Founded in 1853, Norwich Free Academy is a privately governed, endowed, regional independent high school. NFA is one of three endowed and incorporated schools in the state (the others are The Gilbert School in Winsted and Woodstock Academy). The Academy serves students from the City of Norwich and is the designated high school for seven surrounding towns: Bozrah, Canterbury, Franklin, Lisbon, Preston, Sprague and Voluntown. There are approximately 2,000 students enrolled at the Academy. The Academy is also home to the Slater Memorial Museum, and is one of two art museums in the United States located on a high school campus serving public secondary students.

Project:  Bond proceeds provided for the construction of a new 34,400 square foot Music and Art Wing and miscellaneous capital improvements. The new wing provides new classrooms, studios, rehearsal and performance areas, and allows the School to expand and enhance its art and music programs.

Structure:  $18,740,000 Issue Series A wa issued as a fixed rate transaction with Ambac insurance.

Closing Date:  June 30, 2004.

Results:  The issue achieved a true interest cost of 4.93%. There was good retail demand in the short end of the structure, and a strong combination of retail and institutional demand in the term bond. 

Financing Team:  Ambac Assurance Corporation; Banc of America Securities LLC; Carmody & Torrance LLP; Hawkins, Delafield & Wood LLP; Lamont Financial Services; Pullman & Comley, LLC; Shipman & Goodwin LLP; Wells Fargo.