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District presentation: JPMorgan bank loan to restructure $16.23M of 2017 bonds at 3.6%
Summary
PFM presented a competitive dual‑track result recommending a JPMorgan Chase bank loan that would restructure $16,231,000 of the district's 2017 AA bonds at a noncallable fixed rate of 3.6%, producing near-term budget relief and projected two‑year savings of about $3.37 million.
East Stroudsburg Area School District board members heard a presentation on a proposed debt restructuring that would replace part of the district's 2017 AA bond schedule with a bank loan from JPMorgan Chase Bank. Jamie Doyle of PFM presented the competitive dual‑track results and said, "They proposed a noncallable fixed interest rate of 3.6%." Doyle said the principal amount of the restructuring is $16,231,000 and settlement is scheduled for Aug. 29. She said the transaction…
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