Independent Schools Financing

Independent School Finance

Our Independent School Finance includes some of the industry's most seasoned municipal advisors, underwriters and quantitative analysts. We are driven to provide our clients with the highest level of service—before, during and after a financing engagement. We maintain one of the industry's most experienced and skilled quantitative finance groups specializing in independent school finance.

George K. Baum & Company's Independent School Finance Group is one of the few investment banking teams nationally focused on the needs of independent schools. As a school's investment banker—no matter how big or small a debt offering—our goal is to educate our clients on all of their potential financing options while balancing cost, risk and compatibility with the client's goals and philosophy toward the use of debt. We pride ourselves in empowering our clients to make sound decisions throughout the financing process. 

Our Independent School Finance professionals provide a wide range of services to our clients.
These services include, but are not limited to, the following:


George K. Baum & Company is one of the nation's leading underwriters of municipal bonds. Our decades of experience, combined with the frequency in which we bring bond issues to market, helps our clients obtain competitive borrowing costs and some of the most attractive terms available in the market.


The synergy of local expertise and national resources is unique to George K. Baum & Company and is the foundation of our municipal advisory business. These services are significantly complemented by our underwriting experience developed while working on other transactions. It is vital for a municipal advisor to be in-step with the market. We believe that to be an effective municipal advisor for a client, a firm must maintain an active underwriting presence on other transactions. Our underwriting experience allows us to analyze all of our clients' outstanding bonds for refunding opportunities, monitor market conditions to guide the timing of our clients' bond sales and interpret market activity. This underwriting experience allows us to identify the most effective structures and sale methods available for our clients' bonds and to make other informed recommendations to our clients when engaged as a municipal advisor.


In assessing a client's financing options, we detail the pros, cons and risks of direct placement financings or debt issuances sold in the public markets based on the competitive nature of the proposals and a client's own credit rating. George K. Baum & Company has a frequent presence pricing bonds in the primary market and in the arrangement of direct purchases. This experience enables our clients to obtain some of the lowest borrowing costs and most attractive terms available.


George K. Baum & Company has developed a unique "dual track" financing process to assist clients in determining the most appropriate financing structure for their offering. The dual track includes distributing a credit package to banks and rating agency(ies) for their review as part of the client's Request for Proposal ("RFP") process. George K. Baum & Company orchestrates the RFP and rating processes and prepares a comprehensive summary analysis to simplify the decision-making process. The dual track RFP process often yields extraordinary results for our clients because banks are put in a competitive situation.


With direct input from the client, George K. Baum & Company utilizes its proprietary financial models that forecast and stress-test the client's future financial viability after incurring new, or refinancing existing, debt. The financial modeling process assists the client in developing parameters around a prudent level of debt capacity. The model is an interactive tool that can be adjusted and changed in real time, allowing for informed and efficient decisions. It also serves as the basis for conveying the client's current and future financial performance to potential financing partners.


George K. Baum & Company has one of the largest and most diverse housing finance practices in the nation. Our team of bankers, quantitative analysts and underwriting/syndicate specialists work with state and local housing finance agencies to assess their needs and those of the communities they serve and develop product and finance solutions tailored to fit them.


George K. Baum & Company has been involved in the evaluation, structuring, underwriting and distribution of private activity bonds since the 1960s. We are familiar with the credit practices of banks that issue letters of credit and are able to provide appropriate recommendations on coverage requirements, reserve funds, additional bonds tests, capitalized interest and pricing structures needed to sell the bonds at the least cost.


George K. Baum & Company is at the leading edge of quantitative analysis for municipal financings. Our commitment to quantitative analysis led to the formation of a specialized quantitative finance group whose sole responsibility is to develop and implement functional and analytical tools for our clients. Our quantitative professionals do not rely on any outside resources. All of the work performed for our clients is done in-house. Our significant experience in the area of debt structuring includes all aspects of refunding and cash flow modeling, such as crossovers, invested sinking funds and transferred proceeds. Our quantitative professionals specialize in performing a variety of important tasks, including;

• Bond Structuring
• Refunding Calculations & Innovations
• Pro Forma Analysis
• Escrow Restructurings
• Cash Flow Analysis


George K. Baum & Company assists our clients with a wide variety of debt financing for acquiring or expanding existing facilities or building new ones using publicly issued bonds or direct purchases. Our expertise in both the public markets and the direct purchase markets enables our clients to analyze the full range of financing possibilities.


George K. Baum & Company has developed proprietary methodologies for working with rating agencies to secure first-time, or obtain renewed, ratings for our borrowers. George K. Baum & Company devotes extensive resources to the development of each credit package with the intention of exceeding the expectations of the client and rating agencies.


George K. Baum & Company assists our clients by taking advantage of market opportunities to refinance or restructure existing debt. Cash flow savings from reduced annual debt service can improve operating budget flexibility and be reinvested by our clients.


George K. Baum & Company has advised its clients on more than 400 interest rate swap transactions totaling more than $10 billion. Our Specialty Financial Products Desk works closely with our team and clients to implement an interest rate swap strategy that meets the financial needs of those clients.


George K. Baum & Company's commitment to the municipalities of Kansas and Missouri does not end in the primary market. Investors know we are committed to supporting their bonds in the secondary market, and this significantly enhances our ability to place bonds as part of a primary offering. In the past 10 years, we have traded more than $34 billion of municipal bonds in the secondary market, including $4.6 billion of Kansas and Missouri securities.


Our work in the Midwest has included bond issues to fund restoration of state capitol buildings, improvements to highways and turnpikes, structuring and implementation of clean water/wastewater revolving fund, and numerous healthcare and higher education financings.


  • Independent School Clients
  • Newsletters
  • Presentations

Independent School Client Experience

The following is a partial list of our Independent School clients:

Abraham Joshua Heschel School, NY
Aspen Country Day School, CO
Aspen Music Festival and School, CO
The Auditory/Oral School of New York, NY
Bancroft School, MA
Barstow School, KS
Belmont Day School, MA
Belmont Hill School, MA (3 issues)
Berkshire School, MA
Berwick Academy, ME (2 issues)
Bishop Guertin High School, NH
The Bolles School, FL
Boston College High School, MA (2 issues)
Brewster Academy, NH
Brooklyn Heights Montessori School, NY (3 issues)
Brooks School, MA (2 issues)
Buckingham, Browne & Nichols School, MA (3 issues)
Buckley School, CA
Bullis School, MD
The Calverton School, MD
Cambridge Friends School, MA
Cardigan Moutain School, NH
Childpeace Montessori School, OR
Concord Academy, MA
Congregation Darchei Torah, NY
Congregation Lev Bais Yaakov, NY
Criterion Children Services, MA
Dana Hall School, MA
De Matha Catholic High School, MD
Derryfield School, NH (2 issues)
Dexter and Southfield Schools, MA (2 issues)
Dwight Englewood School, NJ
Epiphany Community Nursery School, NY
Evergreen Center, MA (3 issues)
Evergreen Country Day School, CO
The Fessenden School, MA
Foxcroft Academy, ME
The Governor's Academy, MA (2 issues)
Groton School, MA (3 issues)
Hillcrest Educational Centers, MA (2 issues)
Hotchkiss School, CT
The John Cooper School, TX (2 issues)
JSerra Catholic High School, CA
Kent Denver School, CO
Kents Hill School, ME
Kimball Union Academy, NH
The Learning Center for Deaf Children, MA (2 issues)
Lev Bais Yaakov, NY
The Lovett School, GA
The Madeira School, VA
Meadowbrook School, MA
Miss Porter's School, CT
Montessori School of Denver, CO
New England Center for Children, MA (2 issues)
New England Home for Little Wanderers, MA
New Hampton School, NH
Noble and Greenough School, MA
Northfield Mount Hermon, MA (2 issues)
Oregon Episcopal School, OR
Palmer Trinity School, FL
Park School, MA
Park Century School, CA
Peddie School, NJ
Pembroke Hill School, MO (2 issues)
Phillips Academy, MA (2 issues)
Phillips Exeter Academy, NH (2 issues)
Pinkerton Academy, NH
Porter-Gaud School, SC (2 issues)
Princeton Day School, NJ
Princeton Montessori School, NJ
Proctor Academy, NH
Providence Day School, NC
Randolph School, AL
The Rectory School, CT
Riverdale Country School, NY
Sage Hill School, CA
San Francisco Friends School, CA
Sandy Spring Friends School, MD
Shore Country Day School, MA
Sidwell Friends School, DC
Springside Chestnut Hill Academy, PA
St. John's High School, MA
St. Mary's School, CA
St. Mary's School, WY
St. Paul's School, NH (3 issues)
Stevenson School, CA (2 issues)
Stratton Mountain School, VT
Tabor Academy, MA (2 issues)
Thacher School, CA (2 issues)
Vail Mountain School, CO
Walnut Hill School, MA (2 issues)
Waynflete School, ME (2 issues)
The Webb Schools, CA
Westminster Christian School, FL
Westtown School, PA
Wilbraham & Monson Academy, MA
The Willows Community School, CA
Worcester Academy, MA
Xaverian Brothers High School, MA
Yeshiva Darchei Torah, NY


The above list is a representative client list of George K. Baum & Company. The names on this list are not to be construed as an endorsement or recommendation of George K. Baum & Company's services. George K. Baum & Company has worked with the schools on this list or the foundations that serve them to manage and/or underwrite bond financings.


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