UNDERWRITING SERVICES

Stephen F. Austin State University (through its Board of Regents) issued an RFP to secure full‑service municipal bond underwriting for a $115 million revenue‑financing bond program. The scope required the selected underwriter(s) to assess financing alternatives, structure the bonds, coordinate legal documentation, obtain AAA+ credit ratings, develop marketing plans, price the issuance, allocate bonds among underwriters, and deliver post‑sale analysis. Eight firms were ultimately awarded contracts, indicating a multiple‑award approach to distribute the workload and risk. The solicitation emphasized a tight timeline (proposal due 8 Nov 2018, selection by mid‑Nov 2018) and required a Texas‑based sales force to support the issuance. Compensation is contingent on successful bond sale, with no fixed fees disclosed. • Total bond issuance ≈ $115 million (tax‑exempt $71 M + taxable $40 M). • Multiple underwriters (8) were selected, each responsible for a portion of the underwriting mandate. • The underwriter must work closely with Hilltop Securities (financial advisor) and McCall, Parkhurst & Horton (bond counsel). • Project timeline from award to bond pricing spanned roughly four months, with final delivery slated for 14 Feb 2019. • No explicit contract value is given; fees are spread‑based and contingent on issuance success.