Wilmington Friends School to Finance New Building With Delaware Economic Development Authority Revenue Bonds
Ballard Spahr served as bond counsel to the Delaware Economic Development Authority (DEDA) in the recent issuance of $43.6 million in bonds to finance construction of a new school building for the Wilmington Friends School.
Proceeds of the Wilmington Friends School Project Series 2023 tax-exempt 501(c)(3) revenue bonds will be used to pay the costs of construction and equipping of a state-of-the-art lower school building at Wilmington Friends School’s main campus located at 101 School Road.
Pursuant to a bond purchase and loan agreement by and among DEDA, the school, and Silicon Valley Bank (SVB) as bond purchaser, DEDA issues the bonds purchased by SVB, and the proceeds are then applied to make a long-term drawdown loan to the school. The bonds were issued solely on the credit of Wilmington Friends School and do not involve financial risk to the state or taxpayers.
The Ballard Spahr team that advised the DEDA was led by Emilie R. Ninan, Co-Chair of Ballard Spahr’s national Finance Department, and included Of Counsels Stephanie S. Kim and Jean S. Everett and paralegal Laura Cavacini.
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