Kent School, founded in 1906, is a non-profit, four-year, coeducational college preparatory boarding/day school located on approximately 1,000 acres in Kent, Connecticut. Kent's objective is to provide a liberal arts college preparatory education and to have its students develop their abilities and increase their knowledge of themselves and their world. Enrollment is aproximatley 550 students (513 boarding and 37 day) in grades 9 through 12.

Project:  Proceeds from the Series D Issue refinanced the callable Series B Bonds which proceeds were used to refinance the variable rate Series A Issue to a fixed rate. The Series A proceeds were used to finance the School’s major campus renovations and new construction when it consolidated the boys and girls campuses.

Structure:  $21,725,000 Issue Series D, was structured as a fixed rate transaction, sold in $5,000 denominations, with a 20-year final maturity in 2023. The issue was supported with MBIA insurance.

Closing Date:  October 6, 2004.

Results:  The true interest cost for the issue was 4.004%. The financing achieved a 6.027% savings on the refunded par, replacing prior bonds carrying an average coupon of 5.412% with bonds carrying an average coupon of 4.488%.

Financing Team:  Carmody & Torrance LLP; Lamont Financial Services; Loop Capital Markets, LLC; MBIA Insurance Corporation; Robinson & Cole LLP; Rome McGuigan Sabanosh, P.C.; Shipman & Goodwin, LLP; Stifel Nicolaus & Company Incorporated; U.S. Bank National Association; Wachovia Bank, NA.