Public Finance

Extending an Olive Branch in Mississippi


Careful structuring and attentive client service resulted in a highly successful bank-qualified transaction.

In 2012, Stephens served as the sole manager for the $8,255,000 City of Olive Branch, Mississippi General Obligation Refunding Bond Issue.  This bank-qualified transaction was rated Aa2 by Moody’s and was structured with serial bonds. The final maturity of the bond issue is March 1, 2023.  The bonds were secured by the full faith and credit of the City of Olive Branch. 

The bonds were issued to advance refund the City’s 2003 General Obligation Public Improvement Bond Issue, the 2004 General Obligation Acquisition and Improvement Bonds and the 2005 General Obligation Public Improvement Bonds. Stephens submitted over $24 million in orders during the initial offering period.  All bonds were sold primarily to institutions. 

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