Published on 5/1/2014 in the Prospect News Municipals Daily.
New Issue: North East ISD, Texas, prices $121.74 million refunding bond offering
By Sheri Kasprzak
New York, May 1 - The North East Independent School District of Texas priced $121,735,000 of series 2014A unlimited tax refunding bonds, according to a pricing sheet.
The bonds (Aa1//) were sold through Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC.
The bonds are due 2015 to 2033 with 2% to 5% coupons and 0.21% to 3.49% yields.
Proceeds will be used to refund the district's series 2004 school building and refunding bonds.
| Issuer: | North East Independent School District
|
| Issue: | Series 2014A unlimited tax refunding bonds
|
| Amount: | $121,735,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC (lead), Estrada Hinojosa & Co. Inc., Jefferies & Co. and Raymond James/Morgan Keegan (co-managers)
|
| Rating: | Moody's: Aa1
|
| Pricing date: | April 30
|
| Settlement date: | June 12
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $11,415,000 | 2015 | Serial | 2% | 102.03 | 0.21%
|
| $10.36 million | 2016 | Serial | 5% | 109.751 | 0.41%
|
| $8,075,000 | 2017 | Serial | 5% | 113.281 | 0.71%
|
| $8,445,000 | 2018 | Serial | 5% | 115.945 | 1.05%
|
| $5.89 million | 2019 | Serial | 5% | 118.105 | 1.34%
|
| $6,165,000 | 2020 | Serial | 5% | 119.535 | 1.64%
|
| $6,445,000 | 2021 | Serial | 5% | 120.372 | 1.93%
|
| $4,145,000 | 2022 | Serial | 5% | 121.249 | 2.14%
|
| $4,335,000 | 2023 | Serial | 5% | 121.946 | 2.32%
|
| $4.54 million | 2024 | Serial | 5% | 120.757 | 2.45%
|
| $4,775,000 | 2025 | Serial | 5% | 119.671 | 2.57%
|
| $5,005,000 | 2026 | Serial | 5% | 118.686 | 2.68%
|
| $1 million | 2027 | Serial | 4% | 108.435 | 2.94%
|
| $4.25 million | 2027 | Serial | 5% | 117.887 | 2.77%
|
| $5.49 million | 2028 | Serial | 5% | 117.007 | 2.87%
|
| $5,765,000 | 2029 | Serial | 5% | 116.309 | 2.95%
|
| $6.05 million | 2030 | Serial | 4% | 105.884 | 3.25%
|
| $6.28 million | 2031 | Serial | 4% | 105.237 | 3.33%
|
| $6,525,000 | 2032 | Serial | 4% | 104.594 | 3.41%
|
| $6.78 million | 2033 | Serial | 4% | 103.956 | 3.49%
|
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