By Cristal Cody
Springdale, Ark., May 15 - Pflugerville Independent School District in Texas priced $121.715 million unlimited tax school building bonds with a preliminary 4.6% true interest cost, the issuer said Thursday.
The series 2008 bonds (A1/A+/) priced with 3% to 5% coupons to yield 2.48% to 4.67%, chief financial officer David Andersen said. The bonds have serial maturities from 2010 through 2033.
The district's school board is expected to approve the pricing terms in a meeting Thursday night, Andersen said.
RBC Capital Markets is the senior manager of the negotiated sale. Morgan Keegan & Co., Estrada Hinojosa & Co. and Morgan Stanley are co-managers.
The bulk of the proceeds will be used to purchase school sites and to construct new schools.
| Issuer: | Pflugerville Independent School District (Texas)
|
| Issue: | Unlimited tax school building bonds
|
| Amount: | $121.715 million
|
| Type: | Negotiated
|
| True interest cost: | 4.6%
|
| Coupons: | 3% to 5%
|
| Yields: | 2.48% to 4.67%
|
| Maturities: | 2010 to 2033
|
| Underwriter: | RBC Capital Markets (lead)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
| Pricing date: | May 14
|
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