Westminster is a coeducational boarding/day school located in Simsbury, Connecticut which offers a traditional college preparatory curriculum. Enrollment is approximately 380 students in grades 9 through l2. The School offers a traditional college preparatory curriculum of core subjects and a broad variety of elective courses allowing students to study outside of these core areas. The quality of the education offered by Westminster is enhanced by the low student-faculty ratio of approximately 5 to 1.

Westminster enrolls about 138 boarding boys, 107 boarding girls, 65 day boys and 58 day girls. Westminster students represent 24 states and 15 countries. The majority of Westminster students come from New England (61%). The Mid-Atlantic states represent the second largest geographic region (24%), followed by the West (4%), South (3%), and the Midwest (2%). International students make up 10% of the population.

Project:  Bond proceeds from the Series D issue were used to refund the School’s 1995 Series A with $8.890 million outstanding.   Proceeds from the Series A issue financed the construction of a new dormitory building and other renovations.

Structure:  $9,260,000 Issue, Series D was structured as a fixed rate transaction with credit enhancement from XL Capital Assurance.

Closing Date:  June 1, 2005.

Results:  The refunding achieved present value savings of 6.884% of the refunded par amount. The all-in true interest cost for the Series D issue was 4.40%.

Financing Team:  Carmody & Torrance LLP; Hawkins, Delafield & Wood LLP; Lamont Financial Services; Rome McGuigan, P.C.; Shipman & Goodwin LLP; Stifel Nicolaus; U.S. Bank, N.A.; XL Capital Assurance Inc.