Published on 7/30/2014 in the Prospect News Municipals Daily.
New Issue: Lockhart Independent School, Texas, sells $58.5 million of school bonds
By Sheri Kasprzak
New York, July 30 – The Lockhart Independent School District of Texas sold $58.5 million of series 2014 unlimited tax school building bonds, according to a pricing sheet.
The bonds (/AAA/AAA) were sold through Baird & Co. and RBC Capital Markets LLC.
The bonds are due 2016 to 2034 with term bonds due in 2038, 2041 and 2044. The serial coupons range from 3% to 5% with 0.41% to 3.15% yields. The 2038 bonds have a 5% coupon priced at 112.807 to yield 3.33%. The 2041 bonds have a 5% coupon priced at 112.314 to yield 3.39%. The 2044 bonds have a 3.875% coupon priced at 99.558 to yield 3.9% and a 4% coupon priced at 100.674 to yield 3.9%.
Proceeds will be used to build a new elementary school and make district-wide improvements to schools in the district.
| Issuer: | Lockhart Independent School District, Texas
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| Issue: | Series 2014 unlimited tax school building bonds
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| Amount: | $58.5 million
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| Type: | Negotiated
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| Underwriters: | Baird & Co. and RBC Capital Markets LLC (lead), Edward D. Jones & Co. LP and Frost Bank (co-managers)
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| Ratings: | Standard & Poor’s: AAA
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| Fitch: AAA
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| Pricing date: | July 30
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| Settlement date: | Aug. 26
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $235,000 | 2016 | Serial | 3% | 104.975 | 0.41%
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| $250,000 | 2017 | Serial | 3% | 106.659 | 0.70%
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| $285,000 | 2018 | Serial | 3% | 107.689 | 1.00%
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| $300,000 | 2019 | Serial | 4% | 112.547 | 1.36%
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| $335,000 | 2020 | Serial | 4% | 113.223 | 1.65%
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| $375,000 | 2021 | Serial | 5% | 120.111 | 1.89%
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| $430,000 | 2022 | Serial | 5% | 121.001 | 2.11%
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| $1,525,000 | 2023 | Serial | 5% | 121.954 | 2.27%
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| $200,000 | 2024 | Serial | 3.5% | 108.877 | 2.39%
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| $1,405,000 | 2024 | Serial | 5% | 120.875 | 2.39%
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| $1.68 million | 2025 | Serial | 4% | 110.671 | 2.65%
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| $1.75 million | 2026 | Serial | 4% | 109.836 | 2.75%
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| $1.82 million | 2027 | Serial | 5% | 118.228 | 2.69%
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| $1.91 million | 2028 | Serial | 4% | 107.457 | 3.04%
|
| $1,985,000 | 2029 | Serial | 4% | 106.57 | 3.15%
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| $2,065,000 | 2030 | Serial | 4% | 106.169 | 3.20%
|
| $2,145,000 | 2031 | Serial | 5% | 115.819 | 2.97%
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| $2,255,000 | 2032 | Serial | 5% | 115.226 | 3.04%
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| $2,365,000 | 2033 | Serial | 5% | 114.72 | 3.10%
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| $2,485,000 | 2034 | Serial | 5% | 114.301 | 3.15%
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| $11.25 million | 2038 | Term | 5% | 112.807 | 3.33%
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| $10 million | 2041 | Term | 5% | 112.314 | 3.39%
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| $6.45 million | 2044 | Term | 3.875% | 99.558 | 3.90%
|
| $5 million | 2044 | Term | 4% | 100.674 | 3.90%
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