Published on 5/9/2013 in the Prospect News Municipals Daily.
New Issue: McAllen Independent School District, Texas, offers $81.17 million bonds
By Sheri Kasprzak
New York, May 9 - The McAllen Independent School District of Texas sold $81,165,000 of series 2013 unlimited tax refunding bonds, according to a pricing sheet.
The deal included $64,465,000 of series 2013A bonds and $16.7 million of series 2013B bonds.
The 2013A bonds are due 2013 to 2030 with 2% to 5% coupons and 0.25% to 2.87% yields.
The 2013B bonds are due 2013 to 2028 with a term bond due in 2030. The serial coupons range from 2% to 4% with 0.34% to 3.16% yields. The 2030 bonds have a 4% coupon priced at 105.086 to yield 3.38%.
The bonds (Aa3) were sold through senior manager First Southwest Co.
Proceeds will be used to refund certain maturities of outstanding debt for a net present value savings.
| Issuer: | McAllen Independent School District
|
| Issue: | Series 2013 unlimited tax refunding bonds
|
| Amount: | $81,165,000
|
| Type: | Negotiated
|
| Underwriter: | First Southwest Co. (lead)
|
| Rating: | Moody's: Aa3
|
| Pricing date: | May 9
|
| Settlement date: | June 4
|
|
|
| $64,465,000 series 2013A refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $495,000 | 2013 | Serial | 2% | 100.344 | 0.25%
|
| $50,000 | 2014 | Serial | 2% | 101.182 | 0.3%
|
| $3.75 million | 2016 | Serial | 3% | 106.633 | 0.52%
|
| $3.88 million | 2017 | Serial | 4% | 111.983 | 0.71%
|
| $4.01 million | 2018 | Serial | 5% | 118.713 | 0.92%
|
| $500,000 | 2019 | Serial | 2% | 104.673 | 1.15%
|
| $4.31 million | 2019 | Serial | 5% | 121.17 | 1.15%
|
| $3.37 million | 2020 | Serial | 5% | 123.367 | 1.34%
|
| $3,545,000 | 2021 | Serial | 5% | 124.857 | 1.56%
|
| $3,725,000 | 2022 | Serial | 5% | 126.111 | 1.75%
|
| $3.92 million | 2023 | Serial | 5% | 127.029 | 1.93%
|
| $4.12 million | 2024 | Serial | 5% | 125.82 | 2.05%
|
| $4.33 million | 2025 | Serial | 4% | 113.58 | 2.42%
|
| $4.51 million | 2026 | Serial | 4% | 112.567 | 2.53%
|
| $4.69 million | 2027 | Serial | 4% | 111.474 | 2.65%
|
| $4,885,000 | 2028 | Serial | 4% | 110.752 | 2.73%
|
| $5.08 million | 2029 | Serial | 4% | 110.036 | 2.81%
|
| $5,295,000 | 2030 | Serial | 4% | 109.502 | 2.87%
|
|
|
| $16.7 million series 2013B refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $180,000 | 2013 | Serial | 2% | 100.326 | 0.34%
|
| $85,000 | 2014 | Serial | 2% | 101.077 | 0.45%
|
| $140,000 | 2015 | Serial | 2% | 102.6 | 0.46%
|
| $1,115,000 | 2017 | Serial | 3% | 107.429 | 0.95%
|
| $1.14 million | 2018 | Serial | 3% | 108.196 | 1.2%
|
| $1.33 million | 2019 | Serial | 3% | 107.706 | 1.58%
|
| $950,000 | 2020 | Serial | 3% | 107.472 | 1.81%
|
| $975,000 | 2021 | Serial | 4% | 113.512 | 2.09%
|
| $1,015,000 | 2022 | Serial | 4% | 113.835 | 2.24%
|
| $1,055,000 | 2023 | Serial | 4% | 113.119 | 2.47%
|
| $1.1 million | 2024 | Serial | 4% | 111.203 | 2.68%
|
| $1,145,000 | 2025 | Serial | 4% | 109.947 | 2.82%
|
| $1.19 million | 2026 | Serial | 4% | 109.148 | 2.91%
|
| $1.24 million | 2027 | Serial | 4% | 108.269 | 3.01%
|
| $1.29 million | 2028 | Serial | 4% | 106.965 | 3.16%
|
| $2.75 million | 2030 | Term | 4% | 105.086 | 3.38%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
