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NW served as sole underwriter for the Town of Maple Shade BOE’s School Refunding transaction of $15,455,000. It included conducting various refunding analyses; review of financing documents; and working with the Board of Education to structure the bonds to achieve the lowest interest cost.
The Board of Education of the Township of Maple Shade’s School Bonds, Series 2005, outstanding in the aggregate principal amount of $15,457,000, bore interest at rates higher than current market rates. The callable bonds were eligible to be advance refunded prior to the April 1, 2014 call date while still achieving the New Jersey Local Finance Board mandated 3.00% present value savings requirement.
The refunding allowed the Board of Education to achieve level debt service savings over the remaining life of the issue, reducing their debt burden. Gross savings to the Board of Education totaled over $700,000.