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Pine‑Richland hears refinancing update; 2014B issue flagged as near‑term candidate
Summary
Gaines Capital Markets reviewed municipal market conditions and identified the district's Series 2014B as the most immediate refinancing opportunity if rates move modestly lower; staff will monitor weekly and return with an update in spring.
At a February finance meeting, Tony Massey of Gaines Capital Markets told the Pine‑Richland School District board that the district may have a near‑term opportunity to refinance part of its outstanding debt if municipal interest rates fall modestly.
Massey said the district's overall portfolio carries an average interest rate of about 3.63 percent and that the Series 2014B issue—about $15.4 million—was the principal candidate for a current refunding because it is approaching its call date this year and is relatively backloaded, which concentrates potential savings in later maturities. Massey said the district traditionally seeks at least a 3 percent net present…
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