Published on 10/7/2015 in the Prospect News Municipals Daily.
New Issue: Spring Branch ISD, Texas, prices $221.33 million G.O. bonds
By Sheri Kasprzak
New York, Oct. 7 – The Spring Branch Independent School District of Texas sold $221,325,000 of series 2015 general obligation bonds, according to a pricing sheet.
The deal included $65,795,000 of series 2015A limited tax G.O. bonds and $155.53 million of series 2015B unlimited tax G.O. bonds.
The 2015A bonds are due 2016 and 2018 to 2025 with 2% to 5% coupons and 0.18% to 2.17% yields.
The 2015B bonds are due 2016 to 2036 with a term bond due in 2038. The serial coupons range from 2% to 5% with yields from 0.08% to 3.44%. The 2038 bonds have a 4% coupon priced at 103.754 to yield 3.52%.
The bonds (Aaa/AAA) were sold through Wells Fargo Securities LLC.
Proceeds will be used to refund existing G.O. debt.
| Issuer: | Spring Branch Independent School District
|
| Issue: | Series 2015 general obligation bonds
|
| Amount: | $221,325,000
|
| Type: | Negotiated
|
| Underwriter: | Wells Fargo Securities LLC
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
| Pricing date: | Oct. 6
|
| Settlement date: | Nov. 4
|
|
|
| $65,795,000 series 2015A limited tax refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $855,000 | 2016 | Serial | 2% | 100.439 | 0.18%
|
| $6,755,000 | 2018 | Serial | 5% | 109.381 | 0.77%
|
| $12.37 million | 2019 | Serial | 5% | 112.76 | 0.99%
|
| $13.01 million | 2020 | Serial | 5% | 115.622 | 1.21%
|
| $13,675,000 | 2021 | Serial | 5% | 117.853 | 1.45%
|
| $7,645,000 | 2022 | Serial | 5% | 119.723 | 1.66%
|
| $4.96 million | 2023 | Serial | 5% | 120.877 | 1.90%
|
| $5,215,000 | 2024 | Serial | 5% | 122.262 | 2.05%
|
| $1.31 million | 2025 | Serial | 5% | 123.579 | 2.17%
|
|
|
| $155.53 million series 2015B unlimited tax refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3,205,000 | 2016 | Serial | 2% | 100.463 | 0.08%
|
| $1,495,000 | 2017 | Serial | 5% | 105.601 | 0.47%
|
| $1.39 million | 2018 | Serial | 5% | 109.381 | 0.77%
|
| $4,615,000 | 2019 | Serial | 5% | 112.76 | 0.99%
|
| $4.83 million | 2020 | Serial | 5% | 115.622 | 1.21%
|
| $5.06 million | 2021 | Serial | 5% | 117.853 | 1.45%
|
| $5.32 million | 2022 | Serial | 5% | 119.723 | 1.66%
|
| $5.58 million | 2023 | Serial | 5% | 120.877 | 1.90%
|
| $5,855,000 | 2024 | Serial | 5% | 122.262 | 2.05%
|
| $6.15 million | 2025 | Serial | 5% | 123.579 | 2.17%
|
| $6,455,000 | 2026 | Serial | 5% | 122.36 | 2.30%
|
| $6,775,000 | 2027 | Serial | 5% | 121.154 | 2.43%
|
| $7.1 million | 2028 | Serial | 5% | 120.237 | 2.53%
|
| $7.45 million | 2029 | Serial | 5% | 119.147 | 2.65%
|
| $7.76 million | 2030 | Serial | 4% | 108.183 | 2.98%
|
| $8,085,000 | 2031 | Serial | 5% | 117.711 | 2.81%
|
| $8,455,000 | 2032 | Serial | 5% | 117.178 | 2.87%
|
| $8,815,000 | 2033 | Serial | 4% | 105.614 | 3.29%
|
| $9,135,000 | 2034 | Serial | 4% | 105.206 | 3.34%
|
| $9.47 million | 2035 | Serial | 4% | 104.8 | 3.39%
|
| $9,825,000 | 2036 | Serial | 4% | 104.397 | 3.44%
|
| $20,725,000 | 2038 | Term | 4% | 103.754 | 3.52%
|
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