By Cristal Cody
Springdale, Ark., July 15 - The Midway Independent School District in Texas priced $55.6 million building and refunding bonds with a 4.47% true interest cost, a source said Tuesday.
The series 2008 bonds (Aaa/AAA/) priced as current interest and premium capital appreciation bonds with 4% to 5% coupons to yield 1.7% to 4.63%.
The $53 million current interest bonds have serial maturities from 2009 through 2012 and 2016 through 2026.
The $2.6 million premium capital appreciation bonds have maturities from 2013 through 2015.
Merrill Lynch & Co. was the senior manager of the negotiated sale. Co-managers were First Southwest Co., Morgan Stanley and Edward Jones.
Proceeds will be used to acquire, construct, renovate and equip school buildings and school sites and refund $4.98 million of the outstanding $6.07 million from the series 1997 refunding bonds.
| Issuer: | Midway Independent School District (Texas)
|
| Issue: | Building and refunding bonds
|
| Total amount: | $55.6 million
|
| Type: | Negotiated
|
| True interest cost: | 4.47%
|
| Coupons: | 4%-5%
|
| Yields: | 1.7%-4.63%
|
| Underwriter: | Merrill Lynch & Co. (lead)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Pricing date: | July 14
|
| Settlement date: | Aug. 13
|
|
|
| Current interest bonds
|
| Issue: | Current interest bonds
|
| Amount: | $53 million
|
| Maturities: | 2009-2012, 2016-2026
|
|
|
| Premium capital appreciation bonds
|
| Issue: | Premium capital appreciation bonds
|
| Amount: | $2.6 million
|
| Maturities: | 2013-2015
|
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