The School was founded in 1975 as a residential and day school for children with learning disabilities. The School is located on a fifteen-acre campus in the heart of Greenwich, Connecticut. The School services approximately 206 children from Fairfield and Westchester counties as well as Manhattan in its day program and children from Connecticut, New York and New Jersey in its five-day boarding program. The School specializes in helping the child with learning disabilities to develop academic skills and self-confidence. The School’s mission is to provide the learning disabled child with intensive, short-term, remedial instruction and then return the child to the educational mainstream as soon as possible.

Project: Series A provided funds for (i) construction of a 14,400 gross square foot classroom building, which included twelve classrooms, an exercise room, a faculty lounge and storage areas; (ii) relocation and construction of driveways and parking lots, construction of sidewalks to create a pedestrian quad between the existing gym, administration building and the new classroom building; (iii) construction of a sub-surface drainage retention system; and (iv) refunding approximately $950,000 of existing indebtedness.

Structure: $5,990,000 Issue, Series A was sold as a variable rate transaction, initially sold in weekly mode supported by a letter of credit from the Bank of New York.

Closing Date: May 11, 2005.

Results: The initial interest rate set for the bonds was 3.02%.

Financing Team: Bank of New York; Carmody & Torrance LLP; Cuddy & Feder LLP; Gates Capital Corporation; P.G. Corbin Group, Inc.; Robinson & Cole LLP; Shipman & Goodwin LLP; U.S. Bank, N.A.