Hawkins Delafield & Wood LLP has significant expertise and experience in tax-exempt financings for primary and secondary schools. Our engagements have often involved providing our clients with legal analysis and advice with respect to fundraising pledges, project eligibility, financial covenants and bond structuring. Hawkins's experience and expertise in tax-exempt health care finance is described under "Health Care Finance," and in higher education can be found under "Higher Education Finance." Noteworthy engagements include:
St. Paul's School
Located in Concord, New Hampshire, St. Paul's is one of the preeminent preparatory schools in the nation. Founded in 1856, the school enjoys a national reputation for educational excellence and has cultivated a generous community of alumni and other supporters. St. Paul's earned "natural triple-A" ratings from both Moody's and Standard & Poor's. (St. Paul's and two other Hawkins clients, Phillips Exeter Academy and The Hotchkiss School, represent three of the five "natural triple-A" preparatory schools in the United States.) Hawkins has served as bond counsel for each of St. Paul's three series of tax-exempt bonds. By accessing the bond market, St. Paul's was able to preserve its endowment for furtherance of its educational mission.
Lick-Wilmerding High School
The Firm served as bond counsel and disclosure counsel for Lick-Wilmerding High School. This prominent San Francisco high school borrowed $20 million on a tax-exempt basis to finance a new technology and design center and other significant improvements to its campus. Lick-Wilmerding received an "A-" credit rating, making it the first private K-12 school in California to have received an "A" category rating.
The Firm served as bond counsel and disclosure counsel for the Menlo School, an independent, co-educational, college preparatory day school serving grades 6-12 located in Atherton, California. Through a $15,000,000 issuance of variable rate bonds, Menlo School was able to finance the construction of new Upper School facilities, including academic buildings, administrative offices and a lecture hall.
Francis Parker School
The Firm served as bond counsel for the Francis Parker School on several issues, including a private placement of subordinate fixed rate bonds. The bonds financed the construction and rehabilitation of educational facilities of the School in San Diego, California. The Firm was able to assist the School through a complex series of negotiations involving senior credit providers and senior and subordinate investors.
La Jolla Country Day School
The Firm served as bond counsel and disclosure counsel for La Jolla Country Day School on its bond issues in 2006 and 2007 in the total aggregate principal amount of $40,000,000. The proceeds of the bonds were used to fund the acquisition and construction of educational facilities of the School in La Jolla, California. In 2010, the Firm served as bond counsel for the School when it refinanced its bonds through a $30,000,000 bank direct placement and a $10,000,000 taxable loan.