TD Bank announced that it executed a $23.4 million credit facility for a direct purchase of a tax exempt bond for The Governor’s Academy in Byfield, Massachusetts.

The funds will be used to refinance three series of existing debt, facilitate swap termination payments and to cover costs of issuance. The deal was completed by Jeffrey Bayard, Vice President of Not-for-Profit, Education and Government Finance at TD Bank.

A highly regarded academic institution, The Governor's Academy is the oldest continuously operating boarding school in the U.S. and was founded through a bequest by Governor William Dummer in 1763.The Academy offers an academic and co-curricular program for students in grades 9 through 12; two-thirds of these students board at the school.

Refinancing the Series 1996 and 2006 Bonds, which originally funded various construction projects on campus, and closing the two swaps significantly reduces the school’s annual debt service and provides interest rate risk protection, helping the school further invest in the student experience.

“TD Bank has worked with The Governor’s Academy for more than 10 years, allowing us to develop a deep understanding of their institution and finances and to provide trusted advice as they grow,” said Daniel Shimkus, Senior Vice President at TD Bank. “We are proud to work with renowned schools like The Governors Academy that offer high-caliber education to students from a variety of backgrounds and look forward to continuing to build our relationship.”

Innovation and a forward focus are as much a part of Governor’s as its 255-year history. The Academy continues to evolve its curriculum and diversify its student body, faculty and staff. Within the last decade, the Academy has increased on-campus housing, enhanced campus architecture through infrastructure updates and developed more sustainability programs.

“The Academy was looking at ways to combine its debt instruments and level-stream its debt service payments, and TD Bank was very responsive to the needs of the Academy and quickly understood our objectives," said Christopher Wejchert, The Governor’s Academy Chief Financial Officer.

"This refinancing was complex, as it involved retiring three prior debt instruments and replacing two swaps," Wejchert added. "We are very pleased with the outcome.” 

The Governor’s Academy in Byfield, MA, is the oldest continuously operated boarding school in the U.S.