Published on 4/20/2016 in the Prospect News Municipals Daily.
New Issue: Keller ISD, Texas, sells $126.94 million unlimited tax refunding bonds
By Sheri Kasprzak
New York, April 20 – The Keller Independent School District of Texas priced $126,935,000 of series 2016 unlimited tax refunding bonds, according to a pricing sheet.
The bonds were sold through Piper Jaffray & Co.
The deal included $70,915,000 of series 2016A bonds and $56.02 million of series 2016B bonds.
The 2016A bonds are due 2016 and 2020 to 2031 with 2% to 5% coupons and yields from 0.52% to 2.24%.
The 2016B bonds are due 2016 and 2018 to 2031 with 2% to 5% coupons and yields from 0.55% to 2.35%.
Proceeds will be used to refund the district’s series 2006 refunding bonds and series 2006A refunding bonds.
| Issuer: | Keller Independent School District
|
| Issue: | Series 2016 unlimited tax refunding bonds
|
| Amount: | $126,935,000
|
| Type: | Negotiated
|
| Underwriters: | Piper Jaffray & Co. (lead), BOSC Inc., Raymond James/Morgan Keegan and William Blair & Co. Inc. (co-managers)
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA
|
| Pricing date: | April 13
|
| Settlement date: | May 18
|
|
|
| $70,915,000 series 2016A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,235,000 | 2016 | Serial | 2% | 100.356 | 0.52%
|
| $4,835,000 | 2020 | Serial | 5% | 116.252 | 1.07%
|
| $3.05 million | 2021 | Serial | 5% | 119.078 | 1.23%
|
| $6.1 million | 2022 | Serial | 5% | 121.575 | 1.38%
|
| $6,405,000 | 2023 | Serial | 5% | 123.853 | 1.51%
|
| $7.29 million | 2024 | Serial | 5% | 125.8 | 1.64%
|
| $7.64 million | 2025 | Serial | 5% | 127.618 | 1.75%
|
| $8,425,000 | 2026 | Serial | 5% | 127.856 | 1.86%
|
| $7.73 million | 2027 | Serial | 5% | 126.938 | 1.95%
|
| $4,245,000 | 2028 | Serial | 5% | 126.128 | 2.03%
|
| $4,455,000 | 2029 | Serial | 4% | 114.289 | 2.35%
|
| $4,635,000 | 2030 | Serial | 5% | 124.726 | 2.17%
|
| $4.87 million | 2031 | Serial | 5% | 124.031 | 2.24%
|
|
|
| $56.02 million series 2016B bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $890,000 | 2016 | Serial | 2% | 100.349 | 0.55%
|
| $590,000 | 2018 | Serial | 2% | 102.592 | 0.83%
|
| $1.83 million | 2019 | Serial | 2% | 103.375 | 0.94%
|
| $1.87 million | 2020 | Serial | 2% | 103.845 | 1.07%
|
| $1.9 million | 2021 | Serial | 2% | 103.896 | 1.23%
|
| $1.94 million | 2022 | Serial | 2% | 103.694 | 1.38%
|
| $1.98 million | 2023 | Serial | 3% | 110.183 | 1.51%
|
| $2.03 million | 2024 | Serial | 3% | 110.442 | 1.64%
|
| $2.1 million | 2025 | Serial | 2% | 102.123 | 1.75%
|
| $2,815,000 | 2026 | Serial | 5% | 127.856 | 1.86%
|
| $4.01 million | 2027 | Serial | 3.5% | 112.086 | 2.12%
|
| $7,805,000 | 2028 | Serial | 4% | 115.703 | 2.20%
|
| $8.11 million | 2029 | Serial | 4% | 114.289 | 2.35%
|
| $8.43 million | 2030 | Serial | 5% | 124.726 | 2.17%
|
| $9.72 million | 2031 | Serial | 5% | 124.031 | 2.24%
|
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