Published on 8/6/2014 in the Prospect News Municipals Daily.
New Issue: Dripping Springs ISD, Texas, sells $163.48 million school building debt
By Sheri Kasprzak
New York, Aug. 6 – The Dripping Springs Independent School District of Texas sold $163,475,000 of series 2014 unlimited tax school building and refunding bonds, according to a pricing sheet.
The bonds (Aaa/AAA/) were sold through Raymond James/Morgan Keegan.
The bonds are due 2015 to 2036 with term bonds due in 2039 and 2044. The serial coupons range from 2% to 5% with 0.18% to 3.26% yields. The 2039 bonds have a 4% coupon priced at 100.943 to yield 3.88% and the 2044 bonds have a 4% coupon priced at 100.549 to yield 3.93%.
Proceeds will be used to finance the construction, improvement and equipment of school facilities in the district, as well as to refund existing school building bonds.
| Issuer: | Dripping Springs Independent School District
|
| Issue: | Series 2014 unlimited tax school building and refunding bonds
|
| Amount: | $163,475,000
|
| Type: | Negotiated
|
| Underwriters: | Raymond James/Morgan Keegan (lead)
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
| Pricing date: | Aug. 6
|
| Settlement date: | Aug. 21
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.77 million | 2015 | Serial | 2% | 100.878 | 0.18%
|
| $1,695,000 | 2016 | Serial | 2% | 102.514 | 0.30%
|
| $1,735,000 | 2017 | Serial | 2% | 103.571 | 0.55%
|
| $1,775,000 | 2018 | Serial | 2% | 103.833 | 0.88%
|
| $4,145,000 | 2019 | Serial | 2% | 103.392 | 1.22%
|
| $4.14 million | 2020 | Serial | 3% | 107.648 | 1.54%
|
| $4,715,000 | 2021 | Serial | 5% | 119.701 | 1.77%
|
| $6.45 million | 2022 | Serial | 5% | 120.677 | 2.01%
|
| $6.81 million | 2023 | Serial | 5% | 121.387 | 2.22%
|
| $6.8 million | 2024 | Serial | 5% | 122.314 | 2.36%
|
| $7,145,000 | 2025 | Serial | 5% | 121.273 | 2.47%
|
| $7,515,000 | 2026 | Serial | 5% | 120.149 | 2.59%
|
| $7.9 million | 2027 | Serial | 5% | 119.221 | 2.69%
|
| $8,265,000 | 2028 | Serial | 4% | 107.686 | 3.06%
|
| $8.6 million | 2029 | Serial | 4% | 106.751 | 3.17%
|
| $8,945,000 | 2030 | Serial | 4% | 106.162 | 3.24%
|
| $9,315,000 | 2031 | Serial | 4% | 105.576 | 3.31%
|
| $9,695,000 | 2032 | Serial | 4% | 104.994 | 3.38%
|
| $10,095,000 | 2033 | Serial | 4% | 104.58 | 3.43%
|
| $3.32 million | 2034 | Serial | 5% | 114.975 | 3.16%
|
| $3.49 million | 2035 | Serial | 5% | 114.534 | 3.21%
|
| $3.67 million | 2036 | Serial | 5% | 114.095 | 3.26%
|
| $11,995,000 | 2039 | Term | 4% | 100.943 | 3.88%
|
| $23.49 million | 2044 | Term | 4% | 100.549 | 3.93%
|
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