Published on 1/23/2015 in the Prospect News Municipals Daily.
New Issue: Pasadena ISD, Texas, brings to market $61.06 million of school bonds
By Sheri Kasprzak
New York, Jan. 23 – The Pasadena Independent School District of Texas sold $61.06 million of series 2015A unlimited tax school building bonds, according to a pricing sheet.
The bonds (Aaa/AAA/) were sold through senior managers Piper Jaffray & Co. and RBC Capital Markets LLC.
The bonds are due 2021 to 2035 with 3% to 5% coupons and 1.35% to 2.73% yields.
Proceeds will be used to finance the construction, equipment, acquisition and renovation of school buildings in the district.
| Issuer: | Pasadena Independent School District
|
| Issue: | Series 2015A unlimited tax school building bonds
|
| Amount: | $61.06 million
|
| Type: | Negotiated
|
| Underwriters: | Piper Jaffray & Co. and RBC Capital Markets LLC (lead), George K. Baum & Co. and Coastal Securities Inc. (co-managers)
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
| Pricing date: | Jan. 22
|
| Settlement date: | Feb. 24
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $785,000 | 2021 | Serial | 3% | 109.44 | 1.35%
|
| $1,035,000 | 2022 | Serial | 3% | 109.481 | 1.56%
|
| $1.34 million | 2024 | Serial | 5% | 125.187 | 1.93%
|
| $2,225,000 | 2025 | Serial | 5% | 123.885 | 2.07%
|
| $2.34 million | 2026 | Serial | 5% | 122.782 | 2.19%
|
| $2.46 million | 2027 | Serial | 5% | 121.872 | 2.29%
|
| $6.66 million | 2028 | Serial | 5% | 121.059 | 2.38%
|
| $1.5 million | 2029 | Serial | 4% | 109.464 | 2.80%
|
| $5,495,000 | 2029 | Serial | 5% | 120.432 | 2.45%
|
| $2,385,000 | 2030 | Serial | 5% | 119.986 | 2.50%
|
| $15 million | 2032 | Serial | 4% | 107.98 | 2.98%
|
| $6,285,000 | 2033 | Serial | 5% | 118.66 | 2.65%
|
| $6,605,000 | 2034 | Serial | 5% | 118.309 | 2.69%
|
| $6,945,000 | 2035 | Serial | 5% | 117.96 | 2.73%
|
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