Sandwich Community Unit School District No. 430

Background

Sandwich Community Unit School District No. 430 serves approximately 1,879 students across six facilities in DeKalb, LaSalle and Kendall Counties. As part of a long-term facilities plan, the District is transitioning to a K–5 instructional model to better serve students and accommodate future growth.

Opportunity

To move this plan forward, the District needed to strengthen its Working Cash Fund and fund improvements across its schools. The financing had to fit within Illinois’ statutory framework while maintaining flexibility for future needs.

Solution

Baird served as sole managing underwriter for the District’s $4,640,000 General Obligation Limited Tax School Bonds, Series 2026.

Baird worked closely with the District to structure maturities through 2041 in a way that supported its long-term financial plan. The bonds were issued with an underlying “A-” rating and an “AA” insured rating and were designated bank qualified, helping attract a broad range of investors.

Through proactive marketing and active management of the order book, Baird generated strong investor interest. Early maturities were approximately 2x subscribed, allowing pricing levels to be maintained. Demand strengthened in the longer maturities, where bonds were 3-4x subscribed, enabling the District to achieve improved pricing in key years. Final yields included 2.71% in 2029, 3.63% in 2040 and 3.76% in 2041.

Results & Impact

Baird delivered competitive pricing with strong investor participation across the maturity schedule. The bonds priced just a few basis points behind a higher-rated insured transaction in the market, demonstrating strong execution for the District.

As a result, the District secured the capital needed to advance its facilities plan and enhance liquidity, while maintaining financial flexibility for the future.