King & Low Heywood Thomas is an independent, coeducational college preparatory day school. The School is situated on a 34-acre campus in suburban north Stamford, Connecticut. Program needs are met by 5 campus buildings and various outbuildings and athletic fields. There are approximately 690 students enrolled in pre-kindergarten though grade twelve.

In 1975, the trustees of both the Thomas School and the Low-Heywood School advocated creating a combined girl’s school, Low-Heywood Thomas. In 1988, the long-standing relationship with the King School was formalized. King & Low-Heywood Thomas School represents the best of each of its constituents. The combined school of King & Low-Heywood Thomas draws upon a cumulative educational experience and tradition of nearly 140 years.

Project:  The transaction funded construction of a new middle school including an all-purpose room, a new science lab, office space, classrooms, art room, music room and three labs; other campus renovations and improvements; head of school residence; drainage improvements; and refinancing of existing debt.

Structure:  $11,005,000 Issue Series A was backed by a letter of credit through Allied Irish Bank. The bonds were sold in $100,000 denominations. The variable rate issue was structured with a single 30-year term, with a weekly interest rate reset.

Closing Date:  August 27, 2003.

Results:  The initial interest rate set for the Series A issue was 0.85%. The School projected capacity to increase its enrollment to 750 students upon completion of the project.

Financing Team:  Allied Irish Banks, plc; The Bank of New York; Carmody & Torrance LLP; Gates Capital Corporation; Lamont Financial Services; Robinson & Cole LLP; Shipman & Goodwin LLP; Whitman Breed Abbott & Morgan.