BUILD NYC RESOURCE CORPORATION
Refunding Revenue Bonds
(Trustees of The Spence School, Inc. Project)
Founded in 1892, The Spence School is a college preparatory school for girls located in the Upper East Side of Manhattan. The School serves approximately 774 students from Kindergarten to Grade 12. With a commitment to academic excellence and personal integrity, Spence prepares a diverse community of girls and young women for the lifelong transformation of self and the world, with purpose, passion and perspective.
Wye River has served as financial advisor to Spence since 2012 and advised the School in connection with the issuance of its Series 2013 and Series 2019 Tax-Exempt Notes, both of which were fixed rate bank-purchased obligations. With interest rates falling to historically low levels, Wye River identified an opportunity for the School to realize significant savings in connection with the refinancing of its outstanding debt. On behalf of the School, Wye River conducted a competitive solicitation of commercial lenders for tax-exempt financing, and the School received several attractive proposals in response.
The Series 2022 Bonds were issued through Build NYC Resource Corporation and the proceeds were used to refund the School’s Series 2019 Bonds. The Bonds were structured as a tax-exempt bank loan. The interest rate, which was below 2%, is committed for 20 years and the Bonds mature in 2049.
The financing closed successfully on February 28, 2022.