Patterson Park Public Charter School

Patterson Park Public Charter School (PPPCS) is a non-profit Maryland corporation which operates a public charter school under the terms of a charter school agreement with the Baltimore City Board of School Commissioners. The Charter Agreement was initially executed on or about August 2, 2005, and was most recently renewed on August 16, 2018, for an additional five-year period. PPPCS serves 725 students in grades Pre-K through 8.

$11,716,000
MARYLAND HEALTH AND HIGHER EDUCATIONAL FACILITIES AUTHORITY
Revenue Bond
Patterson Park Public Charter School Issue
(2019)

Wye River Group Served as Patterson Park’s Independent Financial Advisor for this Transaction.

Project Overview

Refinancing of its outstanding Series 2010 Bonds issued by MHHEFA.

Financing Overview

In July 2019, Wye River conducted a competitive solicitation for tax-exempt financing to currently refund the Patterson Park’s outstanding Series 2010 Bonds.  PPPCS received 9 competitive proposals and ultimately decided to pursue a bank-based financing with a lender that provided a conventional fixed rate in the low 3% neighborhood. The financing closed on schedule in late-October and the 2010 Bonds will be redeemed in mid-November.

As a result of this financing, PPPCS will realize over $200,000 of annual debt service savings which will enable the School to build its liquidity reserves, invest in its programs and services, and position itself for future growth.

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