Published on 3/19/2013 in the Prospect News Municipals Daily.
New Issue: Midland Independent School District, Texas, sells $70.18 million of school bonds
By Sheri Kasprzak
New York, March 19 - The Midland Independent School District of Texas priced $70,175,000 of series 2013 unlimited tax school building and refunding bonds, according to a pricing sheet.
The bonds (Aa2/AA/) were sold through Raymond James/Morgan Keegan.
The bonds are due 2014 to 2033 with a term bond due in 2038. The serial coupons range from 1% to 5%. The 2038 bonds have a 5% coupon priced at 108.264.
Proceeds will be used to construct, equip, acquire and renovate school buildings in the district and to refund the district's series 2003 school building and refunding bonds.
| Issuer: | Midland Independent School District
|
| Issue: | Series 2013 unlimited tax school building and refunding bonds
|
| Amount: | $70,175,000
|
| Type: | Negotiated
|
| Underwriters: | Raymond James/Morgan Keegan (lead), BOSC Inc., RBC Capital Markets LLC, Wells Fargo Securities LLC and Baird & Co. (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Pricing date: | March 19
|
| Settlement date: | April 24
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $5,975,000 | 2014 | Serial | 1% | 100.645
|
| $1.8 million | 2015 | Serial | 2% | 102.916
|
| $1.83 million | 2016 | Serial | 1.5% | 102.643
|
| $1.86 million | 2017 | Serial | 2% | 104.876
|
| $1.9 million | 2018 | Serial | 2% | 104.875
|
| $1.95 million | 2019 | Serial | 3% | 109.656
|
| $2,025,000 | 2020 | Serial | 5% | 122.28
|
| $2,125,000 | 2021 | Serial | 5% | 123.538
|
| $2.24 million | 2022 | Serial | 5% | 124.389
|
| $2,355,000 | 2023 | Serial | 5% | 122.575
|
| $2,475,000 | 2024 | Serial | 5% | 121.147
|
| $2.6 million | 2025 | Serial | 5% | 120.264
|
| $2,735,000 | 2026 | Serial | 5% | 119.215
|
| $2,875,000 | 2027 | Serial | 5% | 118.177
|
| $3,025,000 | 2028 | Serial | 5% | 117.405
|
| $2,585,000 | 2029 | Serial | 5% | 109.442
|
| $2,715,000 | 2030 | Serial | 5% | 109.153
|
| $2,855,000 | 2031 | Serial | 5% | 108.866
|
| $3,005,000 | 2032 | Serial | 5% | 108.579
|
| $3.13 million | 2033 | Serial | 3.5% | 98.171
|
| $18,115,000 | 2038 | Term | 5% | 108.264
|
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