The Academy, founded in 1826, is a non-profit, four-year, all girls college preparatory day school located on 29 acres in Greenwich, Connecticut.  Approximately 750 students are enrolled in pre-kindergarten through grade 12. The majority of students (68%) reside in Greenwich, 19% reside in surrounding Connecticut towns, and 13% of the students commute from neighboring New York state. 

Project:  Bond proceeds were used to advance refund the Academy’s 1996 Series A issue. The Series A proceeds were used to construct a multi-purpose athletic facility and performing arts center.

Structure:  $15,490,000 Issue, Series D, was sold as a fixed rate issue, with credit enhancement provided by FSA Security Assurance Inc. The transaction was structured with serial bonds and two term bonds.

Closing Date:  September 16, 2004.

Results:  The true interest cost on the bonds was 4.288%. The transaction achieved a net present value savings of 5.783% on the refunded par amount.

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