Transaction Details

Tipp City Exempted Village School District

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Baird Commits Capital for Ohio School District

Baird’s Ohio School team served as sole managing underwriter on the $18,200,000 School Facilities Bonds, Series 2024A (“Series A”) and $60,114,000 Series 2024B (“Series B”) (General Obligation – Unlimited Tax) transactions for Tipp City Exempted Village School District. Located in Tipp City, Ohio, Tipp City Exempted Village School District aims to foster a culture of learning that values tradition and innovation, empowering all students to be respectful and responsible citizens with integrity. The funds for the project will finance constructing a new PK-8 building, renovating the existing High School to house grades 9-12 and to abate, demolish and/or repurpose existing elementary and middle schools.

On the day of pricing, the market was stable however, it was extremely active and impacted orders. Initially the Series B priced 3 basis points (“bps”) wider than Series A, which had a State of Ohio Enhancement (Aa1). Of the two series, most of the orders were originally placed for Series B, which was backed by Build America Mutual (BAM) (AA). Typically, the State Enhancement would outperform a BAM deal, however the difference in par size influenced investor interest and the volume of orders. Therefore, the spreads on Series A were adjusted to match Series B and Baird’s underwriting desk was able to build a good book of business. Ultimately, Baird committed to underwrite unsold balances for Series A and Series B totaling approximately $5.0 million.