Client Background:  In 1960, families from local Presbyterian and Christian Reformed churches founded Washington Christian School, a grammar school serving a racially and economically diverse community. In 1996, the Washington Christian School merged with Silver Spring Christian Academy and became Washington Christian Academy serving grades K-12.  In the summer of 2005, WCA was forced to move from its location of 20-plus years (a dormant public school building which was reclaimed by the Montgomery County School System for public school use).  This unfortunate event in the School's history caused a significant short-term decline in enrollment.  At the same time, the School was actively pursuing a bond financing for the development of its new campus and facilities.

Project Overview:  WCA developed a multi-year master plan that took full advantage of a 60-acre site which is had purchased in Olney, Maryland.  The full development of the campus included separate buildings for elementary, middle and high school students, an athletic/gymnasium complex, athletic fields, chapel, performing and fine arts center and amphitheatre. These facilities were being phased into existence during the 10 years following the start of construction.  Phase I of the School's master plan included the construction of a 2,000 SF academic building, a 10,000 SF gymnasium and all related site improvements.

Financing Overview:  The Washington Christian Academy desired to secure permanent debt financing for the acquisition and development of its new campus property.  The combination of the School's relatively weak balance sheet, recent declines in enrollment given its move to temporary space, and the sheer size of the School's project and financing presented a series of unique challenges which needed to be navigated.  From day one, Wye River Group played an instrumental role in planning for and implementing the School's financing.  Over the course of our engagement, our specific services included:

• The development of the School's Finance Plan and all associated quantitative analysis (financial projections, cash flow/debt service coverage analysis, bond sizing and structuring analysis, etc.)
• Securing interim financing for the Olney site pending completion of permanent financing
• The solicitation, evaluation and recommendation of a reputable and highly-experienced underwriter to help structure, market and sell the School's Non-Rated Fixed Rate Bonds
• The negotiation of key terms & interest rates with the School's underwriter and bond investors