Our Lady of Good Counsel High School

Maryland Health and Higher Educational Facilities Authority
Revenue Bond
Our Lady of Good Counsel Issue
(2014A and 2015B)

Wye River Group served as Our Lady of Good Counsel’s Independent Financial Advisor for this transaction.

Project Overview

In 2014 and 2015, Our Lady of Good Counsel High School incurred $41,575,000 in debt through the issuance of long term tax-exempt bonds (the “Series 2014/15 Bonds”). The Series 2014/15 Bond proceeds were used to repay bonds issued in 2005 to finance the development of the new Olney campus. They were also used to fund a new performing arts facility.

The Series 2014/15 Bonds were sold to BBVA Compass Bank which was selected in late 2013 pursuant to a competitive financing solicitation process. The Series 2014 and 2015B Bonds were sold as fixed rate bonds for 10 years. The Series 2015C Bonds were sold as variable rate bonds, primarily to bridge finance a capital campaign for the performing arts facility.

Good Counsel sought to restructure their Series 2014A and 2015B Bonds using Wye River as their IRMA.

Financing Overview

On behalf of Good Counsel, Wye River negotiated with BBVA Compass Bank to secure a restructuring of the School’s existing Series 2014/2015 Bonds. Utilizing an interest rate swap, the restructuring reduced the School’s annual debt service by approximately $485,000 and locked in the School’s cost of capital for 15 years. The financing successfully closed on June 30, 2020.