Financial Advisory Services. Education Healthcare Economic Development Transportation and Infrastructure Association and Foundation

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1 Financial Advisory Services Education Healthcare Economic Development Transportation and Infrastructure Association and Foundation

2 TABLE OF CONTENTS Section 1 Background Information Overview of Wye River Group 4 Client Services 5 Representative Clients 6 Range of Financial Advisory Services 7-10 Section 2 Financing Support Services Financing Support Services by Phase Basic Financing Alternatives 15 Our Solicitation Process Closing Points 18 2

3 SECTION 1 BACKGROUND INFORMATION

4 OVERVIEW OF WYE RIVER GROUP Significant Non-Profit, Public and Real Estate Finance Experience Over 400 debt financings totaling $20+ billion Over 150 different educational institutions ranging from major national universities to start-up private and charter schools The nation s leading independent financial advisor to private schools Serves non-profit and governmental entities in a broad range of other industries including healthcare, economic development, transportation and infrastructure, association and foundation Broad range of debt financings deploying virtually every financing technique Strong relationships with all major financial institutions, credit enhancement providers and derivative counterparties Highly-effective process for competitively bidding and negotiating bank-based financings, public bond issues, letters of credit, derivatives and other financial products and instruments 4

5 CLIENT SERVICES We are an independent financial advisory firm specializing in project debt financing and related services for not-for-profit organizations and state and local governments Our range of capabilities includes the following: Capital Analysis and Planning Financial Modeling Financial Projections Sensitivity Analysis Evaluation of Financing Options Debt Affordability Analysis Credit and Credit Rating Assessment Investment Counsel Asset Allocation Services Investment Manager Selection Structured Investment of Debt Proceeds Cash Management Debt Financing Support Finance Plan Development Debt Structuring & Implementation Competitive Financing Solicitations Interest Rate Hedges Negotiated & Competitive Bond Sales Rating Agency Presentations Ongoing Support Services Arbitrage Calculations & Reports NRMSIRs Filings / Annual Reports Debt & Derivative Polices Transaction & Interest Rate Monitoring We work closely with each client to tailor a financing solution that meets its unique needs and have extensive experience with: Interim and permanent financings Bank-based financings including Bank Qualified (BQ) and Non-Bank Qualified (NBQ) Capital markets-based financings including rated and non-rated fixed rate bonds as well as letter of credit-backed Variable Rate Demand Bonds (VRDBs) All forms of interest rate hedges and credit enhancement 5

6 REPRESENTATIVE CLIENTS Colleges & Universities University of Massachusetts System University of Delaware University of Maryland System University of Virginia Loyola University Hood College Stevenson University Union Theological Seminary Charter Schools Friendship Public Charter School KIPP DC Apple Seed Institute Independent Schools Green Acres School Field School Lowell School University School The Spence School Saint Andrew s School Thayer Academy Hathaway Brown Western Reserve Academy Our Lady of Good Counsel H.S. St. Mary s Ryken High School The Park School Stone Ridge School Indian Creek School Calvert School Saint Andrew s School Independent Schools (cont d) Maret School DeMatha Catholic High School Bishop McNamara High School The Out-of-Door Academy Associations, Foundations, Research and Cultural Institutions Society for Neuroscience Hogar Hispano/National Council of La Raza The Urban Institute American Correctional Association Boston Museum of Science National Law Enforcement Museum J. Craig Venter Institute Public Broadcasting System (PBS) St. Paul s Rock Creek Parish Cleveland Botanical Gardens Healthcare & Long Term Care Organizations Sheppard Pratt Health System Calvert Health System Union Hospital Episcopal Ministries to the Aging Broadmead Annapolis Life Care St. Joseph s Manor (Archdiocese of Boston) Washington Home Ingleside Presbyterian Communities Care Initiatives Charles E. Smith Life Communities United Church Homes 6

7 RANGE OF FINANCIAL ADVISORY SERVICES Strategic Planning Review Financial Statements, Annual Budget, Financial Projections and New Project requirements Work in tandem with Management, Legal Counsel and selected Financial Services Firms to assure smart, efficient financial planning Help assure realism in assumptions underlying financial feasibility analysis and report Develop financial model and identify and help assess financing options Credit Ratings/Credit Enhancement Debt Structures Fixed / Variable Tax-Exempt / Taxable Creative/Innovative Financing Alternatives Help develop/refine actionable Finance Plans Interim financing Permanent financing Overall financing timetable Participate on ongoing basis in planning and execution process for each financing Review drafts, provide comments, identify key planning issues Participate in meetings, hearings and review processes as requested Focus on project financing needs, debt affordability and financial ratios 7

8 RANGE OF FINANCIAL ADVISORY SERVICES Debt Affordability Analysis Assessment of core debt capacity Modeling to inform scope/cost of proposed project and fundraising objectives Analysis of viable financing alternatives Credit Rating Management Financial Ratio Analysis & Monitoring Liaison to Analysts Information Updating Informal Meetings Formal Presentations Debt Issuance Coordination Finance Plan Develop/review with Staff, Board and other consultants Advise on structure of financing Sizing and timing Term/amortization structure Call provisions 8

9 RANGE OF FINANCIAL ADVISORY SERVICES Debt Issuance Coordination (cont d) Monitor and report on market conditions, trends, problems and opportunities Help balance key financing, credit and policy considerations Interest costs Issuance cost Arbitrage opportunities and compliance Market conditions Evaluate and help select Finance Team Underwriter(s) Letter of Credit Provider Bond Trustee Issuer Help coordinate Finance Team activities Assist in preparation of bond documents Help execute financings Negotiate interest rate, fees and related terms Provide supporting quantitative analysis and reports to Management 9

10 RANGE OF FINANCIAL ADVISORY SERVICES Ongoing Resource Quantitative Analysis Cash Flow Analysis Financial Ratio Monitoring Arbitrage Compliance Monitor Outstanding Debt for Refunding Opportunities Proactive Source of Information & Industry Developments Market Conditions Financial Innovations Federal Tax Laws Trends in Tax-Exempt Bond Financing Rating Agency Perspectives 10

11 SECTION 2 FINANCING SUPPORT SERVICES

12 FINANCING SUPPORT SERVICES BY PHASE PHASE 1 Planning Confirm critical path to financing and establish definitive financing timetable Review/develop/refine client financial projections Analyze and present financing alternatives Work with legal counsel to assure Federal tax law compliance and overall legal feasibility of proposed transaction structure Assist client in Conducting a thorough and inclusive planning process Making fully-informed decisions Developing an actionable Plan of Finance 12

13 FINANCING SUPPORT SERVICES BY PHASE PHASE 2 Procurement Develop solicitation materials tailored to the client s Plan of Finance and financing objectives and constraints Coordinate an inclusive, thorough and competitive selection process designed to secure: The best financing solution The best combination of price and terms The appropriate financial institution(s) and professionals for the job Conduct the process fairly and with the active engagement of client leadership Solicitation process involves: Development/review of a list of proposed financing candidates Development and distribution of Request for Proposals Information Memorandum and Plan of Finance Financial Projections and Financing Timetable Comparative evaluation of financing candidates responses and recommendations Assistance in development of a short list of financing candidates Interviews of financing candidate finalists (if necessary) Guidance in selecting bank(s) 13

14 FINANCING SUPPORT SERVICES BY PHASE PHASE 2 Procurement (cont d) Conduct the process fairly and with the active engagement of client leadership (cont d) Post solicitation, we can help the client negotiate All material terms of any letter of credit or bank loan(s) Intercreditor relationship (if necessary) Other transactions costs PHASE 3 Implementation Work with client to brief Bond Counsel on Plan of Finance, Finance Team and Financing Timetable Organize and coordinate Finance Team activities including documentation of transaction Assure that Finance Team is doing its job timely and economically Provide final calculations of debt service, cost of capital and average lives for Finance Team and tax law compliance purposes Effect a smooth transition of ownership of interest rate swaps Develop Closing Memorandum Help assure timely and cost-effective closing 14

15 BASIC FINANCING ALTERNATIVES Basic Financing Alternatives: Tax-Exempt Debt: Taxable Commercial Loan / Line of Credit Working Capital or Tax-Exempt Ineligible Property Capital Assets $5MM Desired Term of Less Than 10 Years Tax-Exempt Financing Tax-Exempt Eligible Property Capital Assets $5MM Desired Term of 10 Years or More Sophisticated market with a broad array of structuring alternatives to achieve customized solutions Fixed or floating rate Amortization periods of up to 30 years Interest rate hedging alternatives Each segment of the tax-exempt bond market varies in terms of risk tolerance, credit criteria, pricing flexibility and required covenants 15

16 OUR SOLICITATION PROCESS Financing Solicitation Strategy Open market financing solicitation targeting 25+/- pre-qualified direct lenders or investment banks Robust solicitation materials including extensive Information Memorandum and RFP Electronic dissemination of all RFP materials and access control to sensitive client information via password protected website Active tracking of interest level of each prospect during solicitation process Actionable responses required (Loan Committee approved Term Sheet or Commitment Letter) Solicitation Scope and Methodology Alternative Proposals / Maximum Number of Responses to RFP All Financing Modalities (Tax-Exempt and Taxable) Capital Markets Fixed Rate Bonds Letter of Credit-Supported VRDBs Direct Purchase (BQ and NBQ) Variable and Fixed Rate Bonds Multiple Interest Rate Swap Solutions Termination or Replacement Novation/Assumption Blend & Extend 16

17 OUR SOLICITATION PROCESS Aggressive Solicitation / Award Timetable Solicitation Period: 30 days Evaluation Period: Up to 14 days Award: Usually within 2 weeks of proposal due date Commitment to RFP Respondents Level playing field Best Price Wins (absent objectionable terms) No rebidding or price shopping Key Objectives Maintain financial stability and integrity Identify and assess financing alternatives Secure desired solution on the best possible terms and price consistent with client s finances and stated goals and objectives Implement solution in a cost efficient, timely manner Help guide informed decision-making by client leadership 17

18 CLOSING POINTS National bond finance and project debt expertise Significant experience with financings for all types of non-profit institutions and governmental entities Capable of quick, highly competent and affordable service Committed to providing excellent service and assuring optimal financial outcomes for our clients We assure informed and timely decision-making supported by in-depth quantitative analysis and thorough reports and briefings We are independent and work exclusively for you 18

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