Published on 3/28/2012 in the Prospect News Municipals Daily.
New Issue: Klein Independent School District, Texas, prices $69.5 million of schoolhouse bonds
By Sheri Kasprzak
New York, March 28 - The Klein Independent School District of Texas sold $69,505,000 of series 2012 unlimited tax schoolhouse and refunding bonds, said a term sheet.
The deal included $51,115,000 of series 2012A schoolhouse bonds and $18.39 million of series 2012B refunding bonds.
The 2012A bonds are due 2013 to 2033 with term bonds due in 2036 and 2042. The serial coupons range from 2% to 5%. The 2036 bonds have a split maturity with a 4.125% coupon priced at 105.126 and a 5% coupon priced at 5% coupon priced at 112.574. The 2042 bonds have a 5% coupon priced at 111.783.
The 2012B bonds are due 2013 to 2015 and 2019 to 2023 with coupons from 2% to 4%.
The bonds (Aaa/AAA/) were sold through Morgan Keegan & Co. Inc. with BOSC Inc., Wells Fargo Securities LLC, Jefferies & Co. and Rice Financial Products Co. as the co-managers.
Proceeds will be used to finance the construction, acquisition, equipment and furnishing of school buildings in the district, as well as to refund the district's existing series 2001, 2002 and 2003 schoolhouse bonds.
| Issuer: | Klein Independent School District, Texas
|
| Issue: | Series 2012 unlimited tax schoolhouse and refunding bonds
|
| Amount: | $69,505,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Keegan & Co. Inc. (lead); BOSC Inc., Wells Fargo Securities LLC, Jefferies & Co. and Rice Financial Products Co. | (co-managers)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Pricing date: | March 28
|
| Settlement date: | April 1
|
|
|
| $51,115,000 series 2012A schoolhouse bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,005,000 | 2013 | Serial | 2% | 101.334
|
| $1.03 million | 2014 | Serial | 2% | 102.719
|
| $1.05 million | 2015 | Serial | 2% | 103.607
|
| $1.07 million | 2016 | Serial | 2% | 103.834
|
| $1,095,000 | 2017 | Serial | 3% | 108.405
|
| $1,135,000 | 2020 | Serial | 4% | 115.011
|
| $1.18 million | 2021 | Serial | 4% | 114.875
|
| $1.23 million | 2022 | Serial | 4% | 114.505
|
| $1.28 million | 2023 | Serial | 4% | 112.092
|
| $1.34 million | 2024 | Serial | 5% | 120.574
|
| $1.41 million | 2025 | Serial | 5% | 119.336
|
| $725,000 | 2026 | Serial | 3% | 98.607
|
| $750,000 | 2026 | Serial | 5% | 118.395
|
| $1.54 million | 2027 | Serial | 5% | 117.555
|
| $1.62 million | 2028 | Serial | 5% | 116.814
|
| $1,705,000 | 2029 | Serial | 5% | 116.171
|
| $1.79 million | 2030 | Serial | 5% | 115.532
|
| $1,885,000 | 2031 | Serial | 5% | 114.987
|
| $1.98 million | 2032 | Serial | 5% | 114.445
|
| $2.08 million | 2033 | Serial | 5% | 113.907
|
| $500,000 | 2036 | Term | 4.125% | 105.126
|
| $6,405,000 | 2036 | Term | 5% | 112.574
|
| $17.31 million | 2042 | Term | 5% | 111.783
|
|
|
| $18.39 million series 2012B refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,075,000 | 2013 | Serial | 2% | 101.295
|
| $2.66 million | 2014 | Serial | 2% | 102.719
|
| $1,425,000 | 2015 | Serial | 3% | 106.341
|
| $2.82 million | 2019 | Serial | 4% | 114.703
|
| $3,025,000 | 2020 | Serial | 4% | 115.011
|
| $3,205,000 | 2021 | Serial | 4% | 114.875
|
| $2.05 million | 2022 | Serial | 3% | 105.818
|
| $2.13 million | 2023 | Serial | 4% | 112.092
|
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