Transaction Details

County of Defiance

Municipal

Lead Bookrunner

Baird’s Ohio team served as sole managing underwriter for the County of Defiance County’s (the “County”) $8,500,000 Various Purpose Bonds, Series 2025 (Limited Tax General Obligation) (the “Bonds”). The County, located in northwest Ohio, is experiencing renewed economic momentum driven by manufacturing expansion and development investment.

The Bonds financed the acquisition and improvement of a building to consolidate and expand County office space, as well as public infrastructure improvements to local roads and sewer systems. The new facility will accommodate departments that have outgrown existing space and provide capacity for future growth as additional state and federal programs are delegated to the County. The infrastructure project extends road and sewer access to an industrial park, improving public access and supporting future commercial development.

The Aa1-rated Bonds, due to the recent upgrade of the County, were successfully priced with maturities extending 30 years, benefiting from a firm municipal market and strong investor demand. The financing included two components—a 20-year and a 30-year term—structured separately to allow the County to extend a portion of the repayment over 30 years, as requested, rather than use a shorter blended schedule. The negotiated sale generated robust participation across the curve, allowing the County to achieve lower yields by 4 basis points in 2026–2027, 3 basis points in 2031–2032, and 6 basis points in 2043–2045, 2050, and 2055, with other maturities left unchanged. Books ranged from 0.85x to 2.2x subscriptions across maturities, with the longer maturities structured to offer additional yield and broaden investor participation. The 2050 term was priced with 5% coupons. The transaction attracted participation from more than 20 unique accounts—an impressive outcome for a deal of this size—driven largely by smaller separately managed accounts (SMAs) orders. Overall, the offering achieved strong execution and favorable pricing, marking another successful sale for the County.