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The Ethel Walker School has closed an $8.2 million tax-exempt bond issue through the Connecticut Health and Educational Facilities Authority (CHEFA). Proceeds of the bond issue were used to refinance the school’s existing bonds. The refinancing allowed the school to convert its existing debt from a variable rate to a fixed rate and significantly reduce its interest rate risk.
Proceeds from the original Series A bond issue were primarily used to renovate the School’s main building, the Beaver Brook Building, for use as an academic center. The project was a critical step in implementing the School’s Master Facilities Plan.
The full press release is attached.