Indian Creek Local School District
Strong Demand for Bank-Qualified Ohio Paper Amid Limited Supply
Background & Opportunity
Indian Creek Local School District (the District) is located in Jefferson County, Ohio, within the Weirton-Steubenville metropolitan area and the broader Pittsburgh regional economy, benefiting from a diverse base of healthcare, energy, and manufacturing employers.
Having previously issued Refunding Bonds, Series 2016 to finance capital improvements, the District returned to market in 2026 to refinance a portion of this debt to achieve interest cost savings while maintaining strong credit quality and market access.
On April 22, 2026, Baird served as sole manager for the District’s $5,200,000 Refunding Bonds, Series 2026 (Aa1 Enhanced / A1 Underlying), issued to refund a portion of the District’s outstanding Series 2016 bonds.
Implementation
Baird structured the financing as a 10-year, bank-qualified issue designed to maximize demand from regional and community bank investors. The Bonds were issued as general obligation, unlimited tax debt, with additional support from the State’s credit enhancement program, strengthening overall credit quality and marketability.
The transaction featured serial maturities from 2026 through 2036 with 5.00% coupons across the curve, creating an efficient, investor-friendly structure. Baird executed a targeted marketing strategy emphasizing the District’s strong credit fundamentals, enhanced security features, and the limited supply of comparable Ohio school district bonds.
Results & Impact
The financing saw exceptional investor demand, supported by favorable market technicals and strong appetite for bank-qualified Ohio paper. Orders were placed early in the order period, with the book building to approximately 3–4x oversubscribed in longer maturities. This strength enabled Baird to reprice the bonds 3–4 basis points lower with minimal attrition.
The successful execution generated approximately $204,731 (2.95%) in net present value savings for the District. In addition, the District utilized existing bond retirement fund balances to retire an additional $1.5 million of outstanding debt, resulting in approximately $2.0 million in total cash flow savings over the remaining life of the bonds.
