The rating on Illinois Development Finance Authority's bonds, issued for Steppenwolf Theatre Co., is based on an irrevocable direct-pay LOC issued by LaSalle National Bank of Chicago, as a credit and liquidity facility. Bond proceeds will be used to reimburse Steppenwolf for the expenditures related to the acquisition of a four-story facility, to the renovation of the studio theatre located in the main theatre building, to refinance Steppenwolf's existing taxable debt, and to pay expenses associated with the issuance of the bonds. The bonds will bear interest at the fixed interest rate and are subject to optional redemption after Oct. 1, 2008, at the option of Steppenwolf and with the consent of LaSalle. The bonds are subject to mandatory tender
