A school district in the suburbs of Cincinnati, Ohio, sold $100 million in bonds to finance school construction.
The bonds, issued by Kings Local School District in Warren County, mature between 2025 and 2062, yielding between 3.04% and 4.23%. They received a rating of AA from S&P Global Ratings.
The school district will use the issuance proceeds to build a new high school and add a new wing to a middle school. The construction will help the school district address a moderate uptick in enrollment, which has risen 3% since 2019.
Construction on the new high school is slated to begin next year. The district hopes the school will open in the academic year that begins in fall 2027.
“This new high school will allow us to solve our current and future capacity needs throughout the district while forging new pathways for personalized, future-driven learning,” Superintendent Greg Sears told WCPO Cincinnati in March.
Warren County includes the northeast suburbs of Cincinnati. The bonds are general obligations of the school district, backed by its full faith and credit and payable by property taxes.
RBC Capital Markets, LLC served as lead underwriter on the issuance, purchasing the bonds for more than $108 million. The price reflected a premium of $8.7 million. Bradley Payne Advisors, LLC acted as financial advisor.