Published on 4/22/2016 in the Prospect News Municipals Daily.
New Issue: Klein ISD, Texas, comes to market with $152.87 million refunding bonds
By Sheri Kasprzak
New York, April 22 – The Klein Independent School District of Texas priced $152.87 million of series 2016 unlimited tax refunding bonds, according to a pricing sheet.
The deal included $137.5 million of series 2016A bonds and $15.37 million of series 2016B bonds.
The 2016A bonds are due 2019 to 2038 with 2% to 5% coupons and yields from 0.94% to 2.88%.
The 2016B bonds are due 2016 and 2028 to 2031 with 3% to 5% coupons and yields from 0.63% to 2.63%.
The bonds (Aaa) were sold through Raymond James/Morgan Keegan.
Proceeds will be used to refund district’s series 2005, 2007, 2008, 2008A and 2009B unlimited tax schoolhouse bonds.
| Issuer: | Klein Independent School District, Texas
|
| Issue: | Series 2016 unlimited tax refunding bonds
|
| Amount: | $152.87 million
|
| Ratings: | Moody’s: Aaa
|
| Type: | Negotiated
|
| Underwriters: | Raymond James/Morgan Keegan (lead), BofA Merrill Lynch, Piper Jaffray & Co., BOSC Inc. and William Blair & Co. Inc. (co-managers)
|
| Pricing date: | April 14
|
| Settlement date: | May 15
|
|
|
| $137.5 million series 2016A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5,595,000 | 2019 | Serial | 5% | 112.723 | 0.94%
|
| $1,075,000 | 2020 | Serial | 2% | 103.799 | 1.07%
|
| $1.1 million | 2021 | Serial | 2% | 103.807 | 1.24%
|
| $1.12 million | 2022 | Serial | 2% | 103.604 | 1.39%
|
| $1,145,000 | 2023 | Serial | 2% | 103.256 | 1.52%
|
| $1,165,000 | 2024 | Serial | 2% | 102.592 | 1.66%
|
| $1.19 million | 2025 | Serial | 2% | 101.856 | 1.78%
|
| $2,675,000 | 2026 | Serial | 2.25% | 103.022 | 1.89%
|
| $5,025,000 | 2026 | Serial | 5% | 126.117 | 1.89%
|
| $10,305,000 | 2027 | Serial | 4% | 115.348 | 2.15%
|
| $10,755,000 | 2028 | Serial | 3% | 106.107 | 2.26%
|
| $10.9 million | 2029 | Serial | 5% | 123.739 | 2.14%
|
| $11,495,000 | 2030 | Serial | 5% | 123.27 | 2.19%
|
| $12.11 million | 2031 | Serial | 4% | 112.418 | 2.48%
|
| $12.63 million | 2032 | Serial | 4% | 111.721 | 2.56%
|
| $10,135,000 | 2033 | Serial | 4% | 111.115 | 2.63%
|
| $8,565,000 | 2034 | Serial | 4% | 110.599 | 2.69%
|
| $7,185,000 | 2035 | Serial | 4% | 110.085 | 2.75%
|
| $7,475,000 | 2036 | Serial | 4% | 109.83 | 2.78%
|
| $7,775,000 | 2037 | Serial | 4% | 109.405 | 2.83%
|
| $8.08 million | 2038 | Serial | 4% | 108.982 | 2.88%
|
|
|
| $15.37 million series 2016B bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2,125,000 | 2016 | Serial | 3% | 100.446 | 0.63%
|
| $2.99 million | 2028 | Serial | 5% | 123.27 | 2.19%
|
| $3,205,000 | 2029 | Serial | 5% | 122.524 | 2.27%
|
| $3.43 million | 2030 | Serial | 4% | 111.721 | 2.56%
|
| $3.62 million | 2031 | Serial | 4% | 111.115 | 2.63%
|
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