By Cristal Cody
Springdale, Ark. Feb. 25 - Spring Branch Independent School District in Houston, Texas, priced $194.6 million limited tax schoolhouse bonds with a 4.928% true interest cost on Monday, according to a pricing wire released to Prospect News.
The series 2008 bonds (Aaa/AAA/-) were sold in a competitive sale won by Merrill Lynch & Co.
The district priced the bonds with coupons from 5% to 5.25% with yields from 2.2% in 2009 to 5.01% in 2038.
The bonds have serial maturities from 2009 through 2031 and term bonds due 2034 and 2038.
Proceeds will be used to acquire sites for schools, purchase buses, equip buildings and upgrade technology.
| Issuer: | Spring Branch Independent School District
|
| Issue: | Limited tax schoolhouse bonds
|
| Type: | Competitive
|
| Amount: | $194.6 million
|
| True interest cost: | 4.928%
|
| Coupons: | 5% to 5.25%
|
| Yields: | 2.20% to 5.01%
|
| Maturities: | 2009 to 2031 (serials); term bonds due 2034 and 2038
|
| Underwriter: | Merrill Lynch & Co.
|
| Ratings: | Moody's: Aaa
|
| S&P: AAA
|
| Pricing date: | Feb. 25
|
|
|
| Maturity | Type | Coupon | Yield |
|
| 2009 | Serial | 5% | 2.20% |
|
| 2010 | Serial | 5.5% | 2.60% |
|
| 2011 | Serial | 5.25% | 2.80% |
|
| 2012 | Serial | 5.25% | 3.00% |
|
| 2013 | Serial | 5.00% | 3.25% |
|
| 2014 | Serial | 5.25% | 3.44% |
|
| 2015 | Serial | 5.00% | 3.70% |
|
| 2016 | Serial | 5.00% | 3.80% |
|
| 2017 | Serial | 5.50% | 3.90% |
|
| 2018 | Serial | 5.50% | 4.00% |
|
| 2019 | Serial | 5.50% | 4.10% |
|
| 2020 | Serial | 5.25% | 4.22% |
|
| 2021 | Serial | 5.00% | 4.32% |
|
| 2022 | Serial | 5.00% | 4.41% |
|
| 2023 | Serial | 5.00% | 4.64% |
|
| 2024 | Serial | 5.00% | 4.73% |
|
| 2025 | Serial | 5.00% | 4.82% |
|
| 2026 | Serial | 5.00% | 4.88% |
|
| 2027 | Serial | 5.25% | 4.76% |
|
| 2028 | Serial | 5.00% | 5.05% |
|
| 2029 | Serial | 5.25% | 4.85%
|
| 2030 | Serial | 5.25% | 4.89%
|
| 2034 | Term | 5.25% | 5.00%
|
| 2038 | Term | 5.25% | 5.01%
|
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