Country Day has recently moved $13.35 million from bond managers Tricadia, a New York-based financial company, to a bank loan with BBVA bank.
This means that the school will save $370,000 annually and $3.7 million over the 10-year period of the loan.
The bonds were taken out to help finance the current lower-school building.
BBVA is the second largest bank in Spain. It has recently focused on overseas expansion and now operates in 40 countries.
According to headmaster Stephen Repsher, Bill Petchauer, chief financial officer, has worked on this refinance for about a year.
The school also worked with financial adviser Josh Winters along with about 25 lawyers, representatives, government officials and bankers on the refinance.
Winters has restructured similar financial situations in the past for other schools.
The loan included a prepayment penalty of $1.8 million that the school “negotiated down to $655,000,” according to Kelley Taber, president of the Board of Trustees.
In 2023 the school will have to renegotiate how the remainder of its debt will be paid off.
