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Bedford City Schools bonds price at 5.22% true interest cost; sale oversubscribed 3.3x, optional redemption at 7 years
Summary
Financial advisers Michael Priscilla (Satine & Associates) and Austin Miguel (Piper Sandler) briefed the board on a taxable bond sale for district capital projects, describing pricing, insurance, subscription demand and an optional redemption date seven years out.
District financial adviser Michael Priscilla (Satine & Associates) and underwriter Austin Miguel (Piper Sandler) briefed the Bedford City Board on June 5 about the recent bond pricing for the district’s capital program. They described market conditions, insurance procurement, investor demand and the structure that the teams negotiated for the transaction.
Priscilla said the district forewent obtaining underlying ratings because audited financials were delayed and instead sought bond insurance. He told the board that two insurers were approached and the district secured a preferred…
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