Lake Washington, WA - D.A. Davidson & Co. served as underwriter for the Lake Washington School District’s Unlimited Tax General Obligation Refunding Bonds, 2026 and Limited General Obligation Bonds, 2026 (collectively, the “Bonds”), in collaboration with NW Municipal Advisors. The financing was structured to refinance outstanding debt for savings and provide upfront funding for future capital projects across the District. The bond issuance successfully refunded callable maturities from the District’s 2016 bond issue, generating more than $5.1 million in total debt service savings for taxpayers over the life of the bonds. The transaction also front-funded the District’s construction levy, enabling projects to begin ahead of schedule while helping mitigate the impact of rising construction costs.
Investor demand for the Bonds was exceptionally strong. Following the opening of the order period on June 16, D.A. Davidson received 115 orders from 42 institutional investors nationwide, including multiple orders exceeding $20 million and a single order of more than $45 million. The Refunding Bonds achieved a true interest cost of 3.07% and delivered net present value savings of approximately $4.3 million, representing 4.45% of refunded bonds—well above the School Board’s 3.00% target. The Limited General Obligation Bonds were priced at approximately $94.7 million with a true interest cost of 2.88%, further supporting the District’s near-term capital needs.
Despite ongoing market volatility, inflation concerns, and geopolitical uncertainty, the financing attracted broad investor participation. The District’s strong Aa1 credit rating and participation in the Washington State School Bond Guaranty Program were key drivers of demand and favorable pricing outcomes.
“We are proud to support Lake Washington School District in achieving meaningful savings for taxpayers while positioning the District for continued growth and investment in its educational facilities,” said David Trageser, Managing Director.
D.A. Davidson extends its appreciation to Superintendent Dr. John Holmen, Associate Superintendent Barbara Posthumus, and the District’s leadership team for their collaboration and commitment to sound financial stewardship throughout the transaction.
About D.A. Davidson Companies
D.A. Davidson Companies is an employee-owned financial services firm offering a range of financial services and advice to individuals, corporations, institutions and municipalities nationwide. Founded in 1935 with corporate headquarters in Great Falls, Montana, and regional headquarters in Denver, Greater Los Angeles, New York, Omaha and Seattle, the company has approximately 1,600 employees and offices in 31 states.
Subsidiaries include: D.A. Davidson & Co., a full-service investment firm providing wealth management, investment banking, equity and fixed income capital markets services and advice; Davidson Investment Advisors, a professional asset management firm; and D.A. Davidson Trust Company, a trust and wealth management company.