East Side Union High School District's $97.9 Million Bond Issued with Loop Capital as Underwriter

Deal News | Apr 28, 2025 | Loop Capital Markets LLC

East Side Union High School District's $97.9 Million Bond Issued with Loop Capital as Underwriter

Loop Capital Markets played a pivotal role as the sole underwriter for the East Side Union High School District's $97.9 million bond issuance, which included both the 2016 Election Series D bonds and the 2025 Refunding GO Bonds. Priced earlier than planned due to market conditions, the issue garnered significant market interest, resulting in an oversubscription rate of 3.7 times and attracting both new and repeat investors. This bond issuance supports infrastructure improvements approved by voters as part of Measure Z and includes a strategic refunding component that is set to achieve $3.7 million in gross taxpayer savings. The Series D bonds secured an All-In True Interest Cost (TIC) of 3.39%. Despite a crowded bond issuance calendar, Loop Capital leveraged its market expertise to tighten spreads and maximize the pricing outcome.

Sectors

  • Investment Banking
  • Public Finance
  • Education

Geography

  • United States – Loop Capital Markets and the East Side Union High School District are located in the United States, with the bonds affected by U.S. municipal finance principles.
  • California – The East Side Union High School District is located in California, and the bonds are part of California's municipal bond market.

Industry

  • Investment Banking – The transaction involves bond issuance and underwriting services provided by an investment bank.
  • Public Finance – The bond issuance supports public school infrastructure financing, which falls under public finance.
  • Education – Funds from the bond issuance are designated for improvements to educational facilities.

Financials

  • $97.9 Million – Total amount of bonds issued.
  • $56 Million – Amount for 2016 Election Series D Bonds.
  • $6.4 Million – Amount for Series A 2025 Refunding GO Bonds.
  • $35.5 Million – Amount for Series B 2025 Refunding GO Bonds.
  • 3.39% – All-In True Interest Cost (TIC) for the new bonds.
  • $3.7 Million – Total gross taxpayer savings from bond refunding.

Participants

NameRoleTypeDescription
Loop Capital Markets LLCSole UnderwriterCompanyLoop Capital Markets acted as the sole underwriter for the bond issuance, managing the pricing and distribution.
East Side Union High School DistrictIssuerOrganizationThis public school district issued bonds to finance facility improvements under Measure Z.
Moody'sCredit Rating AgencyCompanyMoody's provided an Aa3 credit rating for the bonds, indicating a stable outlook.