Troy City School District, Ohio

Overview

Deal Type Debt Capital Markets
Size $87.83 Million
School Improvement Bonds (General Obligation Unlimited Taxes)
Client & Transactional Partners Troy City School District
Our Role Sole Manager

Summary

On March 21, 2024, KeyBanc Capital Markets (KBCM) and the Troy City School District of Ohio (the District) successfully closed a $87.83 million School Improvement Bonds, Series 2024 (General Obligation) (Unlimited Taxes) (the Bonds) transaction. The Bonds were rated Aa2 by Moody’s. The financing structure consisted of serial bonds maturing from December 1, 2024, through and including December 1, 2044, and three (3) term bonds maturing December 1 in 2049, 2054, and 2060. A 10-year par call optional redemption date of December 1, 2033, was included to provide the District with flexibility to refund the bonds for interest savings in the future. KBCM served as Sole Manager on the transaction.

The Bonds were issued for the purpose of participating in the Ohio Facilities Construction Commission Classroom Facilities Program by raising the school district’s portion of the basic project cost and locally funded initiatives not exceeding one-half of the school district’s portion of basic project cost, by constructing three new PK-4 buildings and a new 5-6 building, including technology, site improvements, furniture, equipment, demolition and abatement of certain existing structures, landscaping and utilities.

The Troy City School District encompasses approximately 37 square miles and is in Miami County, which is bounded by Shelby, Champaign, Clark, Montgomery, and Darke Counties in western Ohio. Miami County is served by State Routes 41 and 55. It is approximately 20 miles north of the City of Dayton and has access to Interstate Highway 75. The District has 4,226 students in six elementary schools, one sixth-grade school, one junior high, and one high school (nine total schools). The major sources of revenue to the District are local property taxes on real and personal property, along with State aid.

B I Deal Disclosure

KeyBanc Capital Markets is a trade name under which the corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., member FINRA/SIPC (“KBCMI”), and KeyBank National Association (“KeyBank N.A.”), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and by its licensed securities representatives. Banking products and services are offered by KeyBank N.A.

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