Published on 1/16/2014 in the Prospect News Municipals Daily.
New Issue: Fort Worth Independent School District sells $122.83 million of bonds
By Sheri Kasprzak
New York, Jan. 16 - The Fort Worth Independent School District of Texas sold $122,825,000 of series 2014 unlimited tax school building bonds, according to a pricing sheet.
The bonds (Aa1/AA/) were sold through lead managers J.P. Morgan Securities LLC and Raymond James/Morgan Keegan.
The bonds are due 2014 to 2035 with a term bond due in 2039. The serial coupons range from 2% to 5%, and yields range from 0.13% to 4.08%. The 2039 bonds have a 5% coupon priced at 108.508 to yield 3.96%.
Proceeds will be used to make technology and other capital improvements districtwide, including the renovation, improvement and equipment of school building, as well as the purchase of new school buses.
| Issuer: | Fort Worth Independent School District
|
| Issue: | Series 2014 unlimited tax school building bonds
|
| Amount: | $122,825,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Raymond James/Morgan Keegan (lead), Estrada Hinojosa & Co. Inc. and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA
|
| Pricing date: | Jan. 15
|
| Settlement date: | Feb. 20
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3.16 million | 2014 | Serial | 2% | 100.908 | 0.13%
|
| $5.47 million | 2015 | Serial | 2% | 101.802 | 0.17%
|
| $3.86 million | 2016 | Serial | 3% | 105.301 | 0.32%
|
| $2,765,000 | 2021 | Serial | 5% | 119.109 | 2.05%
|
| $3,825,000 | 2022 | Serial | 5% | 119.113 | 2.36%
|
| $4.02 million | 2023 | Serial | 5% | 119.298 | 2.58%
|
| $4,225,000 | 2024 | Serial | 5% | 119.627 | 2.74%
|
| $4.44 million | 2025 | Serial | 5% | 118.284 | 2.88%
|
| $4,645,000 | 2026 | Serial | 4% | 108.393 | 3.02%
|
| $4.86 million | 2027 | Serial | 5% | 115.837 | 3.14%
|
| $5,105,000 | 2028 | Serial | 5% | 115.189 | 3.21%
|
| $5.37 million | 2029 | Serial | 5% | 114.362 | 3.30%
|
| $5,645,000 | 2030 | Serial | 5% | 113.451 | 3.40%
|
| $5,935,000 | 2031 | Serial | 5% | 112.639 | 3.49%
|
| $6.24 million | 2032 | Serial | 5% | 111.833 | 3.58%
|
| $6.56 million | 2033 | Serial | 5% | 111.3 | 3.64%
|
| $6,895,000 | 2034 | Serial | 5% | 110.77 | 3.70%
|
| $7,215,000 | 2035 | Serial | 4% | 98.878 | 4.08%
|
| $32.59 million | 2039 | Term | 5% | 108.508 | 3.96%
|
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