By Cristal Cody
Springdale, Ark., July 16 - Grand Prairie Independent School District in Texas priced $61.205 million unlimited tax school building bonds with a 4.77% true interest cost, a source familiar with the sale said Wednesday.
The series 2008 bonds (/AAA/AAA) priced with 3% to 5% coupons to yield 2% to 4.86%.
The $60.465 million current interest bonds have serial maturities from 2011 through 2037.
The $740,000 premium capital appreciation bonds are due in 2009 and 2010.
Morgan Keegan & Co. was the senior manager of the negotiated sale. Co-managers were Estrada Hinojosa & Co., First Southwest Co. and Southwest Securities.
Proceeds will be used to construct, renovate and equip school facilities.
| Issuer: | Grand Prairie Independent School District (Texas)
|
| Issue: | Series 2008 unlimited tax school building bonds
|
| Total amount: | $61.205 million
|
| Type: | Negotiated
|
| True interest cost: | 4.77%
|
| Coupons: | 3%-5%
|
| Yields: | 2%-4.86%
|
| Underwriter: | Morgan Keegan & Co. (lead)
|
| Ratings: | Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | July 15
|
| Settlement date: | Aug. 21
|
|
|
| Current interest
|
| Issue: | Series 2008 current interest bonds
|
| Amount: | $60.465 million
|
| Maturities: | 2011-2037
|
|
|
| Capital appreciation
|
| Issue: | Series 2008 premium capital appreciation bonds
|
| Amount: | $740,000
|
| Maturities: | 2009-2010
|
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