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St. Louis school board authorizes engagement to monitor possible refinance of 2017 bonds
Summary
After a presentation from Stifel, the board approved an engagement letter to monitor potential refinancing of the district—s 2017 bond series that become callable April 1, 2026; the firm said refinancing could save the district modest interest costs if market rates fall.
The Saint Louis Board of Education voted Nov. 10 to authorize staff to sign an engagement letter with Stifel to monitor and, if favorable, pursue refinancing of the district—s 2017 bond series.
Lorenzo Boyd, managing director of investment banking at Stifel, told the board the 2017 bonds have a call date of April 1, 2026, and that, if market rates permit a refunding, the district could achieve interest savings. Boyd said the 2017 series originally totaled $61.9 million with about $22.6 million still outstanding and that…
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