Transaction Details

Bourbonnais School District No. 53

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Baird served as sole underwriter on the negotiated sale of the District’s $3,000,000 General Obligation Limited Tax School Bonds, Series 2024. The Bonds carried an “Aa3” underlying Moody’s rating and qualified for “AA” rated bond insurance through Assured Guaranty Municipal. The Bonds were issued to increase the District’s working cash fund and finance roofing projects and other repairs and equipment replacement.

As a result of our marketing efforts, Baird received $5,745,000 in orders (1.92x total par amount) with oversubscriptions in three maturities by as much as 3.2x. Because of these oversubscriptions, Baird was able to lower yields in three of seven maturities by 2 to 3 basis points (0.02%-0.03%).

The Bonds secured a true interest cost of 3.99% on a 16-year financing.