Florida Development Finance Corporation
Educational Facilities Revenue Bond
(The Pine School, Inc. Project)
Established in 1969, The Pine School is a co-educational independent day school for grades K-12. Pine’s total enrollment is 375 and is located on 174 acres in Hobe Sounds, Florida.
Wye River Group previously served as The Pine School’s financial advisor in connection with the School’s Series 2014 Bonds which was structured as a synthetic fixed rate tax-exempt bond. The Series 2022 Bonds were issued to refinance the Series 2014 Bonds, pay-off outstanding capital lease obligations and fund transaction costs. The specific services provided by Wye River in this most recent financing included (1) valuation and termination of the existing 2014 interest rate swap, (2) management of all swap-related documentation (ISDA Schedule, Trade Confirmation, Dodd-Frank Forms and Certificates, etc.), and (3) execution and settlement of the 2022 interest rate swap.
The School’s existing 2014 interest rate swap was terminated prior to closing. The negative value of that termination was “blended” into a new interest rate swap hedging the Series 2022 Bonds. The School secured an all-in rate in the low 3% range.
The financing closed successfully on January 26, 2022.