Published on 2/12/2015 in the Prospect News Municipals Daily.
New Issue: Katy Independent School, Texas, sells $208.27 million unlimited tax debt
By Sheri Kasprzak
New York, Feb. 12 – The Katy Independent School District of Texas sold $208,265,000 of series 2015 unlimited tax bonds, according to a pricing sheet.
The deal included $155.31 million of series 2015A school building bonds and $52,955,000 of series 2015B refunding bonds.
The 2015A bonds are due 2016 to 2035 with term bonds due in 2040 and 2045. The serial coupons range from 2% to 5% with 0.155% to 3.02% yields. The 2040 bonds have a 5% coupon priced at 119.984 to yield 2.7% and the 2045 bonds have a 5% coupon priced at 119.501 to yield 2.75%.
The 2015B bonds are due 2021 to 2037 with 4% to 5% coupons and 1.31% to 3.07% yields.
The bonds (Aa1//AA) were sold through J.P. Morgan Securities LLC.
Proceeds will be used to finance the construction of school buildings in the district and to refund existing district debt.
| Issuer: | Katy Independent School District, Texas
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| Issue: | Series 2015 unlimited tax bonds
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| Amount: | $208,265,000
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| Type: | Negotiated
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| Underwriters: | J.P. Morgan Securities LLC (lead), George K. Baum & co., Edward D. Jones & Co. LP, Fidelity Capital Markets LLC, BOSC Inc., Goldman, Sachs & Co. and Oppenheimer & Co. (co-managers)
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| Ratings: | Moody’s: Aa1
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| Fitch: AA
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| Pricing date: | Feb. 3
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| Settlement date: | Feb. 26
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| $155.31 million series 2015A school building bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $11,995,000 | 2016 | Serial | 2% | 101.786 | 0.155%
|
| $775,000 | 2017 | Serial | 5% | 108.745 | 0.53%
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| $430,000 | 2018 | Serial | 5% | 112.52 | 0.73%
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| $2.74 million | 2019 | Serial | 5% | 115.824 | 0.93%
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| $4.92 million | 2020 | Serial | 5% | 118.809 | 1.10%
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| $1.2 million | 2021 | Serial | 2% | 103.949 | 1.31%
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| $1.2 million | 2022 | Serial | 5% | 123.004 | 1.51%
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| $3.3 million | 2023 | Serial | 3% | 109.728 | 1.69%
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| $3.44 million | 2024 | Serial | 5% | 126.206 | 1.82%
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| $3,615,000 | 2025 | Serial | 5% | 127.72 | 1.93%
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| $3.8 million | 2026 | Serial | 5% | 126.27 | 2.07%
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| $3,995,000 | 2027 | Serial | 5% | 125.247 | 2.17%
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| $4.2 million | 2028 | Serial | 5% | 124.334 | 2.26%
|
| $4.39 million | 2029 | Serial | 4% | 112.411 | 2.58%
|
| $4,595,000 | 2030 | Serial | 5% | 123.129 | 2.38%
|
| $4,805,000 | 2031 | Serial | 4% | 110.834 | 2.75%
|
| $5 million | 2032 | Serial | 4% | 109.918 | 2.85%
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| $5,205,000 | 2033 | Serial | 4% | 109.101 | 2.94%
|
| $5.42 million | 2034 | Serial | 4% | 108.74 | 2.98%
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| $5.64 million | 2035 | Serial | 4% | 108.381 | 3.02%
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| $32.68 million | 2040 | Term | 5% | 119.984 | 2.70%
|
| $41,965,000 | 2045 | Term | 5% | 119.501 | 2.75%
|
|
|
| $52,955,000 series 2015B refunding bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $710,000 | 2021 | Serial | 4% | 115.397 | 1.31%
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| $735,000 | 2022 | Serial | 4% | 116.412 | 1.51%
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| $770,000 | 2023 | Serial | 4% | 117.155 | 1.69%
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| $795,000 | 2024 | Serial | 4% | 117.965 | 1.82%
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| $830,000 | 2025 | Serial | 4% | 118.69 | 1.93%
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| $870,000 | 2026 | Serial | 5% | 126.27 | 2.07%
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| $3,545,000 | 2027 | Serial | 5% | 125.247 | 2.17%
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| $4.24 million | 2028 | Serial | 5% | 124.334 | 2.26%
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| $3,675,000 | 2029 | Serial | 4% | 112.411 | 2.58%
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| $3.65 million | 2030 | Serial | 4% | 111.48 | 2.68%
|
| $4,805,000 | 2031 | Serial | 4% | 110.834 | 2.75%
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| $3.3 million | 2032 | Serial | 4% | 109.918 | 2.85%
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| $6,015,000 | 2033 | Serial | 4% | 109.101 | 2.94%
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| $505,000 | 2034 | Serial | 4% | 108.74 | 2.98%
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| $5,895,000 | 2035 | Serial | 4% | 108.381 | 3.02%
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| $6,165,000 | 2036 | Serial | 4% | 108.112 | 3.05%
|
| $6.45 million | 2037 | Serial | 4% | 107.934 | 3.07%
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