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March 03, 2021

The Westminster School Issues Uniquely Structured Bond Deal

The Westminster School recently issued bonds to refinance two of its outstanding bond issues through the Authority. The $40 million bank direct purchase offering was uniquely structured with a combination of tax-exempt and taxable debt.

The tax-exempt series was used to refinance a variable rate issue, while the taxable issue was used to advance refund the School’s 2014 offering which is not callable until 2024.

In addition, the School entered into a forward purchase contract with the bank to convert the bonds from a taxable issue to a tax-exempt issue on the July 1, 2014 call date.

Westminster, located in Simsbury opened for the fall term fully enrolled at 413 students versus a budgeted 406 students. Westminster is simultaneously conducting classes live, in person and over a video platform. Additionally, classes are recorded for distance learning students. Currently, the School has 34 out of its 60 International students distance learning due to travel and or COVID related concerns.  

CHEFA is proud to partner with nonprofit educational institutions to help them achieve cost effective financing so that they can continue to provide high quality learning opportunities to students throughout Connecticut.