Transaction Details

Evanston-Skokie Community Consolidated School District #65

Municipal

Lead Bookrunner

On August 4, 2025, Baird served as senior managing underwriter on the negotiated sale of Evanston-Skokie Community Consolidated School District #65’s $21,100,000 General Obligation Limited Tax School Bonds, Series 2025A which carried a “Aa3” Moody’s rating and “AA” rated bond insurance through Assured Guaranty. Baird was hired as 70% senior managing underwriter. We implemented a 2-day marketing strategy to give investors ample time to review the credit in a fluctuating market environment. As a result, the underwriting team received $75,030,000 in orders (3.5x the par amount) with oversubscriptions in all seven maturities by up to 7.6x. Because of the oversubscriptions, Baird was able to tighten (lower) interest rates in five maturities by 2-7 basis points (0.02-0.07%). These price adjustments lowered debt service by $68,000 and the true interest cost by 0.03%. The transaction had a true interest cost of 3.47% over the 10-year term. The bonds priced well compared to a recent Village of Round Lake transaction that priced the week before. The Village of Round Lake was rated two notches higher than the District, and the District’s final spreads were only 3-8 basis points higher. The Bonds refunded the District’s outstanding 2014 and 2015 Bonds and increased the working cash fund, generating $1.46 million in present value debt service savings or 7.42% of the refunded par amount.