Published on 3/24/2015 in the Prospect News Municipals Daily.
New Issue: Fort Worth ISD, Texas, brings to market $271.5 million of school bonds
By Sheri Kasprzak
New York, March 24 – The Fort Worth Independent School District of Texas sold $271,495,000 of series 2015 unlimited tax refunding and school building bonds, according to a pricing sheet.
The bonds (Aaa/AAA/) were sold through J.P. Morgan Securities LLC.
The bonds are due 2016 to 2035 with a term bond due in 2040. The serial coupons range from 2% to 5%. The 2040 bonds have a 4% coupon priced at 105.307.
Proceeds will be used to refund district’s series 2005 and 2008 unlimited tax school building bonds and construct, equip, improve and renovate new and existing school facilities within the district.
| Issuer: | Fort Worth Independent School District, Texas
|
| Issue: | Series 2015 unlimited tax refunding and school building bonds
|
| Amount: | $271,495,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), Raymond James/Morgan Keegan, Estrada Hinojosa & Co. Inc. and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
| Pricing date: | March 24
|
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|
| Amount | Maturity | Type | Coupon | Price
|
| $11.97 million | 2016 | Serial | 2% | 101.474
|
| $6.11 million | 2017 | Serial | 5% | 107.932
|
| $3,465,000 | 2018 | Serial | 5% | 111.325
|
| $11,785,000 | 2019 | Serial | 5% | 114.193
|
| $18.36 million | 2020 | Serial | 5% | 116.843
|
| $12.99 million | 2021 | Serial | 5% | 119.038
|
| $22.34 million | 2022 | Serial | 5% | 120.708
|
| $19.59 million | 2023 | Serial | 5% | 122.239
|
| $20,605,000 | 2024 | Serial | 5% | 123.758
|
| $21,655,000 | 2025 | Serial | 5% | 125.085
|
| $22.77 million | 2026 | Serial | 5% | 123.887
|
| $23.94 million | 2027 | Serial | 5% | 122.8
|
| $25,165,000 | 2028 | Serial | 5% | 121.725
|
| $3,935,000 | 2029 | Serial | 3% | 99.437
|
| $4,105,000 | 2030 | Serial | 5% | 119.799
|
| $3,485,000 | 2031 | Serial | 5% | 119.228
|
| $3.64 million | 2032 | Serial | 5% | 118.85
|
| $3.79 million | 2033 | Serial | 4% | 107.035
|
| $3,965,000 | 2034 | Serial | 5% | 118.096
|
| $4.17 million | 2035 | Serial | 55 | 118.003
|
| $23.66 million | 2040 | Term | 4% | 105.307
|
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