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Crowley Independent School District



Unlimited Tax School Building Bonds, Series 2023

August 3, 2023


Image by Sam Mgrdichian

SWS served as the book-running senior managing underwriter for the $433,485,000 Crowley Independent School District (“CISD”) Unlimited Tax School Building Bonds, Series 2023 issuance. The issuance represents SWS’ largest school district transaction in Texas and the largest Texas school district bond transaction led by an M/WBE firm to date. A few key highlights from the transaction:

  • SWS provided the sales team with recent Texas school district trends, highlighting the benefits  of investing in CISD, resulting in multiple investor one-on-one questions.  Notably, the participants involved in one-on-one discussions would submit over $230 million in priority orders

  • The District entered the market early the day of pricing, capitalizing on strong investor feedback the day prior stemming from SWS-led pre-marketing efforts

  • Despite the headwinds and unprecedented Texas ISD supply, SWS secured overwhelming support for the transaction, including $2.2 billion in orders from 66 institutional investors (5.2x oversubscribed). Of the 66 institutional participants, 62 had been previously unreported holders of the District’s debt

  • Despite the market volatility, SWS’ underwriter would recommend tightening spreads up to four basis across all but one maturity, securing an All-in-TIC of 4.53% for the District.

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