Frankfort High School Elementary School Building Corporation
Financing supports districtwide capital improvements across Community Schools of Frankfort
Background
Community Schools of Frankfort is a public school district serving approximately 2,800 students across five schools in Clinton County, Indiana. Through the Frankfort High School Elementary School Building Corporation, the district issued approximately $15.7 million of Ad Valorem Property Tax First Mortgage Bonds, with Baird serving as sole managing underwriter. Bond proceeds will finance renovations and improvements throughout the district, including HVAC, roofing and paving projects, construction of outbuildings, site and athletic improvements, and the purchase of buses, equipment and technology.
Solution & Implementation
As sole managing underwriter, Baird worked closely with the financing team to bring the bonds to market during a period of weakening municipal market conditions. Despite the challenging environment, the financing team maintained its initial pricing levels as the order period opened while marketing the bonds to a broad group of investors.
The financing generated strong investor demand, with orders exceeding available bonds by approximately two to five times in the 2028-2032 maturities, two to three times in the 2037-2045 maturities and nearly eight times in the 2046 maturity. The strength of the order book enabled the financing team to improve pricing across multiple maturities before market conditions weakened further later that day, helping the School Corporation secure favorable borrowing costs.
Results & Impact
The financing successfully secured approximately $15.7 million to support Community Schools of Frankfort's districtwide capital improvement program. By generating strong investor demand in a challenging market, the financing team achieved favorable pricing while providing long-term capital to enhance educational facilities that will benefit students, staff and the surrounding community.
