Transaction Details

Norwalk City School District

Municipal

Lead Bookrunner

Baird’s Ohio School team served as sole managing underwriter on the $47,780,000 School Facilities Construction & Improvement Bonds, Series 2025 (the “Bonds”) transactions for Norwalk City School District (the “District”). Located in Huron County, Ohio, Norwalk City School District enrolls 2,600 students with this mission of providing and maintain the highest level of education for all students to prepare them for success in life. The funds for the project will finance the construction of school facilities, including furnishing, improvements to existing buildings and acquiring land.

On the day prior to pricing, Baird’s underwriting desk had a successful pre-marketing session that allowed adjustments the structure, mutually benefiting the issuer and investors. During the session, it was also decided to split the 2061 maturity with a 4.50% and 5% coupon. Leading into the day of pricing, treasuries and municipals were strong, setting up our underwriting desk well going into the order period. Initially, the 4.50s were highly oversubscribed, which permitted us to reprice, although the desk chose to keep the coupon at 4.50% to retain flexibility. The remainder of the transaction saw decreases by 3-7 basis points (“bps”). Ultimately, we lost over 12x subscription on the reprice, and overall achieved the financing team’s goal.