Ridgefield Academy is a not-for-profit, non-denominational, coeducational day school for children from age 3 through eighth grade founded in 1975. The Academy offers a broad-based, challenging curriculum enhanced by a wide variety of extracurricular activities in athletics, the arts and community service. Learning at all levels encompasses rigor and innovation, structure and creativity, individual effort and teamwork. The School’s total enrollment is approximately 725 students largely from Fairfield County, Connecticut and Westchester County, New York.

Project:  The Series A bonds were used to finance the purchase the approximately 42-acre campus which was previously leased; refinance bank loans; and to complete various improvements to the campus.

Structure:  $12 million Series A sold as variable rate demand bonds set in a weekly rest mode, supported by a Bank of America letter of credit.

Closing Date:  June 17, 2005.

Results:  The initial interest rate set for the weekly structure was 2.39%.

Financing Team:  Advest, Inc.; Bank of America; Day Pitney LLP; Lamont Financial Services; Murtha Cullina LLP; Shipman & Goodwin LLP; U.S. Bank, N.A.