By Sheri Kasprzak
New York, March 13 - The Frisco Independent School District in Texas priced $90 million in unlimited tax school building bonds Thursday, said Richard Wilkinson, assistant superintendent of facilities and finance for the district.
The bonds (Aaa/AAA) priced with a true interest cost of 4.9426% with Morgan Stanley as the winner of the competitive bid.
The bonds have a serial structure from 2010 to 2020, a term bond due 2022, serial bonds due 2024 to 2028 and term bonds due 2031, 2034, 2037 and 2040.
The coupons on the 2010 to 2020 bonds range from 4.125% to 5.25% with yields from 2.4% to 4.24%. The coupon for the 2022 bond is 5.5% with a yield of 4.3%. The coupons for the 2024 to 2028 bonds range from 4.75% to 5.5% with yields from 4.5% to 4.95%. The coupon for the 2031 bond is 5% priced at par, the coupon for the 2034 bond is 5% priced at par, and the coupon for the 2037 bond is 5%, also priced at par. The coupon on the 2040 bond is 4.75% with a 5.1% yield.
Proceeds will be used to construct, equip and renovate school buildings.
| Issuer: | Frisco Independent School District, Texas
|
| Issue: | Unlimited tax school building bonds
|
| Amount: | $90 million
|
| Type: | Competitive
|
| True interest cost: | 4.9426%
|
| Underwriter: | Morgan Stanley
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Pricing date: | March 13
|
|
|
| Maturity | Type | Coupon | Yield | Price
|
| 2010 | Serial | 5% | 2.40% | 105.862
|
| 2011 | Serial | 5% | 2.62% | 107.545
|
| 2012 | Serial | 5% | 2.88% | 108.574
|
| 2013 | Serial | 5% | 3.07% | 109.424
|
| 2014 | Serial | 5.25% | 3.25% | 111.360
|
| 2015 | Serial | 5.25% | 3.45% | 111.570
|
| 2016 | Serial | 5.25% | 3.62% | 111.630
|
| 2017 | Serial | 5% | 3.80% | 109.350
|
| 2018 | Serial | 5% | 3.96% | 108.744
|
| 2019 | Serial | 4.125% | 4.125% | 100.000
|
| 2020 | Serial | 5% | 4.24% | 106.300
|
| 2022 | Term | 5.5% | 4.30% | 109.920
|
| 2024 | Serial | 5.5% | 4.50% | 108.184
|
| 2025 | Serial | 5% | 4.55% | 103.670
|
| 2026 | Serial | 5% | 4.61% | 103.171
|
| 2027 | Serial | 5% | 4.67% | 102.674
|
| 2028 | Serial | 4.75% | 4.95% | 97.448
|
| 2031 | Term | 5% | 5% | 100.000
|
| 2034 | Term | 5% | 5% | 100.000
|
| 2037 | Term | 5% | 5% | 100.000
|
| 2040 | Term | 4.75% | 5.1% | 94.477
|
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