Hillshire Village Cultural Education Facilities Finance Corporation
(Providence Classical School Project)
Founded in 1999, Providence Classical School is an independent, co-educational, PreK-12th grade day school that offers a classical and Christian education. PCS is interdenominational and is not affiliated with a particular church. PCS serves 373 students in Spring, TX (which is about 30 minutes outside of Houston).
Proceeds of the Series 2022 Bonds were used refinance existing debt as well as to finance costs associated with select capital improvement projects including a gym expansion, building purchase, science lab expansion, library and office retrofit.
The Series 2022 Bonds were issued through HVCEFFC and structured as a tax-exempt variable rate bank loan with a local lender. The loan was synthetically fixed at a rate that was approximately 50 BPs lower than the available conventional fixed rate at the time. The transaction closed successfully on July 15.