Published on 5/19/2015 in the Prospect News Municipals Daily.
New Issue: Garland ISD, Texas, brings to market $185.74 million of school bonds
By Sheri Kasprzak
New York, May 19 – The Garland Independent School District of Texas sold $185.74 million of series 2015A unlimited tax school building and refunding bonds, according to a pricing sheet.
The bonds (Aaa//AA+) were sold through Citigroup Global Markets Inc. and Frost Bank.
The bonds are due 2016 to 2035 with 2% to 5% coupons and 0.26% to 3.84% yields.
Proceeds will be used to construct, equip, acquire and improve school buildings in the district and to refund the district’s series 2005 school building bonds.
| Issuer: | Garland Independent School District
|
| Issue: | Series 2015A unlimited tax school building and refunding bonds
|
| Amount: | $185.74 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and Frost Bank (lead), J.P. Morgan Securities LLC, Oppenheimer & Co., RBC Capital Markets LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AA+
|
| Pricing date: | May 19
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5,035,000 | 2016 | Serial | 2% | 101.143 | 0.26%
|
| $8,745,000 | 2017 | Serial | 2% | 102.139 | 0.70%
|
| $9.09 million | 2018 | Serial | 2% | 102.297 | 1.12%
|
| $4.96 million | 2019 | Serial | 3% | 105.685 | 1.40%
|
| $1 million | 2020 | Serial | 5% | 115.201 | 1.60%
|
| $3.1 million | 2021 | Serial | 5% | 116.846 | 1.85%
|
| $6,875,000 | 2022 | Serial | 5% | 118.202 | 2.06%
|
| $7,745,000 | 2023 | Serial | 5% | 119.243 | 2.25%
|
| $8.14 million | 2024 | Serial | 5% | 119.954 | 2.43%
|
| $12,635,000 | 2025 | Serial | 5% | 120.758 | 2.56%
|
| $12,075,000 | 2026 | Serial | 5% | 119.529 | 2.69%
|
| $12.64 million | 2027 | Serial | 5% | 118.78 | 2.77%
|
| $11,635,000 | 2028 | Serial | 4% | 106.598 | 3.20%
|
| $10,365,000 | 2029 | Serial | 4% | 105.322 | 3.35%
|
| $10.79 million | 2030 | Serial | 4% | 104.481 | 3.45%
|
| $11.23 million | 2031 | Serial | 4% | 103.98 | 3.51%
|
| $11,685,000 | 2032 | Serial | 4% | 103.4 | 3.58%
|
| $12,165,000 | 2033 | Serial | 4% | 103.07 | 3.62%
|
| $12.66 million | 2034 | Serial | 4% | 102.741 | 3.66%
|
| $3.17 million | 2035 | Serial | 3.625% | 97.048 | 3.84%
|
| $10 million | 2035 | Serial | 4% | 102.495 | 3.69%
|
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