Published on 11/18/2011 in the Prospect News Municipals Daily.
New Issue: Garland ISD, Texas, prices $52.34 million refunding revenue bonds
By Sheri Kasprzak
New York, Nov. 18 - The Garland Independent School District priced $52,344,610 of series 2011A unlimited tax revenue refunding bonds, according to a pricing sheet.
The deal included $29,829,610 of series 2011A capital appreciation bonds and $22.515 million of series 2011A current interest bonds.
The zero-coupon capital appreciation bonds are due 2012 to 2019. The current interest bonds are due 2020 to 2023 with 5% coupons.
Southwest Securities Inc. was the lead manager for the bonds (Aaa/AA/). The co-managers were Morgan Keegan & Co. Inc., Estrada Hinojosa & Co. and RBC Capital Markets LLC.
Proceeds will be used to refund a portion of the district's limited tax debt.
| Issuer: | Garland Independent School District
|
| Issue: | Series 2011A unlimited tax revenue refunding bonds
|
| Amount: | $52,344,610
|
| Type: | Negotiated
|
| Underwriters: | Southwest Securities Inc. (lead), Morgan Keegan & Co. Inc., Estrada Hinojosa & Co. and RBC Capital Markets LLC (co-managers)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AA
|
| Pricing date: | Nov. 17
|
| Settlement date: | Dec. 14
|
|
|
| $29,829,610 series 2011A capital appreciation bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,060,971 | 2012 | Serial | 0% | 99.915
|
| $50,292 | 2013 | Serial | 0% | 98.989
|
| $3,443,218 | 2014 | Serial | 0% | 97.88
|
| $5,210,010 | 2015 | Serial | 0% | 95.855
|
| $4,568,252 | 2016 | Serial | 0% | 93.378
|
| $5,221,442 | 2017 | Serial | 0% | 90.316
|
| $5,956,335 | 2018 | Serial | 0% | 86.841
|
| $4,310,090 | 2019 | Serial | 0% | 83.329
|
|
|
| $22.515 million series 2011A current interest bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $5.42 million | 2020 | Serial | 5% | 119.754
|
| $7.175 million | 2021 | Serial | 5% | 118.123
|
| $4.835 million | 2022 | Serial | 5% | 116.517
|
| $5.085 million | 2023 | Serial | 5% | 115.173
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
