Published on 5/25/2016 in the Prospect News Municipals Daily.
New Issue: Frisco ISD, Texas, sells $208.96 million building and refunding bonds
By Sheri Kasprzak
New York, May 25 – The Frisco Independent School District of Texas sold $208.96 million of series 2016 unlimited tax school building and refunding bonds, said a pricing sheet. The deal was downsized from $228.73 million.
The bonds (Aaa/AAA) were sold through Raymond James/Morgan Keegan.
The bonds are due 2017 to 2037 with term bonds due in 2041 and 2046. The serial coupons range from 2% to 5% with yields from 0.73% to 2.78%. The 2041 bonds have a 4% coupon priced at 109.372 to yield 2.88% and the 2046 bonds have a 4% coupon priced at 108.932 to yield 2.93%.
Proceeds will be used to finance capital improvements to school facilities and refund existing debt.
| Issuer: | Frisco Independent School District
|
| Issue: | Series 2016 unlimited tax school building and refunding bonds
|
| Amount: | $208.96 million
|
| Type: | Negotiated
|
| Underwriter: | Raymond James/Morgan Keegan
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
| Pricing date: | May 24
|
| Settlement date: | June 22
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $910,000 | 2017 | Serial | 2% | 101.447 | 0.73%
|
| $6.66 million | 2018 | Serial | 5% | 108.855 | 0.83%
|
| $7,005,000 | 2019 | Serial | 5% | 112.427 | 0.98%
|
| $7.35 million | 2020 | Serial | 5% | 115.678 | 1.12%
|
| $7 million | 2021 | Serial | 5% | 118.691 | 1.24%
|
| $7,355,000 | 2022 | Serial | 5% | 121.328 | 1.37%
|
| $7.73 million | 2023 | Serial | 5% | 123.635 | 1.50%
|
| $8.14 million | 2024 | Serial | 5% | 125.698 | 1.62%
|
| $8,565,000 | 2025 | Serial | 5% | 127.358 | 1.75%
|
| $8.98 million | 2026 | Serial | 5% | 127.407 | 1.88%
|
| $7,515,000 | 2027 | Serial | 2.5% | 102.945 | 2.16%
|
| $7,705,000 | 2028 | Serial | 2.5% | 100.425 | 2.45%
|
| $7,905,000 | 2029 | Serial | 2.75% | 101.784 | 2.54%
|
| $8.12 million | 2030 | Serial | 2.75% | 100.082 | 2.74%
|
| $8.36 million | 2031 | Serial | 4% | 113.335 | 2.44%
|
| $8,705,000 | 2032 | Serial | 4% | 112.602 | 2.52%
|
| $9,065,000 | 2033 | Serial | 4% | 112.147 | 2.57%
|
| $9.43 million | 2034 | Serial | 4% | 111.603 | 2.63%
|
| $10.39 million | 2035 | Serial | 4% | 111.153 | 2.68%
|
| $10.83 million | 2036 | Serial | 4% | 110.704 | 2.73%
|
| $5,305,000 | 2037 | Serial | 4% | 110.258 | 2.78%
|
| $21.35 million | 2041 | Term | 4% | 109.372 | 2.88%
|
| $24,585,000 | 2046 | Term | 4% | 108.932 | 2.93%
|
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