ODA’s project involved borrowing $23.75 million to refinance its outstanding Series 2013 Bonds, fund select new capital projects on its campus properties including construction of a new fieldhouse, athletic fields, Middle School Student Center and other select projects, and fund transaction and other miscellaneous costs associated with the financing.
ODA’s 2018 financing comprised two series of tax-exempt debt obligations totaling $23.75 million. The Series 2018A Note was structured as a $17.25 million tax-exempt variable rate, non-bank qualified note. Its purpose was to refinance ODA’s outstanding Series 2013 Bonds, fund transaction costs and provide borrower reimbursement. The Series 2018B Note was structured as a $6.5 million tax-exempt variable rate non-bank qualified note, used to finance capital improvement projects and provide borrower reimbursement.
In 2013, Wye River served as financial advisor to ODA to fund a $13.5 million renovation and expansion project. The School sought to construct a new 22,000 square foot visual and performing arts center at its Lakewood Ranch campus, expand and renovate its athletic infrastructure, including an addition to the gymnasium, a track and football/soccer field with stadium seating, tennis courts and new practice fields. ODA also desired to expand and renovate select other facilities at its Siesta Key campus. Wye River assisted in securing a long-term, tax-exempt variable rate demand bond issue, designed so that the School’s annual det service obligation was serviced comfortably by its projected net operating income. Total debt was $13.5 million and included monies to (1) fund all project and financing-related costs and (2) refinance certain existing debt of the School.