Maryland Health and Higher Education Facilities Authority
Series 2019 A&B Bonds
(The St. Paul’s Schools Issue)
Wye River Group Served as St. Paul’s School’s Independent Financial Advisor for this Transaction.
Wye River served as St. Paul’s independent financial advisor in connection the financing of new capital projects including an approximately 56,000 SF Upper School Building and related site work.
The School’s financing comprised $20 million of interim debt to be repaid with the School’s project-related capital campaign and $5 million of permanent debt. A $5 million revolving line of credit and a $2 million equipment line of credit was also secured as part of the overall financing. St. Paul’s received several highly-competitive proposals pursuant to a competitive financing solicitation conducted by Wye River. Leadership of St. Paul’s selected a lender which provided a 15 year conventional fixed rate in the mid-2s for its permanent debt and 10 year conventional fixed rate for its interim debt (also in the mid-2s). The financing has liberal security, financial covenant and prepayment provisions and closed successfully in July 2019.