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Renovation & Expansion Project
Variable Rate Demand Bonds
$13,500,000
A PDF version of this Case Study is available here: 
|  Client Profile: The
Out-of-Door Academy is an independent college-preparatory school located in
Sarasota, FL and is the second oldest independent school in the State. The School operates from two locations - its
Siesta Key Campus which hosts grades PK-6 and its Lakewood Ranch Campus which
houses grades 7-12. ODA enrolls
approximately 600 students in grades Pre-K through 12 and employs more than 100
faculty and staff. Project Overview: - New 22,000 square foot visual and performing arts center at
Lakewood Ranch Campus
- Expansion and renovation of athletic infrastructure,
including an addition to the gymnasium, a track and football/soccer field with
stadium seating, tennis courts and new practice fields at Lakewood Ranch Campus
- Expansion and renovation of select other facilities at
Siesta Key Campus
Financing Overview: ODA
sought to structure its financing as a long-term, tax-exempt variable rate
demand bond issue. The transaction was
designed so that the School's annual debt service obligation is serviced
comfortably by its projected net operating income. Total debt was $13,500,000 and included monies
to (i) fund all project and financing-related costs and (ii) refinance certain
existing debt of the School. As
financial advisor to the School, Wye River Group performed the following
services: - Developed comprehensive Finance Plan for the Project
- Coordinated the solicitation, evaluation and selection of
candidates to provide banking and underwriting services for the School's financing
- Negotiated key terms of the financing with the selected
provider
- Managed the investment of the School's bond proceeds to assure
maximum permitted yield and minimal negative arbitrage
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