Published on 2/19/2016 in the Prospect News Municipals Daily.
New Issue: Alvin ISD, Texas, sells $130.04 million schoolhouse, refunding bonds
By Sheri Kasprzak
New York, Feb. 19 – The Alvin Independent School District of Texas sold $130.04 million of series 2016 unlimited tax schoolhouse and refunding bonds, according to a pricing sheet.
The bonds (Aaa//AAA) were sold through senior manager Piper Jaffray & Co.
The bonds are due 2017 to 2037 with a term bond due in 2042. The serial coupons range from 2% to 5% with yields from 0.48% to 3.05%. The 2042 bonds have a 4% coupon priced at 105.626 to yield 3.33%.
Proceeds will be used to construct, equip and acquire school facilities and to refund the district’s series 2004A schoolhouse bonds and its series 2007 schoolhouse and refunding bonds.
| Issuer: | Alvin Independent School District
|
| Issue: | Series 2016 unlimited tax schoolhouse and refunding bonds
|
| Amount: | $130.04 million
|
| Type: | Negotiated
|
| Underwriters: | Piper Jaffray & Co. (lead), Wells Fargo Securities LLC, George K. Baum & Co., Jefferies & Co., J.P. Morgan Securities LLC, Stifel, Nicolaus & Co. Inc. and William Blair & Co. (co-managers)
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
| Pricing date: | Feb. 18
|
| Settlement date: | March 8
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $380,000 | 2017 | Serial | 3% | 102.35 | 0.48%
|
| $425,000 | 2018 | Serial | 3% | 104.513 | 0.65%
|
| $955,000 | 2019 | Serial | 3% | 106.461 | 0.77%
|
| $990,000 | 2020 | Serial | 3% | 108.183 | 0.88%
|
| $1,515,000 | 2021 | Serial | 2% | 104.754 | 1.01%
|
| $1.78 million | 2022 | Serial | 5% | 121.644 | 1.21%
|
| $1.87 million | 2023 | Serial | 5% | 123.641 | 1.41%
|
| $1.97 million | 2024 | Serial | 5% | 125.328 | 1.59%
|
| $2,065,000 | 2025 | Serial | 5% | 126.87 | 1.74%
|
| $2.18 million | 2026 | Serial | 5% | 128.26 | 1.87%
|
| $9.31 million | 2027 | Serial | 5% | 127.013 | 1.99%
|
| $2,405,000 | 2028 | Serial | 4% | 115.599 | 2.24%
|
| $2.5 million | 2029 | Serial | 4% | 114.068 | 2.40%
|
| $2,605,000 | 2030 | Serial | 4% | 112.654 | 2.55%
|
| $4.13 million | 2031 | Serial | 5% | 123.06 | 2.38%
|
| $4.38 million | 2032 | Serial | 5% | 122.168 | 2.47%
|
| $3,005,000 | 2033 | Serial | 5% | 121.677 | 2.52%
|
| $8,945,000 | 2034 | Serial | 5% | 121.187 | 2.57%
|
| $9,355,000 | 2035 | Serial | 4% | 108.535 | 3.00%
|
| $12.01 million | 2036 | Serial | 4% | 108.088 | 3.05%
|
| $7.27 million | 2037 | Serial | 5% | 119.636 | 2.73%
|
| $49,995,000 | 2042 | Term | 4% | 105.626 | 3.33%
|
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