Brevard Public Schools Debt Refinancing Overview
Explore opportunities for debt refinancing in Brevard Public Schools through a detailed analysis of outstanding debt amounts, existing debt service structure, and series of COPs. Ford & Associates, Inc. serves as the Municipal Advisor to the School Board, providing estimates for educational purposes. Discover the current financial landscape and considerations for potential refinancing.
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Presentation Transcript
Brevard Public Schools Brevard Public Schools Opportunities for Debt Refinancing Opportunities for Debt Refinancing SCHOOL BOARD WORKSHOP MARCH 5, 2024
Disclaimer Ford & Associates, Inc. serves as Municipal Advisor to the School Board of Brevard County, Florida and has prepared the following pages for educational and discussion purposes only. The information contained herein is estimated, subject to change, and not intended to be comprehensive. Ford & Associates, Inc. does not provide legal advice and the School Board should rely upon the legal advice of its general counsel and/or bond counsel. All figures displayed herein are estimates based on market conditions as of February 27, 2024. 2
Outstanding Debt Amount Outstanding Final Maturity Interest Rate Call Related Lease(s) Series Provisions 2008A $56,000,000 2036 5.05% Non-Callable* 2008A 2002 2004A 2006A 2013A 57,810,000 2030 3.25-5.00% 7/1/23 @ 100% 2014 55,605,000 2030 3.25-5.00% 7/1/24 @ 100% 2006A 2015B 6,345,000 2025 5.00% Non-Callable 2006A 2015C 68,045,000 2032 3.00-5.00% 7/1/25 @ 100% 2007C 7/1/22 @ 100% 7/1/27 @ 100% 2017A 52,425,000 2032 3.00-5.00% 2006A 2017B 9,850,000 2026 2.45% Make-Whole 2002 Total $306,080,000 3
Existing Debt Service Structure Annual Debt Service w/ Principal by Series $120.0 $105.0 $90.0 $75.0 (millions) $60.0 $45.0 $30.0 $15.0 $.0 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Series 2008A Series 2013A Series 2014 Series 2015B Series 2015C Series 2017A Series 2017B Aggregate Interest 1.5 Mill Revenue (FY2024, Budgeted) 4
Series 2013A COPs Amount Outstanding Call Date 2013A COPs: Remaining Principal & Interest CUSIP Maturity Coupon $20.0 107431JB5 7/1/2024 11,940,000 $ 5.000% 7/1/2023 107431JC3 7/1/2025 12,525,000 5.000% 7/1/2023 $15.0 107431JD1 7/1/2026 13,160,000 5.000% 7/1/2023 (millions) $10.0 107431JE9 7/1/2027 4,795,000 3.250% 7/1/2023 107431JM1 7/1/2028 3,900,000 3.375% 7/1/2023 $5.0 107431JF6 7/1/2028 1,050,000 5.000% 7/1/2023 107431JG4 7/1/2029 5,130,000 3.500% 7/1/2023 $0.0 2024 2025 2026 2027 2028 2029 2030 107431JH2 7/1/2030 5,310,000 3.500% 7/1/2023 Principal Interest 57,810,000 $ 5
Series 2014 COPs 2014 COPs: Remaining Principal & Interest $20.0 Amount Outstanding Call Date CUSIP Maturity Coupon $15.0 107431JT6 7/1/2027 12,930,000 5.000% 7/1/2024 (millions) 107431JX7 7/1/2028 3,575,000 3.250% 7/1/2024 $10.0 107431JU3 7/1/2028 10,000,000 5.000% 7/1/2024 $5.0 107431JV1 7/1/2029 14,195,000 5.000% 7/1/2024 107431JW9 7/1/2030 14,905,000 5.000% 7/1/2024 $0.0 55,605,000 $ 2024 2025 2026 2027 2028 2029 2030 Principal Interest 6
Current BPS Yield Curve Estimate Tax-Exempt Yield Curve (1-10 Years) - 2/27/2024 4.0% 3.5% Tax-Exempt Yield 3.0% 2.5% 2.0% 2025 2026 2027 2028 2029 Term (years) 2030 2031 2032 2033 2034 7
Summary of Refunding Estimates Series 2013A Series 2014 Aggregate Closing Date Call Date of Prior Debt 6/6/2024 9/4/2024 6/6/2024 9/4/2024 6/6/2024 9/4/2024 Refunded Par Amount $ 45,870,000 $ 55,605,000 $ 101,475,000 Defeasance Escrow Cost Transaction Costs Total Refunding Debt $ $ 46,593,471 437,934 47,031,405 $ $ 56,687,724 513,000 57,200,724 $ $ 103,281,195 950,934 104,232,129 True Interest Cost All-In TIC 2.88% 3.23% 2.81% 3.03% 2.83% 3.10% Net Prior Cash Flow Nominal (Cash Flow) Savings % of Prior Debt Service $ 51,167,280 1,165,770 $ 68,218,228 5,151,916 $ 119,385,508 6,140,665 2.28% 7.55% 5.14% Net PV Savings % of Refunded Par Amount $ 1,070,397 2.33% $ 4,513,076 8.12% $ 5,583,473 5.50% 8
Estimated Cash Flow Savings (2013A, 2014 Refunding) Refunding Debt Service & Cash Flow Savings $25.0 $20.0 $15.0 (millions) $10.0 $5.0 $0.0 2025 2026 2027 2028 2029 2030 Refunding Principal Refunding Interest Savings 9
Financing Team Members Issuer: The School Board of Brevard County, Florida Financial Advisor: Ford & Associates, Inc. Bond/Disclosure Counsel: Bryant Miller Olive, P.A. Trustee & Trustee Counsel Underwriter & Underwriter s Counsel Rating Agencies (Moody s, Fitch) Transaction-specific roles (Verification Agent, Escrow Agent, etc.) 10
