Fenwick receives $8.5 million for refinancing from Port Authority

The high school, owned by Archdiocese of Cincinnati, attracts students from Montgomery and other area counties.

The Warren County Port Authority is planning to issue up to $8.5 million in bonds for Bishop Fenwick High School and the Archdiocese of Cincinnati.

The bond sale, approved Wednesday 5-1 by the authority board, replaces the bank carrying the debt on Fenwick’s new facilities in the section of Middletown in Warren County, east of Interstate 75.

The refinancing, to result in private placement of the debt with Commerce Bank, is needed before a letter of credit with J.P. Morgan securing the debt expires in August.

“It’s important to us,” said Brenda Stier, director of finance for Fenwick. “We actually have to have the deal happen in August.”

According to documents, the refinancing also allows the archdiocese and school to pay off more than $9.4 million still owed on more than $12.2 million in bonds issued by the city of Middletown to finance the new school, opened in 2004.

The high school, one of 11 owned by the archdiocese, moved from 18 acres on Manchester Road in Middletown in Butler County and opened in 2004 east of I-75.

Since the move into Warren County, Fenwick has become a regional draw, attracting students from Dayton and Montgomery County, as well as communities in Butler, Hamilton and Warren counties.

The 66-acre campus at 4855 Ohio 122 includes a chapel, classrooms, a performing arts facility, labs, gymnasiums, outdoor sports and marching band facilities.

After expenses, the authority is to issue $8.25 million in tax-exempt bonds. The bonds are to be held by Clayton Holdings, a Commerce Bank subsidiary in Missouri.

Up to 2 percent of proceeds will go toward the costs of the refinancing.

The port authority is to be paid $20,000 for issuing the development revenue refunding bonds and $750 a year for administration.

Two law firms are to be paid for their work: $10,000 to Bricker & Eckler and $7,500 to Peck, Shaffer & Williams.

The refinancing is still subject to approval on Tuesday by the Warren County Board of Commissioners.

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