Published on 4/7/2016 in the Prospect News Municipals Daily.
New Issue: Burleson ISD, Texas, details its $120.72 million refunding bond sale
By Sheri Kasprzak
New York, April 6 – The Burleson Independent School District of Texas released additional information on its $120.72 million sale of series 2016 unlimited tax refunding bonds.
The bonds (Aaa//AAA) were sold through senior managers Raymond James/Morgan Keegan and BofA Merrill Lynch.
The bonds are due 2016 to 2040 with coupons from 2% to 5% and yields from 0.45% to 3.01%.
Proceeds will be used to refund the district’s series 2007 and 2008 school building bonds.
| Issuer: | Burleson Independent School District
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| Issue: | Series 2016 unlimited tax refunding bonds
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| Amount: | $120.72 million
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| Type: | Negotiated
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| Underwriters: | Raymond James/Morgan Keegan and BofA Merrill Lynch (lead), Hilltop Securities Inc. and RBC Capital Markets LLC (co-managers)
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| Ratings: | Moody’s: Aaa
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| Fitch: AAA
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| Pricing date: | April 6
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| Settlement date: | May 5
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| Amount | Maturity | Type | Coupon | Price | Yield
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| $1.38 million | 2016 | Serial | 2% | 100.369 | 0.45%
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| $245,000 | 2017 | Serial | 2% | 101.55 | 0.74%
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| $375,000 | 2018 | Serial | 2% | 102.454 | 0.89%
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| $385,000 | 2019 | Serial | 2% | 103.081 | 1.03%
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| $390,000 | 2020 | Serial | 2% | 103.337 | 1.19%
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| $400,000 | 2021 | Serial | 3% | 108.264 | 1.36%
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| $410,000 | 2022 | Serial | 3% | 108.9 | 1.50%
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| $425,000 | 2023 | Serial | 3% | 109.388 | 1.62%
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| $440,000 | 2024 | Serial | 3% | 109.55 | 1.75%
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| $2.85 million | 2025 | Serial | 5% | 126.635 | 1.85%
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| $2,975,000 | 2026 | Serial | 5% | 127.033 | 1.94%
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| $3,105,000 | 2027 | Serial | 3.5% | 111.616 | 2.17%
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| $5,365,000 | 2028 | Serial | 4% | 114.566 | 2.32%
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| $6.58 million | 2029 | Serial | 4% | 113.539 | 2.43%
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| $6,815,000 | 2030 | Serial | 4% | 112.984 | 2.49%
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| $7.07 million | 2031 | Serial | 3.5% | 106.631 | 2.72%
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| $9,615,000 | 2032 | Serial | 3.5% | 106.103 | 2.78%
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| $9.95 million | 2033 | Serial | 4% | 111.064 | 2.70%
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| $10.35 million | 2034 | Serial | 4% | 110.612 | 2.75%
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| $10,765,000 | 2035 | Serial | 4% | 110.253 | 2.79%
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| $11,215,000 | 2036 | Serial | 4% | 109.894 | 2.83%
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| $11.68 million | 2037 | Serial | 4% | 109.449 | 2.88%
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| $12,175,000 | 2038 | Serial | 4% | 109.005 | 2.93%
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| $2.82 million | 2039 | Serial | 4% | 108.651 | 2.97%
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| $2.94 million | 2040 | Serial | 4% | 108.299 | 3.01%
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