Columbus City School District, 2015

Columbus City School District
School Facilities Construction and Improvement
Refunding Bonds, Series 2015 (Taxable)
(General Obligation – Unlimited Tax)

SBS senior manages 7th deal for Columbus City Schools

Siebert Brandford Shank served as senior manager to the Columbus City School District’s Series 2015 Bonds in April 2015. This was our firm’s 2nd consecutive appointment as senior manager for the District and the 7th senior-managed issuance for the School District.

We were selected to serve as senior manager on the Series 2015 transaction based on our strong performance on the Series 2014 A&B financing and our extensive understanding of the District’s refunding criteria.

We provided updated advanced refunding analytics to the District frequently in the weeks leading up to the sale date to help determine which candidates to include in the refunding. In addition to the refunding candidates being sensitive to market rates, the structure of the Bonds was very complex with many moving parts due to a state law requiring that for each series of bonds being refunded, the par amount of the refunding bonds could not exceed the par amount of the refunded bonds.

This required structuring the bonds with enough premium bonds to comply with this requirement, including successfully marketing premium taxable bonds, which are very rare in the municipal market. Our experience senior managing the District’s Taxable Series 2014B Bonds provided us with a thorough understanding of the District’s structuring requirements and allowed our desk to expand relationships with specific buyers that that have had an interest in the District’s taxable bonds.
In the days leading up to pricing, the municipal market struggled with heavy new issuance supply, bloated dealer inventories and a choppy Treasury market.

The District ultimately received over $185 million of orders, 81% of which were placed by Siebert Brandford Shank. The District’s achieved a net present value savings of $3,984,905 (5.76% of refunded par) and an all-in TIC of 2.95%.

23 new investors who had not previously held the District’s taxable bonds placed orders for the Series 2015 Bonds and 6 investors who had placed orders for the District’s Taxable Series 2014B Bonds also placed orders for the Series 2015.