District of Columbia
(Friendship Public Charter School, Inc. Issue)
Wye River Group Served as Friendship’s Independent Financial Advisor for this Transaction.
Wye River served as Friendship’s independent financial advisor in connection the acquisition of the property of Ideal Academy Public Charter School and the funding of certain building renovations and equipment purchases.
In July, 2019, Friendship acquired the property of Ideal Academy Public Charter School in an expedited all-cash transaction valued at approximately $8.2 million. The Series 2019A Bonds, which closed in late August, reimbursed the School for its out-of-pocket costs associated with the acquisition and provided sufficient capital to renovate the property to Friendship’s standards. The School’s financing was done through a direct negotiation with its existing lender on highly favorable terms (including a 15 year term, 30 year amortization and rate in the low- to mid-2% range). The Series 2019A Bonds were issued as “parity debt” under the School’s Master Trust Indenture (MTI) for all of its outstanding debt.