Published on 6/4/2015 in the Prospect News Municipals Daily.
New Issue: Leander ISD, Texas, brings to market $475.52 million refunding bonds
By Sheri Kasprzak
New York, June 4 – The Leander Independent School District of Texas sold $475.52 million of series 2015 unlimited tax refunding bonds, according to a pricing sheet. The offering was upsized from $304,813,289.
The deal included $240 million of series 2015A current interest bonds, $162.97 million of series 2015A capital appreciation bonds, $39 million of series 2015B current interest bonds and $33.55 million of series 2015B capital appreciation bonds.
The 2015A current interest bonds are due 2026 to 2042 with 4% to 5% coupons and with 2.72% to 3.89% yields. The 2015A capital appreciation bonds are due 2016 to 2036 with 0% coupons and yields from 0.76% to 4.45%.
The 2015B current interest bonds are due 2029 to 2034 with coupons from 4% to 5% and yields from 3.19% to 3.83%. The 2015B capital appreciation bonds are due 2018 to 2029 with 0% coupons and yields from 1.83% to 4.2%.
The bonds (/AA-/) were sold through William Blair & Co. Inc. and Morgan Stanley & Co. LLC.
Proceeds will be used to refund existing debt.
| Issuer: | Leander Independent School District
|
| Issue: | Series 2015 unlimited tax refunding bonds
|
| Amount: | $475.52 million
|
| Type: | Negotiated
|
| Underwriters: | William Blair & Co. Inc. and Morgan Stanley & Co. LLC (lead), Samco Capital Markets Inc., J.P. Morgan Securities LLC, Robert W. Baird & Co. Inc., Estrada Hinojosa & Co. Inc. and Raymond James/Morgan Keegan (co-managers)
|
| Rating: | Standard & Poor’s: AA-
|
| Pricing date: | June 4
|
| Settlement date: | June 25
|
|
|
| $240 million series 2015A current interest refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $7.25 million | 2026 | Serial | 5% | 120.081 | 2.72%
|
| $5.86 million | 2027 | Serial | 5% | 119.006 | 2.83%
|
| $2.7 million | 2028 | Serial | 5% | 118.04 | 2.93%
|
| $5.95 million | 2029 | Serial | 5% | 117.369 | 3.00%
|
| $7 million | 2033 | Serial | 4% | 103.283 | 3.61%
|
| $37,525,000 | 2037 | Serial | 4% | 101.581 | 3.81%
|
| $39,095,000 | 2038 | Serial | 5% | 113.436 | 3.42%
|
| $41.12 million | 2039 | Serial | 5% | 113.162 | 3.45%
|
| $43.25 million | 2040 | Serial | 5% | 112.979 | 3.47%
|
| $45,475,000 | 2041 | Serial | 4% | 100.91 | 3.89%
|
| $4,775,000 | 2042 | Serial | 5% | 112.614 | 3.51%
|
|
|
| $162.97 million series 2015A capital appreciation refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.32 million | 2016 | Serial | 0% | 99.139 | 0.76%
|
| $2,515,000 | 2017 | Serial | 0% | 97.432 | 1.22%
|
| $4.29 million | 2018 | Serial | 0% | 95.031 | 1.63%
|
| $5.28 million | 2019 | Serial | 0% | 92.585 | 1.87%
|
| $5,725,000 | 2020 | Serial | 0% | 89.683 | 2.13%
|
| $5.67 million | 2021 | Serial | 0% | 86.219 | 2.43%
|
| $6.9 million | 2022 | Serial | 0% | 82.924 | 2.64%
|
| $5.02 million | 2023 | Serial | 0% | 79.619 | 2.82%
|
| $5,485,000 | 2024 | Serial | 0% | 76.038 | 3.02%
|
| $6.7 million | 2025 | Serial | 0% | 72.551 | 3.19%
|
| $3,815,000 | 2028 | Serial | 0% | 60.746 | 3.83%
|
| $6,615,000 | 2030 | Serial | 0% | 54.256 | 4.08%
|
| $6.99 million | 2031 | Serial | 0% | 51.616 | 4.14%
|
| $7.36 million | 2032 | Serial | 0% | 48.719 | 4.24%
|
| $740,000 | 2033 | Serial | 0% | 46.222 | 4.30%
|
| $13,715,000 | 2034 | Serial | 0% | 43.72 | 4.37%
|
| $37.38 million | 2035 | Serial | 0% | 41.541 | 4.41%
|
| $37.45 million | 2036 | Serial | 0% | 39.44 | 4.45%
|
|
|
| $39 million series 2015B current interest bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $4,975,000 | 2029 | Serial | 5% | 115.57 | 3.19%
|
| $6.17 million | 2030 | Serial | 5% | 114.636 | 3.29%
|
| $6.48 million | 2031 | Serial | 5% | 114.081 | 3.35%
|
| $6,805,000 | 2032 | Serial | 5% | 113.62 | 3.40%
|
| $7.14 million | 2033 | Serial | 4% | 101.75 | 3.79%
|
| $7.43 million | 2034 | Serial | 4% | 101.413 | 3.83%
|
|
|
| $33.55 million series 2015B capital appreciation bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,085,000 | 2018 | Serial | 0% | 94.442 | 1.83%
|
| $1.06 million | 2019 | Serial | 0% | 91.829 | 2.07%
|
| $1,115,000 | 2020 | Serial | 0% | 88.776 | 2.33%
|
| $1.15 million | 2021 | Serial | 0% | 85.18 | 2.63%
|
| $1,225,000 | 2022 | Serial | 0% | 81.765 | 2.84%
|
| $1,865,000 | 2023 | Serial | 0% | 78.352 | 3.02%
|
| $1,695,000 | 2024 | Serial | 0% | 74.682 | 3.22%
|
| $5.84 million | 2025 | Serial | 0% | 71.118 | 3.39%
|
| $5.84 million | 2026 | Serial | 0% | 67.057 | 3.62%
|
| $5,845,000 | 2027 | Serial | 0% | 63.095 | 3.83%
|
| $5,845,000 | 2028 | Serial | 0% | 59.2 | 4.03%
|
| $945,000 | 2029 | Serial | 0% | 55.561 | 4.20%
|
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