Cook County, Ill., plans to issue $80 million in pension obligation notes to finance part of its contribution to the $6 billion Cook County Annuity & Benefit Fund, Chicago.
The notes will be taxable, according to a news release.
Proceeds of the sale will finance part of the county’s $104 million pension contribution.
Morgan Stanley will serve as lead manager on the sale of the pension obligation notes. Rice Financial Products will serve as co-lead manager with co-managers Cabrera Capital Markets, Citigroup, J.P. Morgan and William Blair.
James Ramos, county spokesman, didn’t respond to questions that include when the sale will take place or how the proceeds will be invested. Mike Maratea, the fund’s director of finance, couldn’t be reached for comment.