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Bond 2023 Inaugural Transaction

August 23, 2023

Crowley ISD has received the first round of bond funds from the voter-approved Bond 2023 package. The $450 million from this first issuance will be used for the construction of new schools, renovations and safety projects across the district as part of the larger $1.04 billion bond package approved by voters in May 2023.

The $450 million transaction was led by Siebert Williams Shank & Co. LLC to help fund Crowley ISD’s Long-Range Facilities Plan to address student enrollment growth. Siebert Williams Shank (“SWS” or “Siebert”), the nation’s top ranked minority and woman-owned investment banking firm, led a $450 million bond deal for Crowley ISD, representing the district’s inaugural issuance from its historic $1.04 billion bond election.

Crowley ISD’s selection of SWS represents the largest such transaction ever led by a minority firm for a Texas school district. The bonds, issued Crowley ISD, were sold on Aug. 3, and closed on Aug. 23, 2023.

Proceeds from the sale of the bonds will finance an apportionment of the district’s long-term facilities plan to manage the fast growth in CISD. In the last five years, the district has added 1,200 students and expects enrollment to grow by another 3,000 in the next five years to reach 20,000 students by 2028. Funds raised from this round of financing will be used to support the construction of new schools, facility modernizations, track and field upgrades, bus purchases, safety & security enhancements, and future land banking needs.

“Texas’ population is booming, and school districts have been grappling with pent-up needs affecting the quality, safety and conditions of our schools as they work to bolster student achievement and access to quality educational environments,” said Nicole Conley, Managing Director at Siebert Williams Shank. “Crowley ISD has established a culture of excellence and selecting a firm like Siebert; with its strong track record of success in the financial markets, not only delivers the best results for their taxpayers, but it is also inspiring for the students and families they serve. We represent the full spectrum and hope of all students wanting to be their best selves and school districts are starting to understand that they must encourage the firms that conduct business with school districts to hire for local inclusion.”

Despite a large supply of Texas school district transactions in the market the week of Crowley ISD’s bond sale, the SWS led underwriting team generated over $2.2 billion in orders from 66 institutional investors demonstrating strong appetite for Crowley ISD’s bonds.

“For so many reasons, the markets have become more volatile, and we know we had to pick a firm that could navigate through tough market conditions to deliver the best results for our district and taxpayers,” said Leon Fisher, Chief Financial Officer at Crowley ISD. “By selecting Siebert, we are confident we saved our taxpayers money in borrowing costs for these crucial, voter-approved projects.”

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