Published on 8/10/2016 in the Prospect News Municipals Daily.
New Issue: Fort Worth ISD brings $382.03 million of refunding, school bonds
By Sheri Kasprzak
New York, Aug. 10 – The Fort Worth Independent School District of Texas sold $382,025,000 of series 2016 unlimited tax refunding and school building bonds, according to a pricing sheet. The deal was upsized from $374,435,000.
The bonds (Aa1/AA) were sold through Raymond James/Morgan Keegan.
The bonds are due 2017 to 2039 with a term bond due in 2041. The serial coupons range from 2% to 5% with yields from 0.5% to 2.61%. The 2041 bonds have a 4% coupon priced at 111.277 to yield 2.64%.
The bonds (Aa1/AA) were sold through Raymond James/Morgan Keegan.
Proceeds will be used to finance technology upgrades and other capital improvements, as well as to construct, equip, improve and renovate existing and new school buildings and refund outstanding debt.
| Issuer: | Fort Worth Independent School District
|
| Issue: | Series 2016 unlimited tax refunding and school building bonds
|
| Amount: | $382,025,000
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| Type: | Negotiated
|
| Underwriters: | Raymond James/Morgan Keegan (lead), Estrada Hinojosa & Co. Inc., J.P. Morgan Securities LLC, RBC Capital Markets LLC and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody’s: Aa1
|
| S&P: AA
|
| Pricing date: | Aug. 9
|
| Settlement date: | Sept. 13
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $29.89 million | 2017 | Serial | 2% | 100.631 | 0.50%
|
| $29,395,000 | 2018 | Serial | 5% | 106.25 | 0.58%
|
| $30.62 million | 2019 | Serial | 5% | 110.283 | 0.71%
|
| $30.33 million | 2020 | Serial | 5% | 113.931 | 0.86%
|
| $32.19 million | 2021 | Serial | 5% | 117.213 | 1.01%
|
| $18,965,000 | 2022 | Serial | 5% | 120.18 | 1.15%
|
| $20,595,000 | 2023 | Serial | 5% | 122.587 | 1.32%
|
| $18,405,000 | 2024 | Serial | 5% | 125.053 | 1.43%
|
| $16.11 million | 2025 | Serial | 5% | 127.049 | 1.56%
|
| $13,695,000 | 2026 | Serial | 5% | 129.12 | 1.65%
|
| $13,185,000 | 2027 | Serial | 5% | 128.116 | 1.75%
|
| $10,635,000 | 2028 | Serial | 5% | 127.418 | 1.82%
|
| $18.9 million | 2029 | Serial | 3% | 105.637 | 2.33%
|
| $6.88 million | 2030 | Serial | 4% | 114.873 | 2.24%
|
| $7.16 million | 2031 | Serial | 4% | 114.417 | 2.29%
|
| $7.06 million | 2032 | Serial | 4% | 113.69 | 2.37%
|
| $7,345,000 | 2033 | Serial | 4% | 113.149 | 2.43%
|
| $7,645,000 | 2034 | Serial | 4% | 112.7 | 2.48%
|
| $7.96 million | 2035 | Serial | 4% | 112.342 | 2.52%
|
| $8,285,000 | 2036 | Serial | 4% | 112.075 | 2.55%
|
| $8.62 million | 2037 | Serial | 4% | 111.808 | 2.58%
|
| $8,975,000 | 2038 | Serial | 45 | 111.631 | 2.60%
|
| $9.34 million | 2039 | Serial | 4% | 111.542 | 2.61%
|
| $19.84 million | 2041 | Term | 4% | 111.277 | 2.64%
|
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