Vista College Prep desired to refinance a commercial loan incurred to finance the costs of acquiring, constructing, renovating, improving and equipping its Hadley campus. Vista College Prep currently leases land and a building housing its Maryvale campus. The School desired to refinance a commercial loan related to the existing Maryvale campus and finance the costs of leasing, constructing, improving and equipping a new building on the site.
Vista College Prep secured a $10.5 million revenue bond issue to finance the project, structured in two series. The Series 2018A Bonds in the aggregate principal amount of $10.36 million were structured as tax-exempt revenue bonds and used to fund costs associated with the School’s project and transaction costs associated with the issuance of the bonds. The Series 2018B Bonds in the aggregate principal amount of $140,000 were structured as a taxable bond and used to fund a portion of the project and capitalized interest.