Transaction Details

Bellwood School District No. 88

Municipal

Lead Bookrunner

Baird served Bellwood School District Number 88 as sole underwriter on its issuance of $8,475,000 General Obligation Limited Tax School Bonds, Series 2021A and $13,465,000 Taxable General Obligation Limited Tax School Bonds, Series 2021B. The purpose of the transaction was to restructure prior debt and finance upgrades to HVAC systems, lighting systems, replacing flooring and renovating bathrooms.

Baird successfully priced Series 2021A and 2021B on January 25. For Series 2021A, Baird received $29,760,000 (3.5x the total par amount) in orders from investors with oversubscriptions in individual maturities up to 5x. As a result of our marketing efforts, we lowered yields on all maturities by 3 to 5 basis points (0.03%-0.05%) lowering debt service by $30,000. For Series 2021B, Baird received $40,425,000 (3x the total par amount) in orders from investors with oversubscriptions in individual maturities up to 4.6x. As a result of our marketing efforts, Baird lowered yields on 8 of 17 maturities by 2 to 5 basis points (0.02%-0.05%) lowering debt service by $38,000.

Overall, the financing generated $11 million in project funds, and Series 2021A and 2021B were structured to achieve the goal of level overall debt service. Baird is proud of its level of service and execution for the District.