Published on 2/11/2016 in the Prospect News Municipals Daily.
New Issue: Magnolia ISD, Texas, sells $89.43 million schoolhouse, refunding bonds
By Sheri Kasprzak
New York, Feb. 11 – The Magnolia Independent School District of Texas sold $89,425,000 of series 2016 unlimited tax schoolhouse and refunding bonds, according to a pricing sheet. The deal was upsized from $87.69 million.
The bonds (Aaa) are due 2016 to 2037 with a term bond due in 2041. The serial coupons range from 1.75% to 5% with yields from 0.4% to 2.68%. The 2041 bonds have a 5% coupon priced at 117.437 to yield 2.88%.
The bonds were sold through Stifel, Nicolaus & Co. Inc.
Proceeds will be used to construct, equip, improve and renovate school buildings and refund the district’s series 2007 unlimited tax schoolhouse and refunding bonds.
| Issuer: | Magnolia Independent School District
|
| Issue: | Series 2016 unlimited tax schoolhouse and refunding bonds
|
| Amount: | $89,425,000
|
| Type: | Negotiated
|
| Underwriters: | Stifel, Nicolaus & Co. Inc. (lead), Cabrera Capital Markets LLC, Baird & Co. Inc. and Hutchinson Shockey, Erley & Co. (co-managers)
|
| Rating: | Moody’s: Aaa
|
| Pricing date: | Feb. 10
|
| Settlement date: | March 1
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $70,000 | 2016 | Serial | 2% | 100.727 | 0.40%
|
| $715,000 | 2017 | Serial | 1.75% | 101.737 | 0.55%
|
| $1.79 million | 2018 | Serial | 2% | 103.159 | 0.70%
|
| $1,815,000 | 2019 | Serial | 2% | 104.012 | 0.82%
|
| $1,835,000 | 2020 | Serial | 4% | 113.368 | 0.93%
|
| $1,555,000 | 2021 | Serial | 5% | 120.89 | 1.05%
|
| $1,605,000 | 2022 | Serial | 5% | 123.187 | 1.25%
|
| $1.01 million | 2023 | Serial | 5% | 125.16 | 1.43%
|
| $1.03 million | 2024 | Serial | 5% | 126.607 | 1.62%
|
| $3.17 million | 2025 | Serial | 5% | 128.007 | 1.77%
|
| $3.33 million | 2026 | Serial | 4% | 117.811 | 1.93%
|
| $3,465,000 | 2027 | Serial | 4% | 115.937 | 2.13%
|
| $3.6 million | 2028 | Serial | 4% | 114.371 | 2.30%
|
| $3,775,000 | 2029 | Serial | 4% | 113.371 | 2.41%
|
| $3,925,000 | 2030 | Serial | 4% | 112.561 | 2.50%
|
| $4,085,000 | 2031 | Serial | 4% | 111.668 | 2.60%
|
| $4,245,000 | 2032 | Serial | 5% | 121.687 | 2.42%
|
| $4.46 million | 2033 | Serial | 5% | 121.217 | 2.47%
|
| $4.68 million | 2034 | Serial | 5% | 120.748 | 2.52%
|
| $4,915,000 | 2035 | Serial | 5% | 120.282 | 2.57%
|
| $5.16 million | 2036 | Serial | 5% | 119.817 | 2.62%
|
| $5.42 million | 2037 | Serial | 5% | 119.263 | 2.68%
|
| $23.77 million | 2041 | Term | 5% | 117.437 | 2.88%
|
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