This transaction served as SWS’ first bookrunning senior manager mandate for Lancaster ISD. At the conclusion of the order period, the Series 2025-A Bonds were 5.6x oversubscribed and the Series 2025-B Bonds were 4.5x oversubscribed. The SWS-led syndicate received $130 million in orders from 17 investors on the Series 2025-A bonds and $175 million in orders from 14 investors on the Series 2025-B bonds. At reprice, SWS’ underwriter recommended lowering yields on the Series 2025-A Bonds by 1-8  bps in maturities 2028, 2029, 2031, 2032 and 2035-2038 and lowering yields on the Series 2025-B Bonds by 1-6 bps on all but the 2025 maturity.

SWS’ efforts on the pricing helped the District surpass the minimum savings target it put forth at its Sept. 19th board meeting of $1.25 million for the Series 2025-A Bonds and $2.5 million for the Series 2025-B Bonds. SWS underwrote $175K in bonds (Mty 2025 of Series 2025-B), and all 24 unique investors that submitted orders were potentially new investors to Lancaster ISD.