Siebert Williams Shank served as sole manager on the above-entitled bond issuance; this represented SWS’ 9thconsecutive senior managed transaction for the District.

Proceeds of Series 2026A and 2026B (Taxable) Bonds were used to improve and upgrade classrooms, bathrooms, plumbing, electrical systems, technology, energy efficiency, earthquake safety, and student security. Proceeds of the 2026A Ref. Bonds were used to current refund the outstanding Series 2015A and 2015 GO Refunding Bonds. Proceeds of the 2026B Ref. Bonds were used to current refund the outstanding Series 2016A and 2016 GO Refunding Bonds. The Bonds were rated A1 (Negative) from Moody’s.

The negative outlook due to enrollment declines and resulting financial weakness; the District has responded with necessary reductions in labor, consolidation of operations, and renegotiation of contracts. To lower financing costs, BAM insured maturities from 2031 and beyond on the 2026A and 2026B Ref. Bonds.

Timing Considerations & Marketing Strategy:

Pricing was originally planned for November 2025, but due to County-level setbacks outside of the District’s control and staffing changes at the District, the transaction was delayed.

SWS and the Municipal Advisor held multiple briefings with new District staff to ensure alignment and collaborated to price the bonds despite market volatility stemming from geopolitical conflicts in Iran and Venezuela.

SWS compiled the investor presentation, highlighting the District’s strong ad valorem tax base and its efforts to align spending with enrollment trends.

Market Conditions:

The week prior, escalation in the war with Iran involved strikes on oil refineries, causing market volatility from energy-driven inflation concerns. Over the week preceding the day of pricing, MMD increased by 18 to 28 basis points across the yield curve. The week of pricing also saw over $13 billion of competing municipal bonds in the market, including over $600 million of California State Public Works Lease Revenue Bonds, over $2.6 billion of New York City General Obligation Bonds, and over $1.4 billion of State of Illinois General Obligation Bonds.

Pricing Results:

During the order period, the tax-exempt bonds received over $324.5 million in priority orders from 13 investors. The taxable bonds received $15.5 million in priority orders from 3 investors. In total, SWS brought in orders from potentially 5 new investors based on primary sale and secondary market holdings. Demand for both the tax-exempt and the taxable bonds was largely driven by bond fund accounts.

To maintain the integrity of the order book and in support of the District, SWS underwrote over $58 million in bonds with no pricing adjustments.

The transaction resulted in an aggregate 4.08% all-in TIC and $7.14 million of present value savings (4.11% of refunded par).