Friendship Public Charter School

District of Columbia
Taxable Revenue Refunding Bonds
(Friendship Public Charter School, Inc. Issue)
Series 2021A

District of Columbia
Revenue Bonds
(Friendship Public Charter School, Inc. Issue)
Series 2021B

Wye River Group proudly served as Friendship’s Independent Financial Advisor for this transaction.


Friendship Public Charter School (Friendship) is a non-profit District of Columbia corporation which was organized in 1998. Friendship operates under a 15-year charter with the District which was most recently renewed in May 2013. Friendship serves over 4,400 students in grades Pre-K through 12 across 15 campuses at 9 sites in the northeastern and southeastern quadrants of Washington DC and is the second largest charter school network in DC.


Proceeds of the Series 2021A and 2021B Bonds were used to (1) refinance Friendship’s outstanding Series 2012 Bonds, (2) fund certain capital improvements at Friendship’s Southeast and Ideal campuses and (3) pay related transaction costs.


In October 2020, Wye River conducted a competitive solicitation of approximately two dozen lenders with a request for up to $65 million of taxable and tax-exempt financing. Friendship received 7 competitive proposals and ultimately decided to pursue financings with two separate lenders. The Series 2021A Bonds (proceeds of which were used to refinance the 2012 Bonds) are structured with a 20+ year synthetic fixed rate that resulted in significant present value savings and allowed for the debt service associated with the Southeast and Ideal projects to be more readily funded from existing operations. The Series 2021B Bonds are structured with a conventional fixed rate that is committed for 15 years. Both lenders provided fixed rates in the range of 2.50 to 2.75%.