Transaction Details

Oswegoland Park District

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Baird served as sole underwriter on the negotiated sale of Oswegoland Park District’s $3,000,000 General Obligation Limited Tax Park Bonds, Series 2023 which generated $3.1 million to finance various facility improvements.

The District did not have an outstanding rating given all of its public offered debt had matured. After conducting internal credit analysis using Moody’s and S&P’s rating methodologies, Baird recommended the District request a rating from S&P. Baird led the ratings process and drafted a rating presentation book. The District achieved an inaugural rating of “AA” (stable outlook).

The week of pricing, there were AAA MMD index decreases of 17 to 22 basis points (0.17%-0.22%) in the years the District’s bonds amortize due to renewed optimism that the Fed is done raising interest rates. As a result of our marketing efforts, Baird received $4,945,000 in orders (1.65x total par) with oversubscriptions in 5 of 8 maturities by as much as 4.3x. Because of these oversubscriptions, we were able to lower the yield in the final maturity by 3 basis points (0.03%). The District achieved a true interest cost of 3.71% over a 9-year term.