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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:

UNDERWRITING SERVICES

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.

MUNICIPAL ADVISORY SERVICES

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.

DIRECT PLACEMENT FINANCINGS

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.

DUAL TRACK FINANCING PROCESS

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.

FINANCIAL PROJECTIONS MODELING

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.

NATIONAL HOUSING FINANCE GROUP

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.

PRIVATE ACTIVITY BONDS & ECONOMIC DEVELOPMENT PROJECTS

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.

IN-HOUSE QUANTITATIVE CAPABILITIES

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

NEW PROJECT FINANCING

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.

RATING AGENCY PRESENTATIONS

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.

REFINANCING & RESTRUCTURING DEBT

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.

SWAP ADVISORY SERVICES

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.

SECONDARY MARKET SUPPORT OF BONDS IN THE MIDWEST

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.

STATE GOVERNMENT FINANCINGS

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.

 

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Independent School Client Experience

The following is a list of our Independent School clients since 2010:

12/14/17 Chadwick School
10/24/17 Lovett School
09/21/17 Escuela Bilingue Internacional
09/20/17 Grace Church School
09/14/17 Loudoun Country Day School
08/28/17 Pine Crest School
08/09/17 Charles River School
08/01/17 Madeira School
07/18/17 Garrison Forest School
06/28/17 Dunn School
06/23/17 Winchester Thurston School
06/15/17 The Peck School
06/13/17 Westover School
05/31/17 Colorado Academy
05/25/17 Hammond School
05/09/17 Ransom Everglades School
05/09/17 Jackson Academy
02/09/17 International School of the Peninsula
02/09/17 Concord Academy
01/25/17 Proctor Academy
11/11/16 Alexander Dawson School
11/10/16 Kent Denver School
11/02/16 Vail Mountain School
10/27/16 Woodberry Forest School
10/20/16 Carolina Friends School
09/28/16 Creative Center of Los Altos
09/22/16 Stevenson School
09/13/16 Princeton Day School
08/31/16 Norfolk Academy
07/21/16 Key School
07/01/16 Crystal Springs Uplands School
06/15/16 Providence Day School
05/12/16 Ursuline Academy
04/06/16 The Center for Early Education
04/01/16 Phillips Exeter Academy
03/09/16 St. Patrick's Episcopal Day School
12/16/15 Friends Community School
12/03/15 Ashley Hall School
12/02/15 Lawrence School
10/06/15 Noble and Greenough School
10/01/15 Bullis School
09/28/15 The Galloway School
09/14/15 Dexter Southfield School
09/01/15 Charlotte Country Day School
08/27/15 Kimball Union Academy
08/18/15 Miss Porter's School
07/08/15 Boston College High School
06/29/15 Shattuck-St. Mary's School
06/24/15 Aspen Country Day School
06/17/15 Holton-Arms School
06/01/15 St. Paul's School
06/01/15 The John Cooper School
05/21/15 St. Andrew's Episcopal School
05/01/15 Shorecrest Preparatory School
10/28/14 The Waynflete School
10/16/14 Asheville School
10/08/14 The Pembroke Hill School
09/23/14 Brentwood School
09/19/14 St. David's School
09/17/14 The Fletcher School
08/22/14 Porter-Gaud School
07/31/14 Woodside Priory School
07/25/14 Kiskiminetas Springs School
07/22/14 Episcopal School of Dallas
06/26/14 The Lab School of Washington
06/16/14 The Fessenden School
04/10/14 Marlborough School
03/31/14 Stratton Mountain School
03/27/14 The Culver Academies
03/26/14 Northfield Mt. Hermon School
02/20/14 Montessori Academy of Colorado
01/23/14 Montessori School of Denver
01/22/14 Bridgton Academy
10/17/13 Groton School
10/15/13 Middlesex School
09/17/13 Charlotte Latin School
08/29/13 Millbrook School
08/01/13 The Hun School of Princeton
07/25/13 Washington International School
07/01/13 Grace Church School
06/20/13 The Barstow School
05/30/13 Denver Academy
05/01/13 Rehoboth Christian School
04/12/13 Brookwood School
03/06/13 St. John's High School of Worcester
12/17/12 San Francisco Friends School
12/14/12 Park Century School
12/03/12 Springside Chestnut Hill Academy
10/31/12 Dwight-Englewood School
10/11/12 Westtown School
10/03/12 Willows Community School
08/15/12 Aspen Music Festival & School
08/15/12 Aspen Country Day School
08/07/12 Lovett School
07/27/12 Montessori School of Denver
07/11/12 Cardigan Mountain School
06/29/12 Bullis School
06/28/12 Shore Country Day School
06/07/12 Randolph School
04/02/12 The John Cooper School
03/06/12 The Webb Schools
02/09/12 The New England Center for Children
01/31/12 Sandy Springs Friends School
01/27/12 The Calverton School
01/06/12 Westminster Christian School
01/05/12 The Rectory School
12/19/11 Buckingham Browne & Nichols School
10/28/11 Brooks School
07/01/11 The Bolles School
06/24/11 St. Mary's School
06/09/11 Noble and Greenough School
06/07/11 Sidwell Friends School
04/01/11 St.Stephen's Episcopal School
03/10/11 Stevenson School
12/20/10 Sage Hill School
12/17/10 Proctor Academy
12/01/10 Porter-Gaud School
11/05/10 The Buckley School
09/30/10 St. Paul's School
09/23/10 Providence Day School
05/03/10 Pinkerton Academy
03/03/10 Wilbraham & Monson Academy
03/02/10 St. Patrick's Episcopal Day School
02/24/10 Palmer Trinity School
02/03/10 Aspen Academy

 

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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