Published on 3/26/2015 in the Prospect News Municipals Daily.
New Issue: North East ISD, Texas, offers up $345.19 million of refunding bonds
By Sheri Kasprzak
New York, March 26 – The North East Independent School District of Texas sold $345,185,000 of series 2015 unlimited tax refunding bonds, said a pricing sheet. The deal was downsized from $390.33 million.
The bonds were sold through Citigroup Global Markets Inc. and Stifel, Nicolaus & Co. Inc.
The bonds are due 2016 to 2017 and 2021 to 2037 with 2% to 5% coupons and 0.35% to 3.30% yields.
Proceeds will be used to refund the district’s series 2007A unlimited tax school building bonds.
| Issuer: | North East Independent School District
|
| Issue: | Series 2015 unlimited tax refunding bonds
|
| Amount: | $345,185,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and Stifel, Nicolaus & Co. Inc. (lead), Estrada Hinojosa & Co. Inc., Frost Bank, FTN Financial Capital Markets and Piper Jaffray & Co. (co-managers)
|
| Pricing date: | March 26
|
| Settlement date: | April 23
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.93 million | 2016 | Serial | 2% | 102.092 | 0.35%
|
| $2.99 million | 2017 | Serial | 3% | 105.175 | 0.70%
|
| $13.67 million | 2021 | Serial | 5% | 119.946 | 1.64%
|
| $14,355,000 | 2022 | Serial | 5% | 121.566 | 1.82%
|
| $15,075,000 | 2023 | Serial | 5% | 123.107 | 1.96%
|
| $15,825,000 | 2024 | Serial | 5% | 124.505 | 2.08%
|
| $16,615,000 | 2025 | Serial | 5% | 125.719 | 2.19%
|
| $17,445,000 | 2026 | Serial | 5% | 124.469 | 2.31%
|
| $9 million | 2027 | Serial | 3% | 102.945 | 2.67%
|
| $9,325,000 | 2027 | Serial | 5% | 123.337 | 2.42%
|
| $19,055,000 | 2028 | Serial | 2.95% | 100.261 | 2.92%
|
| $19,615,000 | 2029 | Serial | 3.05% | 100 | 3.05%
|
| $20,215,000 | 2030 | Serial | 5% | 120.908 | 2.66%
|
| $21.23 million | 2031 | Serial | 5% | 120.508 | 2.70%
|
| $22.29 million | 2032 | Serial | 4% | 107.497 | 3.14%
|
| $23.18 million | 2033 | Serial | 4% | 107.134 | 3.18%
|
| $24.11 million | 2034 | Serial | 4% | 106.681 | 3.23%
|
| $25.07 million | 2035 | Serial | 4% | 106.501 | 3.25%
|
| $26,075,000 | 2036 | Serial | 4% | 106.321 | 3.27%
|
| $27,115,000 | 2037 | Serial | 4% | 106.052 | 3.30%
|
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