Published on 5/22/2013 in the Prospect News Municipals Daily.
New Issue: Frisco ISD, Texas, brings $85.83 million of school building and refunding bonds
By Sheri Kasprzak
New York, May 22 - The Frisco Independent School District of Texas priced $85,825,000 of series 2013 unlimited tax school building and refunding bonds, according to a pricing sheet.
The bonds (Aa1) were sold through Raymond James/Morgan Keegan.
The offering included $66,785,000 of series 2013 school building and refunding bonds and $19.04 million of series 2013 refunding bonds.
The school building bonds are due 2015 to 2029 with term bonds due in 2031, 2033, 2037 and 2043. The serial coupons range from 2.5% to 5%. The 2031 bonds have a 3.25% coupon priced at 97.977 and the 2033 bonds have a 3.375% coupon priced at 97.916. The 2037 bonds have a 3.5% coupon priced at 96.665 and the 2043 bonds have a 4% coupon priced at 102.822.
The refunding bonds are due 2015 to 2033 with coupons from 2% to 5%.
Proceeds will be used to finance the construction of the district's seventh high school, the early construction stages of its eighth high school and the construction of two new elementary schools, as well as to refund existing debt for a net present value savings with no extension of final maturity.
| Issuer: | Frisco Independent School District
|
| Issue: | Series 2013 unlimited tax school building and refunding bonds
|
| Amount: | $85,825,000
|
| Type: | Negotiated
|
| Underwriter: | Raymond James/Morgan Keegan (lead)
|
| Ratings: | Moody's: Aa1
|
| Pricing date: | May 21
|
| Settlement date: | June 20
|
|
|
| $66,785,000 series 2013 school building and refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.26 million | 2015 | Serial | 3% | 105.5
|
| $2.21 million | 2016 | Serial | 4% | 110.668
|
| $1.21 million | 2017 | Serial | 4% | 113.087
|
| $260,000 | 2018 | Serial | 2% | 105.009
|
| $265,000 | 2019 | Serial | 3% | 110.269
|
| $275,000 | 2020 | Serial | 3% | 110.065
|
| $280,000 | 2021 | Serial | 3% | 109.377
|
| $3,495,000 | 2022 | Serial | 3% | 108.761
|
| $3.59 million | 2023 | Serial | 2.5% | 103.477
|
| $3,675,000 | 2024 | Serial | 5% | 124.425
|
| $4.17 million | 2025 | Serial | 5% | 123.347
|
| $3.94 million | 2026 | Serial | 5% | 122.28
|
| $4.12 million | 2027 | Serial | 5% | 121.32
|
| $4,315,000 | 2028 | Serial | 5% | 120.558
|
| $4,515,000 | 2029 | Serial | 5% | 119.801
|
| $420,000 | 2031 | Term | 3.25% | 97.977
|
| $455,000 | 2033 | Term | 3.375% | 97.916
|
| $400,000 | 2037 | Term | 3.5% | 96.665
|
| $27.93 million | 2043 | Term | 4% | 102.822
|
|
|
| $19.04 million series 2013 refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $650,000 | 2015 | Serial | 2% | 103.168
|
| $665,000 | 2016 | Serial | 2% | 104.126
|
| $690,000 | 2017 | Serial | 3% | 108.497
|
| $715,000 | 2018 | Serial | 3% | 109.187
|
| $750,000 | 2019 | Serial | 4% | 115.077
|
| $785,000 | 2020 | Serial | 4% | 115.402
|
| $825,000 | 2021 | Serial | 3% | 107.803
|
| $860,000 | 2022 | Serial | 3% | 107.139
|
| $895,000 | 2023 | Serial | 5% | 123.361
|
| $950,000 | 2024 | Serial | 4% | 112.785
|
| $1 million | 2025 | Serial | 5% | 121.253
|
| $1,055,000 | 2026 | Serial | 5% | 120.215
|
| $1,115,000 | 2027 | Serial | 5% | 119.28
|
| $1,175,000 | 2028 | Serial | 5% | 118.538
|
| $1,235,000 | 2029 | Serial | 5% | 117.802
|
| $1.31 million | 2030 | Serial | 5% | 117.254
|
| $1.38 million | 2031 | Serial | 5% | 116.708
|
| $1.45 million | 2032 | Serial | 5% | 116.166
|
| $1,535,000 | 2033 | Serial | 5% | 115.627
|
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