Lowell School

District of Columbia
Refunding Revenue Bonds and Taxable Note
(Lowell School, Inc. Project)
Series 2013AB
(2021 Reissuance)


Founded in 1965, Lowell School enrolls students in grades PK-8 and strives to create an inclusive community of lifelong learners in which each individual is valued and respected. Lowell is a coeducational independent school with a total enrollment of 340 students and is situated on an 8-acre campus bordering Rock Creek Park in Washington, DC.


Proceeds of the School’s 2021 Bonds and Taxable Note were used to (1) refund the School’s outstanding Series 2013 Bonds, (2) refinance an existing residential mortgage loan, (3) fund costs associated with the termination of the School’s existing interest rate swaps, and (4) fund transaction costs.


The 2021 Bonds were issued through the District of Columbia and structured as a “direct-purchase” with a commercial bank. The Taxable Note was fully amortized over a five-year period after 12 months of interest only payments. The 2021 Bonds were “wrapped” around the Taxable Note, with interest only payments until the Taxable Note matures and amortizing over 25 years thereafter. The financing had interest rates in the mid to high 2% range and was structured to provide for both near term cash flow relief to the School as well as overall net present value savings.

The financing closed successfully on September 23, 2021.