Massachusetts Development Finance Agency
Revenue Bonds, Series 2021
St. Mark’s School Issue
Founded in 1865, St. Mark’s is a college preparatory school committed to the development of the lifelong skills of critical thinking and problem solving. Located in Southborough, Massachusetts, St. Mark’s serves 370 students from grades 9-12. St. Mark’s employs more than 156 faculty and staff and is accredited by the New England Association of Schools and Colleges.
Proceeds of the School’s Series 2021 Bonds were used to refinance certain outstanding bank-based debt of the School, fund a portion of the costs associated with the construction of a new residential facility on the School’s campus, pay interest due during construction and fund costs related to the issuance of the Series 2021 Bonds.
St. Mark’s bonds were issued through the Massachusetts Development Finance Agency and structured as three separate series: the Series A Bonds are fixed rate, tax-exempt bonds with an initial term of 15 years; the Series B Bonds are variable rate, tax-exempt draw-down bonds with a 5-year bullet maturity; and, the Series C Bonds are fixed rate, tax-exempt draw-down bonds with an initial term of 15 years. The Series B and C Bonds will both be repaid with proceeds of the School’s fully committed capital campaign. The Series A and C Bonds were amortized to provide for level annual debt service over 30 years.