in the Offer. The University has waived the Amount Tendered Condition with respect to the Target Bonds of such and will use funds of the University on hand and available to purchase the excess tendered Target Bonds.

A portion of the October 1, 2052 maturity of the 2021B Bonds in the amount of $396,000 were tendered pursuant to the Guaranteed Delivery Procedures described in the Offer. Such Target Bonds tendered pursuant to the Guaranteed Delivery Procedures are included in amounts under the headings "Principal Amount Tendered for Purchase" and "Principal Amount Accepted" in the relevant row of the Table above.

The University's obligation to pay for Target Bonds validly tendered (and not validly withdrawn) and accepted pursuant to the Offer is subject to the terms and conditions of the Tender Offer including, inter alia, satisfaction or waiver of the Financing Conditions, the Amount Tendered Condition and the Maximum Purchase Condition (each as defined in the Offer) on or prior to the Settlement Date.

The Offer, including the Preliminary Official Statement, dated April 30, 2024, relating to the University's Illinois Finance Authority Revenue Bonds, The University of Chicago, Series 2024A, the proceeds of which will be used to purchase the tendered Target Bonds, if such Target Bonds are purchased, and the Pricing Notice dated May 7, 2024 are available on the website of the Information and Tender Agent at https://www.globic.com/uchicago.

This press release must be read in conjunction with the Offer to Purchase.

SOURCE The University of Chicago