Transaction Details

Reavis Township High School District No. 220

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Baird served the District as sole underwriter on the issuance of $19,750,000 Taxable General Obligation Limited School Bonds, Series 2021 to advance refund the District’s outstanding Limited School Bonds, Series 2013 for debt service savings.

Baird identified the District’s Series 2013 Bonds as a potential taxable advance refunding candidate. Baird received $83,035,000 in orders (4.2x the total par amount) from investors. Individual maturities in years 2021 through 2033 were oversubscribed by as much as 7.3x. As a result of our marketing efforts, we were able to lower yields on 11 of 13 maturities by 5-10 basis points (0.05%-0.10%), lowering debt service by $109,000.

Overall, the refunding generated gross debt service savings of $2.37 million, present value savings of $1.97 million or 11.8% of the refunded par amount.

The Bonds secured a true interest cost of 2.32% on a 12-year taxable transaction.