Transaction Details

Goose Creek Consolidated Independent School District

Municipal

Lead Bookrunner

Goose Creek Consolidated Independent School District (the “District” or “GCCISD”) serves communities in eastern Harris County and western Chambers County, Texas, including Baytown and Highlands. The District benefits from a diverse and expanding tax base anchored by petrochemical, industrial, and commercial development along the Houston Ship Channel.

On December 18, Baird served as sole managing underwriter for two series of refunding bonds totaling $34,415,000. The transactions were executed to take advantage of favorable market conditions while supporting the District’s ongoing debt management strategy. Goose Creek CISD maintains a strong financial profile, supported by an underlying Aa2 rating from Moody’s.

The financing was structured to create level debt service savings by refunding existing bonds. Two of the refunded series were enhanced with the Texas Permanent Fund Guarantee (PSF) and the other refunded series was without the PSF enhancement. The PSF enhanced refunding series extended to a final maturity in 2030, while the second non-PSF refunding series matured in 2028.

Both the PSF and non-PSF refunding series included small one-month maturities due 2/15/2026 that attracted limited investor interest. The remaining non-PSF maturities cleared efficiently at approximately 1x subscription, while the remaining PSF-backed maturities generated stronger demand, with orders ranging from 1–5x across maturities. This demand enabled repricing improvements of 2–4 basis points in 2027, 2029, and 2030.

Baird underwrote $600,000 (92%) of the 2/15/2026 maturities at existing levels to facilitate the successful execution and deliver lower borrowing costs to the District. The District realized a total of $1.4 million in debt service savings from the refinancing transactions.