Public Finance - Celina City School District (Ohio)

Transactions

Celina City School District (Ohio) Logo

Client: Celina City School District (Ohio)
Transaction Type: Unlimited Tax General Obligation School Improvement Bonds
Role: Sole Managing Underwriter

  • The Celina City School District encompasses approximately 146 square miles and is located in Mercer County, Ohio. Approximately 2,426 students attend the District’s five schools. Major employers in the area include Celina Aluminum Precision Technology (500 employees), Reynolds and Reynolds (450 employees), and Mercer Landmark (260 employees).
  • Boenning & Scattergood was the Sole Managing Underwriter of $75.983 million in Unlimited Tax General Obligation School Improvement Bonds delivered by the District on October 28, 2021.
  • The Bonds, which are tax exempt and Build America Mutual insured, are rated “AA” by S&P and “A1” by Moody’s.
  • The Bonds have an average maturity of 22.29 years and a Net Interest Cost of 2.8%. The final maturity is due 2058. Semi-annual interest payments will commence June 1, 2022. The call date (prepayment option) is on December 1, 2031.
  • The Bonds will be issued for the purpose of paying the School District’s portion of the basic project cost under the State of Ohio’s Classroom Facilities Assistance Program and locally funded initiatives not exceeding one-half of the School District’s portion of the basic project cost. This includes Celina Intermediate School renovations and additions for grades PK-6, construction of a new 7-12 school building, and the abatement and demolition of the Celina Primary School, Elementary School, Middle School, High School, and Education Complex. The Bonds will also pay for technology and site improvements, together with equipment, furnishings, landscaping, and all necessary appurtenances thereto.