By Sheri Kasprzak
New York, Aug. 19 - The Eagle Mountain-Saginaw Independent School District in Texas priced $97.45 million in series 2008 unlimited tax school building bonds, according to an official statement released Tuesday.
The bonds (/AA-/A+) were sold on a negotiated basis with First Southwest Co., Morgan Keegan & Co., Morgan Stanley and Southwest Securities as the underwriters.
The sale included $15.94 million in serial current interest bonds, $80.16 million term current interest bonds and $1.35 million in premium capital appreciation bonds.
The serial current interest bonds are due 2009 to 2028 with coupons from 3.25% to 4.625% and yields from 1.95% to 4.82%.
The term current interest bonds are due 2030, 2033, 2038, 2043 and 2048. The 2030 bonds have a 4.75% coupon to yield 4.99%, the 2033 bonds have a 5% coupon to yield 5.02%, the 2038 bonds have a 5% coupon to yield 5.07%, the 2043 bonds have a 5% coupon to yield 5.2% and the 2048 bonds have a 5% coupon to yield 5.33%.
The capital appreciation bonds are due from 2019 to 2023 with coupons from 5% to 5.41%, all priced at par.
Proceeds will be used for the construction, renovation, equipping and acquisition of school facilities in the district.
| Issuer: | Eagle Mountain-Saginaw Independent School District, Texas
|
| Issue: | Series 2008 unlimited tax school building bonds
|
| Amount: | $97.45 million
|
| Type: | Negotiated
|
| Underwriters: | First Southwest Co., Morgan Keegan & Co., Morgan Stanley and Southwest Securities
|
| Ratings: | Standard & Poor's: AA-
|
| Fitch: A+
|
| Pricing date: | Aug. 11
|
| Settlement date: | Sept. 10
|
|
|
| Serial current interest bonds
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 3.5% | 1.95%
|
| 2010 | Serial | 3.25% | 2.26%
|
| 2011 | Serial | 3.25% | 2.74%
|
| 2012 | Serial | 3.25% | 2.97%
|
| 2013 | Serial | 3.5% | 3.18%
|
| 2014 | Serial | 3.625% | 3.37%
|
| 2015 | Serial | 3.75% | 3.53%
|
| 2016 | Serial | 3.875% | 3.69%
|
| 2017 | Serial | 4% | 3.84%
|
| 2018 | Serial | 4% | 3.96%
|
| 2024 | Serial | 4.5% | 4.62%
|
| 2025 | Serial | 4.5% | 4.67%
|
| 2026 | Serial | 4.5% | 4.71%
|
| 2027 | Serial | 4.5% | 4.76%
|
| 2028 | Serial | 4.625% | 4.825%
|
|
|
| Term current interest bonds
|
| Maturity | Type | Coupon | Yield
|
| 2030 | Term | 4.75% | 4.99%
|
| 2033 | Term | 5% | 5.02%
|
| 2038 | Term | 5% | 5.07%
|
| 2043 | Term | 5% | 5.20%
|
| 2048 | Term | 5% | 5.33%
|
|
|
| Premium capital appreciation bonds
|
| Maturity | Type | Coupon | Yield
|
| 2019 | Serial | 5% | 5.00%
|
| 2020 | Serial | 5.14% | 5.14%
|
| 2021 | Serial | 5.28% | 5.28%
|
| 2022 | Serial | 5.41% | 5.41%
|
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