The Lexington County School District No. 4 expects to competitively sell $9.75 million of general obligation new-money debt today.
The $2.3 million of Series B bonds will be tax-exempt and mature between one and eight years. The $7.4 million of Series C bonds have the option to price as either tax-exempt debt or Build America Bonds and are expected to have maturities between 17 and 28 years.
New ratings were not available at press time. The school district was rated Aa1 by Moody’s Investors Service and AA by Standard & Poor’s at its most recent issuance in July, when it sold $10.5 million of GOs to Morgan Keegan & Co. in July at a true interest cost of 4.08%.
The ratings are not expected to change with this deal, said Brian Nurick, managing director of public finance at Ross, Sinclaire & Associates LLC, the financial adviser for the offering. Haynsworth Sinkler Boyd PA is bond counsel.
The Lexington district projects that 1,651 students will be enrolled this year, up 2% from last year. Last November, county voters approved a referendum allowing the district to issue up to $336 million of GO bonds.