The Little School

Founded in 1959, The Little School is a 501(c)(3) non-profit organization and is one of the first pre-schools in Seattle. TLS’ 12.6 acre Bellevue campus currently serves 163 students in grades Pre-K to 5.

$15,000,000
Washington State Housing Finance Commission
Series 2019A&B Bonds
(The Little School Project)

Wye River Group Served as The Little School’s Independent Financial Advisor for this Transaction.

Project Overview

Wye River Group served as The Little School’s independent financial advisor in connection with the financing of the development and construction of an extensive redesign of its campus layout, renovations to existing facilities and construction of a new multipurpose building to enable the School to better serve its current students and to increase capacity in support of greater levels of enrollment. The Project will enable the School to increase its capacity to up to a maximum 224 students and additional faculty & staff.

Financing Overview

The School’s financing involved the refinancing of a line of credit used to fund pre-construction expenses, bridging of a capital campaign and repayment based on growth projections. The proposed structure involved the use of School equity, a permanent debt component, and a bridge note to cover the gap between project costs and capital campaign receipts. Wye River conducted a broad based solicitation effort and secured a highly-competitive proposal adhering to the original RFP structuring request. The financing provided a 15 year commitment, an extended interest only period to allow for enrollment growth, very attractive conventional fixed rate (with no interest rate swap required) and extremely liberal security, financial covenant and banking relationship requirements. The transaction closed successfully on the School’s preferred schedule in May 2019.

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