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Arlington Independent School District

Municipal

$326,640,000

Unlimited Tax School Building and Ref Bonds, Series 2025

February 11, 2025

SENIOR MANAGER

Image by Sam Mgrdichian

This transaction represents SWS’s fourth consecutive senior managed transaction for Arlington ISD. Proceeds from the sale of the Bonds will be used (i) for acquisition, construction and equipment of school buildings and the purchase of school sites and school buses, (ii) to refund a portion of the District's outstanding debt for debt service savings.


SWS received a reverse inquiry during pre-marketing for a non-callable 2035 maturity. To balance investor demand and future refinancing flexibility, the bonds carried a 9-year call beginning in 2036. The volatile markets lead other Texas ISD issuers to pull their transactions from the calendar. Building upon our previous work as senior and co-manager, SWS created a comprehensive bondholder analysis from previous bond sales, allowing SWS to create a targeted marketing list for the Bonds. To maintain the integrity of the order book, the syndicate committed $88mm in capital to underwrite the unsold balance.

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