Published on 3/3/2015 in the Prospect News Municipals Daily.
New Issue: Cypress-Fairbanks ISD, Texas, offers up $313.45 million refunding bonds
By Sheri Kasprzak
New York, March 3 – The Cypress-Fairbanks Independent School District of Texas sold $313.45 million of series 2015 unlimited tax refunding bonds, according to a pricing sheet. The deal was upsized from $297.92 million.
The bonds (Aaa/AAA/) were sold through senior managers Raymond James/Morgan Keegan and First Southwest Co.
The bonds are due 2018 to 2020 and 2030 to 2035 with 4% to 5% coupons.
Proceeds will be used to refund the district’s series 2007 and 2008 unlimited tax schoolhouse and refunding bonds.
| Issuer: | Cypress-Fairbanks Independent School District, Texas
|
| Issue: | Series 2015 unlimited tax refunding bonds
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| Amount: | $313.45 million
|
| Type: | Negotiated
|
| Underwriters: | Raymond James/Morgan Keegan and First Southwest Co. (lead), Morgan Stanley & Co. LLC, Wells Fargo Securities LLC, Frost Bank and Jefferies & Co. (co-managers)
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| Ratings: | Moody’s: Aaa
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| Standard & Poor’s: AAA
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| Pricing date: | March 3
|
| Settlement date: | April 2
|
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| Amount | Maturity | Type | Coupon | Price
|
| $7,165,000 | 2018 | Serial | 5% | 111.447
|
| $25,765,000 | 2019 | Serial | 5% | 120.196
|
| $67.96 million | 2020 | Serial | 5% | 119.524
|
| $71,445,000 | 2030 | Serial | 5% | 118.952
|
| $26,015,000 | 2031 | Serial | 4% | 106.985
|
| $27,075,000 | 2032 | Serial | 4% | 106.548
|
| $28,175,000 | 2033 | Serial | 4% | 106.027
|
| $29,325,000 | 2034 | Serial | 4% | 105.422
|
| $30,525,000 | 2035 | Serial | 4% | 105.25
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