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Temple Independent School District, TX



Unlimited Tax School Building Bonds, Series 2024

March 25, 2024


Image by Sam Mgrdichian

During premarketing, SWS bankers fielded questions from investors who sought additional details on the growth and enrollment trends within the District. Prior to the transaction, SWS presented the District with a bondholder analysiswith potential target investors. Notably, seven of the identified investors submitted orders for $63.7 million in par.

SWS generated over $121 million in orders from 27 investors, of which 25 investors were previously undisclosed holders of the TISD bonds. During reprice, SWS suggested yield reductions on 2 and 4 bps on 6 maturities. To ensure the integrity of the order book, SWS would underwrite $3.2 million of unsold bonds in 2044.

Of note, after the coupon adjustment, the 2044 bonds were sold at a spread of +32 bps which is the same spread as the 2043 maturity, signifying that SWS underwrote the bonds without any yield increases.

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