State College Area School District Administrative Offices 240 Villa Crest Drive State College, PA
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1 Administrative Offices 240 Villa Crest Drive State College, PA To: From: RE: Robert O Donnell Randy L. Brown and Donna Watson Capital Financing Plan Date: January 5, 2017 Following the Board s approval of the Parameters Resolution for Future Debt Financing for the District s Capital Financing Plan, administration requested additional information from our financial advisor to increase Board understanding of upcoming financing decisions. Our advisor provided guidance related to a cost-benefit analysis regarding interest rate movement and timing of debt issuance. The administration and finance team have prepared a time line, also attached, showing possible entry at market conditions. Monitoring of market conditions will continue in order to manage cost of debt financing. CapitalFinancing /5/2017 1
2 NW FINANCIAL GROUP, LLC Exceeding Expectations MEMORANDUM To: Board of School Directors Robert O Donnell Randy Brown Donna Watson From: Tom Beckett, NW Financial Group, LLC. Date: January 5, 2017 Re: Financing Update Happy New Year! This memo will provide an updates on recent interest rate movements and cost of a financing based on current market conditions. We also lay out a potential schedule for an early 2017 financing under the parameters resolution you passed in December. If you ll recall, our strategy for High School completion financing is to be ready to issue in the event that: 1. Rates decline from their late 2016 highs during the first quarter of We can achieve a sub 4% NIC in the next 9 months. 3. The post-election increase in long term rates continues in January (when we typically have a rally in bond prices) eroding the benefit of delaying issuance. Current Market Conditions The post-election spike in interest rates has moderated over the end of December. This is due to lower volume of new issues, post-fed rate hike rally and a typical calming of the market over year end. The Bond Buyer 11 Bond Index has rallied since early December resulting in a decrease of approximately 20 basis points. MEDFORD OFFICE: 709 Stokes Road, Ste. 201 Medford, NJ Tel (609) CORPORATE OFFICE: 2 Hudson Place, 3 rd Fl. Hoboken, NJ Tel (201) Fax (201) W W W. N W F I N A N C I A L. C O M 2 PENNSYLVANIA OFFICE 886 Vaughn Road Pottstown, PA Tel (610) Fax (610)
3 Current Numbers We requested that Bank of America Merrill Lynch provide us with an interest rate scale for the proposed issue. The scale was consistent with the District s past rate performance in terms of spread to the Municipal Market Data AAA interest rate scale ( MMD ). It was also consistent with NW s estimates of the market for a $46 million General Obligation issue carrying ratings of Aa1 and AA from Moody s and Standard & Poor s respectively. BAML indicated that using two ratings would potentially result in a 5 basis point savings over rates achieved with only a single rating. That rate savings more than makes up for the incremental cost of a second rating. The table below summarizes some of the results of a hypothetical issuance using rates as of 12/26/16. The full financial analysis is contained in Exhibit A. Scenario Amount Term Interest Cost To Term NIC First Year Interest Cost PV 01 Basis Points "Wrapped" $ 46,655, $ 36,965, % $ 2,212,375 $ 38, Possible Schedule We ve prepared a schedule for issuance that will have us ready to execute a bond purchase agreement with the Underwriters in early February. The full schedule is shown in Exhibit B. Conclusions The strategy is to be ready to enter the market in January. If current conditions were to hold, the District would issue debt in the 4% range. The incremental interest expense of issuing in debt in 2017 versus waiting until 2018 translates into 57 basis points of yield. That cost can be considered the expense of hedging your rate risk and protects you against the potential that rates would be in the 4.50% or higher range one year from now. MOUT LAUREL OFFICE: 3000 Atrium Way, Ste. 240 Mt. Laurel, NJ Tel (856) Fax (856) CORPORATE OFFICE: 2 Hudson Place, 3 rd Fl. Hoboken, NJ Tel (201) Fax (201) W W W. N W F I N A N C I A L. C O M 3 PENNSYLVANIA OFFICE 886 Vaughn Road Pottstown, PA Tel (610) Fax (610)
4 Exhibit A MOUT LAUREL OFFICE: 3000 Atrium Way, Ste. 240 Mt. Laurel, NJ Tel (856) Fax (856) CORPORATE OFFICE: 2 Hudson Place, 3 rd Fl. Hoboken, NJ Tel (201) Fax (201) W W W. N W F I N A N C I A L. C O M 4 PENNSYLVANIA OFFICE 886 Vaughn Road Pottstown, PA Tel (610) Fax (610)
5 SOURCES AND USES OF FUNDS General Obligation Bonds, Series of 2017 (High School) Sources: Bond Proceeds: Par Amount 44,665, Premium 1,659, ,324, Uses: Project Fund Deposits: Project Fund 46,000, Delivery Date Expenses: Cost of Issuance 100, Underwriter's Discount 223, , Other Uses of Funds: Additional Proceeds/Rounding 1, ,324, Jan 3, :59 pm Prepared by NW Financial Group, LLC (Finance c:\...\tbeckett\desktop\pennsylvania:state-2017hs) Page 1 5
6 BOND SUMMARY STATISTICS General Obligation Bonds, Series of 2017 (High School) Dated Date 03/01/2017 Delivery Date 03/01/2017 Last Maturity 05/15/2043 Arbitrage Yield % True Interest Cost (TIC) % Net Interest Cost (NIC) % All-In TIC % Average Coupon % Average Life (years) Weighted Average Maturity (years) Duration of Issue (years) Par Amount 44,665, Bond Proceeds 46,324, Total Interest 36,961, Net Interest 35,525, Total Debt Service 81,626, Maximum Annual Debt Service 4,240, Average Annual Debt Service 3,114, Underwriter's Fees (per $1000) Average Takedown Other Fee Total Underwriter's Discount Bid Price Par Average Average PV of 1 bp Bond Component Value Price Coupon Life Duration change Bond Component 25,795, % , Bond Component #2 18,870, % , ,665, , All-In Arbitrage TIC TIC Yield Par Value 44,665, ,665, ,665, Accrued Interest + Premium (Discount) 1,659, ,659, ,659, Underwriter's Discount -223, , Cost of Issuance Expense -100, Other Amounts Target Value 46,101, ,001, ,324, Target Date 03/01/ /01/ /01/2017 Yield % % % Jan 3, :59 pm Prepared by NW Financial Group, LLC (Finance c:\...\tbeckett\desktop\pennsylvania:state-2017hs) Page 2 6
7 BOND PRICING General Obligation Bonds, Series of 2017 (High School) Maturity Premium Bond Component Date Amount Rate Yield Price (-Discount) Bond Component: Bond Component #2: 05/15/2018 5, % 1.430% /15/2019 5, % 1.670% /15/2020 5, % 1.840% /15/2021 5, % 2.010% /15/2022 5, % 2.140% /15/2023 5, % 2.300% /15/2024 5, % 2.430% /15/2025 5, % 2.550% /15/2026 5, % 2.680% /15/2027 5, % 2.770% /15/2028 5, % 2.870% C /15/2029 1,130, % 2.930% C 204, /15/2030 1,185, % 2.990% C 208, /15/2031 2,520, % 3.050% C 428, /15/2032 2,645, % 3.520% C 107, /15/2033 2,755, % 3.580% C 98, /15/2034 2,865, % 3.640% C 87, /15/2035 2,975, % 3.690% C 77, /15/2036 3,095, % 3.720% C 72, /15/2037 3,220, % 3.750% C 67, /15/2038 3,350, % 3.770% C 64, ,795,000 1,423, /15/ ,870, % 3.850% C 236, ,665,000 1,659, Dated Date 03/01/2017 Delivery Date 03/01/2017 First Coupon 11/15/2017 Par Amount 44,665, Premium 1,659, Production 46,324, % Underwriter's Discount -223, % Purchase Price 46,101, % Accrued Interest Net Proceeds 46,101, Jan 3, :59 pm Prepared by NW Financial Group, LLC (Finance c:\...\tbeckett\desktop\pennsylvania:state-2017hs) Page 3 7
8 BOND DEBT SERVICE General Obligation Bonds, Series of 2017 (High School) Period Annual Ending Principal Coupon Interest Debt Service Debt Service 11/15/2017 1,294, ,294, /15/2018 5, % 917, , /30/2018 2,217, /15/ , , /15/2019 5, % 917, , /30/2019 1,839, /15/ , , /15/2020 5, % 917, , /30/2020 1,839, /15/ , , /15/2021 5, % 917, , /30/2021 1,839, /15/ , , /15/2022 5, % 917, , /30/2022 1,839, /15/ , , /15/2023 5, % 917, , /30/2023 1,839, /15/ , , /15/2024 5, % 917, , /30/2024 1,839, /15/ , , /15/2025 5, % 916, , /30/2025 1,838, /15/ , , /15/2026 5, % 916, , /30/2026 1,838, /15/ , , /15/2027 5, % 916, , /30/2027 1,838, /15/ , , /15/2028 5, % 916, , /30/2028 1,838, /15/ , , /15/2029 1,130, % 916, ,046, /30/2029 2,962, /15/ , , /15/2030 1,185, % 888, ,073, /30/2030 2,961, /15/ , , /15/2031 2,520, % 858, ,378, /30/2031 4,237, /15/ , , /15/2032 2,645, % 795, ,440, /30/2032 4,236, /15/ , , /15/2033 2,755, % 742, ,497, /30/2033 4,240, /15/ , , /15/2034 2,865, % 687, ,552, /30/2034 4,240, /15/ , , /15/2035 2,975, % 630, ,605, /30/2035 4,235, /15/ , , Jan 3, :59 pm Prepared by NW Financial Group, LLC (Finance c:\...\tbeckett\desktop\pennsylvania:state-2017hs) Page 4 8
9 BOND DEBT SERVICE General Obligation Bonds, Series of 2017 (High School) Period Annual Ending Principal Coupon Interest Debt Service Debt Service 05/15/2036 3,095, % 570, ,665, /30/2036 4,236, /15/ , , /15/2037 3,220, % 508, ,728, /30/2037 4,237, /15/ , , /15/2038 3,350, % 444, ,794, /30/2038 4,238, /15/ , , /15/2039 3,485, % 377, ,862, /30/2039 4,239, /15/ , , /15/2040 3,625, % 307, ,932, /30/2040 4,240, /15/ , , /15/2041 3,765, % 235, ,000, /30/2041 4,235, /15/ , , /15/2042 3,920, % 159, ,079, /30/2042 4,239, /15/ , , /15/2043 4,075, % 81, ,156, /30/2043 4,238, ,665,000 36,961, ,626, ,626, Jan 3, :59 pm Prepared by NW Financial Group, LLC (Finance c:\...\tbeckett\desktop\pennsylvania:state-2017hs) Page 5 9
10 AGGREGATE DEBT SERVICE General Obligation Bonds, Series of 2017 (High School) General Obligation Bonds, Series Period of 2017 (High Aggregate Ending School) Other D/S Debt Service 06/30/2017 4,904, ,904, /30/2018 2,217, ,014, ,231, /30/2019 1,839, ,003, ,843, /30/2020 1,839, ,919, ,759, /30/2021 1,839, ,960, ,799, /30/2022 1,839, ,935, ,775, /30/2023 1,839, ,860, ,699, /30/2024 1,839, ,865, ,704, /30/2025 1,838, ,868, ,707, /30/2026 1,838, ,857, ,696, /30/2027 1,838, ,834, ,672, /30/2028 1,838, ,836, ,674, /30/2029 2,962, ,275, ,237, /30/2030 2,961, ,276, ,238, /30/2031 4,237, ,237, /30/2032 4,236, ,236, /30/2033 4,240, ,240, /30/2034 4,240, ,240, /30/2035 4,235, ,235, /30/2036 4,236, ,236, /30/2037 4,237, ,237, /30/2038 4,238, ,238, /30/2039 4,239, ,239, /30/2040 4,240, ,240, /30/2041 4,235, ,235, /30/2042 4,239, ,239, /30/2043 4,238, ,238, ,626, ,413, ,040, Jan 3, :59 pm Prepared by NW Financial Group, LLC (Finance c:\...\tbeckett\desktop\pennsylvania:state-2017hs) Page 6 10
11 Exhibit B MOUT LAUREL OFFICE: 3000 Atrium Way, Ste. 240 Mt. Laurel, NJ Tel (856) Fax (856) CORPORATE OFFICE: 2 Hudson Place, 3 rd Fl. Hoboken, NJ Tel (201) Fax (201) W W W. N W F I N A N C I A L. C O M 11 PENNSYLVANIA OFFICE 886 Vaughn Road Pottstown, PA Tel (610) Fax (610)
12 STATE COLLEGE AREA SCHOOL DISTRICT SERIES OF 2017 FINANCING SCHEDULE VI-C JANUARY SU MO TU WE TH FR SA FEBRUARY SU MO TU WE TH FR SA MARCH SU MO TU WE TH FR SA Week of Task Responsibility January 9 1/11 First Draft POS Circulated FA, I, BC, U January 16 1/17 Comments on First Draft due All 1/18 Second Draft of POS sent to Rating Agency FA, I January 23 Rating Agency Calls I, FA, U First draft of Bond Purchase Agreement ( BPA ) circulated U, UC High School Financing analysis distributed to Board FA leadership Due Diligence questions circulated UC January 30 Receive Ratings I, FA Due Diligence Call All Post POS UC February 6 Pre-Pricing Call FA, I, U Price and Sell Bonds I, U, FA Sign BPA I, U BPA filed with DCED BC Final Draft of Official Statement Circulated for comment All February 13 Official Statement Posted FA, UC March 6 3/8 Bond Closing All 12
13 STATE COLLEGE AREA SCHOOL DISTRICT SERIES OF 2017 FINANCING SCHEDULE VI-C Legend: I Issuer U Underwriters Bank of America Merrill Lynch; Janney Montgomery Scott S Solicitor PA Paying Agent FA Financial Advisor NW Financial UC Underwriter s Counsel Campbell & Levine, LLC BC Bond Counsel Clark Hill 13
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