By Aaron Hochman-Zimmerman
New York, June 22 - Austin Independent School District, Texas, priced $100 million series 2009 unlimited tax school building and refunding bonds (Aa1/AA+/AA) at a 4.622414% true interest cost, according to Steve West, district interim chief financial officer.
The bonds carry serial maturities from 2010 to 2031; a term bond matures in 2034. Coupons range from 2% to 5%.
Morgan Stanley & Co. Inc. acted as underwriter for the negotiated bonds. Public Financial Management Inc. acted as financial adviser.
Proceeds will refund about $82 million in outstanding debt as well as pay for technology upgrades and building renovations.
The Austin Independent School District is based in Austin, Texas.
| Issuer: | Austin Independent School District, Texas
|
| Issue: | Series 2009 unlimited tax school building and refunding bonds
|
| Amount: | $100 million
|
| Maturities: | Serial bonds due 2010 to 2031, term bond due 2034
|
| Coupon range: | 2% to 5%
|
| True interest cost: | 4.622414%
|
| Underwriter: | Morgan Stanley & Co. Inc.
|
| Type: | Negotiated
|
| Pricing date: | June 22
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AA
|
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