Transaction Details

Gower School District No. 62

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Baird served as sole underwriter on the District’s issuance of $14,950,000 General Obligation School Bonds, Series 2021. The Bonds were issued pursuant to a successful referendum at the November 2020 election. Proceeds were used to alter, repair, equip and improve the site of the Gower West School Building, including adding a new, full-size gymnasium, a Science, Technology, Engineering and Math (“STEM”) lab space, a new Art and Music space, improving the parking lot and traffic management on site, updating the school building, and improve the site of Gower Middle School, including improving the parking lot.

Baird implemented a marketing strategy that resulted in over $45.9 million in orders (3.0x the par amount). As a result of oversubscriptions, Baird lowered yields on 11 of 16 maturities by 3 to 7 basis points (0.03%-0.07%), lowering debt service by $240,000.

The Bonds secured an all-in true interest cost of 1.81% on a 20-year non-bank qualified transaction.