Transaction Details

Woodside Elementary School District

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Baird’s California K-12 Public Finance group served as sole managing underwriter on the $20,000,000 General Obligation Bonds, Election of 2024, Series 2024 issue for Woodside Elementary School District (the “District”). Located in San Mateo County, California (San Francisco Bay Area), Woodside Elementary School District is a single-school K-8 public school district. The school has strong programs in world language, art, music, design thinking, physical education and social-emotional-learning. The funds for the project will finance specific construction, reconstruction, rehabilitation or replacement projects approved by the voters of the District in March 2024.

On the day of pricing, the AAA-rated Woodside Elementary School District general obligation credit demanded an aggressive price. As such, Baird’s underwriting desk identified pricing levels that generated sufficient interest to build a strong book of orders while ensuring the District obtained a low cost of borrowing. Ultimately, at the end of the pricing period, the order book was 1-2x subscribed with the exception of bonds maturing in years 2037 through 2039, proving that the strategy and aggressive pricing was successful given the order flow and spread to MMD comparisons to other California K-14 general obligation bond issues that priced on the same day. In total, 11 different accounts participated and Baird committed to underwrite the unsold balances totaling just over $1.8 million.