District of Columbia
(The Field School, Inc. Project)
Revenue Bonds, Series 2013 (2020 Reissuance)
Wye River Group served as The Field School’s Independent Financial Advisor for this transaction.
Founded in 1972, The Field School enrolls students in grades 6-12 and is guided by its motto, Aude Sapere or “Dare to Be Wise.” The Field School is a coeducational independent school with a total enrollment of 370 students and is situated on a 10.5-acre campus bordering Foxhall Road in Washington, DC.
Wye River Group has served as financial advisor to the School in connection with all of its financings, planning and debt implementation needs since 2013. The School’s 2013 financing consisted of three series of variable rate tax-exempt debt obligations totaling $35.5 million, with two series synthetically fixed by interest rate swaps. In 2020, The Field School refinanced all of its outstanding debt for savings and extended the term of its fixed rate commitment period.
On behalf of The Field School, Wye River conducted a competitive solicitation of over 20 prospective lenders. The School’s refinancing consisted of a tax-exempt loan used to refinance all of the outstanding Series 2013 Bonds and a taxable loan used to fund costs associated with the termination of the School’s interest rate swaps. The School secured a 15 year term commitment from its lender, reducing the interest rate on the financing by approx. 1.25% per annum and reducing the School’s average annual debt service by approximately $350,000.
The financing successfully closed on schedule on November 19.