CBF’s project involved borrowing $14.5 million to refinance its outstanding tax-exempt debt and related interest rate swap, fund costs associated with the development of the Brock Environmental Center in the City of Virginia Beach, and fund transaction and other miscellaneous costs associated with the financing.
CBF’s financing comprised a combination of long term tax-exempt and short term taxable debt. The $6.2 million tax-exempt component was variable rate hedge by an interest rate swap and was used to refinance CBF’s existing debt. The second component was an $8.3 million taxable variable rate loan used to finance the development of the Brock Environmental Center. The taxable loan was structured to be repaid with capital campaign receipts as and when received by CBF.