The Bonds were issued for the purpose of remodeling, equipping, re-equipping, furnishing and re-furnishing school buildings, athletic fields, playgrounds and other facilities; erecting and completing, equipping and furnishing additions to existing school buildings and a stadium building; acquiring and installing instructional technology infrastructure and equipment in school buildings and other facilities; and preparing, developing and improving sites at school buildings and other facilities and the purchase of school buses, and to pay the costs of issuing the Bonds.

The bonds were issued as Unlimited Tax General Obligation School Building and Site Bonds and were qualified for participation in the Michigan School Bond Qualification and Loan Program (“SBQLP”), which provides repayment protection to bondholders if the District defaults on its debt service obligations.

SWS structured the tax-exempt fixed-rate bonds with serial maturities from May 1, 2030 through May 1, 2045 and term bonds with final maturities on May 1, 2050 and May 1, 2055.

The Bonds were structured with 5% coupons though 2042 and 5.25% coupons through 2055 with a 10-year par call on May 1, 2035 at par.

On Monday’s pre-marketing, the municipal market opened the week on a quiet tone as investors awaited elevated new issuance supply. The lack of economic data and a quiet day in Washington helped maintain the stable tone and MMD was left unchanged on the day.

Munis tightened 2-8 bp on the pricing day and investor appetite was very strong as all maturities were oversubscribed for, with subscription levels ranging from 1.6-10.2x across the maturity range.

In total, the Bonds received $304.7 million in priority orders (6.3x oversubscription) from 32 different investors. SWS was able to tighten spreads by 2-10 bps on all but two maturities.