Published on 2/26/2015 in the Prospect News Municipals Daily.
New Issue: Port Arthur ISD, Texas, prices $123.97 million school building bonds
By Sheri Kasprzak
New York, Feb. 26 – The Port Arthur Independent School District of Texas sold $123.97 million of series 2015 unlimited tax school building bonds, according to a pricing sheet.
The bonds were sold through senior managers Raymond James/Morgan Keegan and Siebert Brandford Shank & Co. LLC.
The deal included $89,855,000 of series 2015A school building bonds and $34,115,000 of series 2015B refunding bonds.
The 2015A bonds are due 2018 to 2035 with term bonds due in 2040 and 2045. The serial coupons range from 1.75% to 5% with 0.91% to 3.38% yields. The 2040 bonds have a 5% coupon priced at 116.007 to yield 3.11%, and the 2045 bonds have a 5% coupon priced at 115.545 to yield 3.16%.
The 2015B bonds are due 2016 to 2034 with 2% to 5% coupons and 0.3% to 3.69% yields.
Proceeds will be used to finance improvements to school facilities and refund the district’s series 2005, 2007, 2008 and 2010 unlimited tax school building bonds and series 2004 unlimited tax school building and refunding bonds.
| Issuer: | Port Arthur Independent School District
|
| Issue: | Series 2015 unlimited tax school building bonds
|
| Amount: | $123.97 million
|
| Type: | Negotiated
|
| Underwriters: | Raymond James/Morgan Keegan and Siebert Brandford Shank & Co. LLC (lead), Estrada Hinojosa & Co. Inc., First Southwest Co., Jefferies & Co. and Mesirow Financial Inc. (co-managers)
|
| Pricing date: | Feb. 26
|
| Settlement date: | March 18
|
|
|
| $89,855,000 series 2015A school building bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.84 million | 2018 | Serial | 2% | 103.121 | 0.91%
|
| $1,875,000 | 2019 | Serial | 2% | 103.316 | 1.13%
|
| $1,925,000 | 2020 | Serial | 3% | 107.661 | 1.38%
|
| $1.97 million | 2021 | Serial | 1.75% | 100.898 | 1.59%
|
| $2.01 million | 2022 | Serial | 2% | 101.032 | 1.84%
|
| $2.05 million | 2023 | Serial | 2% | 99.853 | 2.02%
|
| $2.12 million | 2024 | Serial | 5% | 122.537 | 2.20%
|
| $2.23 million | 2025 | Serial | 5% | 123.499 | 2.33%
|
| $2,345,000 | 2026 | Serial | 5% | 122.113 | 2.47%
|
| $2,465,000 | 2027 | Serial | 5% | 120.94 | 2.59%
|
| $2.59 million | 2028 | Serial | 5% | 120.068 | 2.68%
|
| $2,695,000 | 2029 | Serial | 3% | 98.652 | 3.12%
|
| $2,795,000 | 2030 | Serial | 4% | 107.891 | 3.07%
|
| $2.91 million | 2031 | Serial | 4% | 106.832 | 3.19%
|
| $3,025,000 | 2032 | Serial | 4% | 106.394 | 3.24%
|
| $3.15 million | 2033 | Serial | 4% | 105.872 | 3.30%
|
| $3.28 million | 2034 | Serial | 4% | 105.526 | 3.34%
|
| $3.41 million | 2035 | Serial | 4% | 105.181 | 3.38%
|
| $19,775,000 | 2040 | Term | 5% | 116.007 | 3.11%
|
| $25,395,000 | 2045 | Term | 5% | 115.545 | 3.16%
|
|
|
| $34,115,000 series 2015B refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $95,000 | 2016 | Serial | 2% | 101.54 | 0.30%
|
| $1,705,000 | 2017 | Serial | 2% | 102.459 | 0.70%
|
| $1.71 million | 2018 | Serial | 3% | 105.688 | 1.01%
|
| $1,755,000 | 2019 | Serial | 3% | 106.654 | 1.25%
|
| $1.69 million | 2020 | Serial | 4% | 111.736 | 1.51%
|
| $1,675,000 | 2021 | Serial | 4% | 112.516 | 1.76%
|
| $1.69 million | 2022 | Serial | 5% | 118.839 | 2.06%
|
| $3.58 million | 2023 | Serial | 5% | 119.499 | 2.29%
|
| $3.69 million | 2024 | Serial | 5% | 119.852 | 2.50%
|
| $3.71 million | 2025 | Serial | 5% | 120.551 | 2.63%
|
| $3.91 million | 2026 | Serial | 5% | 119.396 | 2.75%
|
| $4.05 million | 2027 | Serial | 3% | 98.91 | 3.11%
|
| $1,775,000 | 2028 | Serial | 4% | 108.068 | 3.05%
|
| $130,000 | 2029 | Serial | 3.25% | 98.674 | 3.37%
|
| $135,000 | 2030 | Serial | 3.25% | 97.454 | 3.47%
|
| $2.53 million | 2031 | Serial | 3.25% | 96.73 | 3.52%
|
| $135,000 | 2032 | Serial | 3.5% | 98.614 | 3.61%
|
| $95,000 | 2033 | Serial | 3.5% | 98.038 | 3.65%
|
| $55,000 | 2034 | Serial | 3.5% | 97.427 | 3.69%
|
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