Western Reserve Academy

Founded in 1826 as a preparatory school for Western Reserve College (now Case Western Reserve University), WRA is a co-ed boarding and day school serving grades 9 through 12. Western Reserve serves approximately 400 students on its 190-acre campus and is one of the oldest boarding schools in the nation.

Development Finance Authority of Summit County

Refunding Revenue Bonds, Series 2020A

(Western Reserve Academy Project)

Wye River Group Served as WRA’s Independent Financial Advisor for this Transaction

Project Overview

WRA restructured its Series 2017A and 2017B Bonds to create cash flow savings and adjusted its debt structure to be 100% fixed.

Financing Overview

Wye River worked with WRA’s lender and the School to restructure WRA’s Series 2017A and 2017B Bonds as well as its interest rate swap. The School secured an interest-only period of 2 years and re-amortized its debt out 20 years to create cashflow savings of over $500,000 annually.

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