Two faith-based schools obtained 1.97% long-term, tax-exempt financing.
Type of Financing
Tax-Exempt Private Placement
Financing Amount
$19,000,000
The Need:
An affiliated faith-based grade school and high school sought low-cost, long-term tax-exempt financing in the midst of the COVID-19 pandemic. The schools needed a new borrowing to refinance higher cost debt and to provide funds for new construction.
Our Solution:
Coughlin created a thorough Request for Proposal package, negotiated extensively with bidders, and then led the working party group to a successful closing with a very tight timeline. The schools obtained a 1.97% fixed rate for 15 years using an interest rate swap. With this low rate and long-term financing in place, the schools have the cash necessary to construct the facilities needed for expansion and they can more confidently establish budgets and set tuition levels well into the future.