The Central Connecticut Coast YMCA is a nonprofit community-based organization devoted to building the spiritual, mental and physical well being of children, families and communities. The Central Connecticut Coast YMCA, Inc. was formed through a merger of the New Haven and Bridgeport YMCAs in 1994. The YMCA’s beginnings in these communities date back to 1859 in New Haven and 1883 in Bridgeport. With eleven branches, including Bridgeport (three), Fairfield, Guilford, Hamden, Milford, New Haven, Stratford, Trumbull, and Mt. Washington, Massachusetts, the CCC YMCA employs 1,200 full– and part-time staff, and has over 800 volunteers.

CCC YMCA serves over 40,000 men, women and children of all races, nationalities and income levels in 20 cities and towns in Connecticut and Massachusetts through five main program areas: 1) child care and development; 2) camping and environment; 3) adult services; 4) youth and family; and 5) housing services.

Central Connecticut Coast YMCA operates school readiness centers in Bridgeport and New Haven. It also operates full-day preschool child care, school-age child care, and infant/toddler child care in 53 programs at 31 sites throughout its service area. CCC YMCA serves over 2,100 children and their families at these two locations.

Project:  Bond proceeds provided for the acquisition and redevelopment of the former Kolbe Cathedral High School located in Bridgeport into a child care center serving 108 children, 100 after-school children, and a charter high school through a collaboration with Bridge Academy serving 185 children. Project funds also provided for the renovation at the Milford/Orange YMCA to enclose the existing pool so that it can be used year-round. The pool previously had an inflatable vinyl bubble, which had exceeded its estimated useful life, and was in poor condition. The CCC YMCA also retired $200,000 of existing debt, which proceeds were used for various capital improvements at different CCC YMCA sites.

Structure:  $4,500,000 Issue, Series A sold as variable rate bonds, set in a weekly interest rate reset mode, in $100,000 denominations. The transaction was supported by a letter of credit provided by Citizens Bank of Rhode Island.

Closing Date:  September 11, 2003.

Results:  The initial interest rate on the bonds was 0.90%.

Financing Team:  Advest, Inc.; The Bank of New York; BNY Capital Markets, Inc.; Carmody & Torrance LLP; Citizen’s Bank of Rhode Island; Lamont Financial Services; Murtha Cullina LLP; Robinson & Cole LLP; Wiggin & Dana LLP .