Project: Bond proceeds financed the purchase of property and two buildings from the Brunswick School, which allowed Greenwich Academy to relocate its pre-kindergarten and kindergarten programs, and to expand its overall enrollment to approximately 800 students. The Academy also funded the expansion and renovation of the upper school dining facilities.

Structure: $11,770,000 Issue, Series C was a variable rate transaction, supported by a letter of credit from Wachovia National Bank.

Closing Date: September 16, 2004.

Results: The initial weekly rate for the Greenwich issue was 1.08%. Three institutional firms purchased the bonds, with Fidelity Investments taking over 70% of the transaction.

Financing Team: Bank of New York; Carmody & Torrance LLP; Citigroup Global Markets; Cummings & Lockwood; Financial Security Assurance Inc.; Lamont Financial Services Corporation; Robinson & Cole LLP; Shipman & Goodwin LLP; Wachovia National Bank.