Preston Hollow Community Capital (“PHCC”) completed the purchase of $51.65 million in tax-exempt and taxable revenue bonds issued through the California Municipal Finance Authority (“CMFA”) and the Dormitory Authority of the State of New York (“DASNY”) on behalf of AMDA College of the Performing Arts (“AMDA”). The financing, originated by PHCC, was comprised of $91.65 million of bonds — $31.085 million of tax-exempt bonds plus $4.585 million of taxable bonds through CMFA, and $55.98 million of tax-exempt bonds through DASNY. Proceeds from the issuance will be used to refinance existing bank debt and fund capital improvements at the New York City and Los Angeles campuses.
“AMDA has a long, storied history of helping talented students from diverse backgrounds build successful careers in the performing arts, and we at PHCC are pleased to be a part of their next chapter as the College continues to grow and develop nationally and internationally,” said Ron van den Handel, Managing Director of Originations at PHCC.
Ron van den Handel
“AMDA is excited to be partnering with a mission-driven institution, Preston Hollow Community Capital, whose focus is supporting projects and institutions of social and economic importance to this country,” says AMDA President and CEO Jan Martin. “We appreciate that AMDA’s education of emerging performing artists will continue to flourish in this partnership with PHCC.”
DA Davidson served as sole underwriter and placement agent for the Bonds. Orrick, Harrington & Sutcliffe, LLP served as Bond Counsel for CMFA, and Orrick, Harrington & Sutcliffe, LLP and the Law Offices of Barry D. Lites LLP served as co-bond counsel for DASNY. Nixon Peabody LLP served as underwriter’s Counsel and Locke Lord LLP acted as counsel to AMDA.
Preston Hollow Community Capital is a market leader in providing specialized impact finance solutions for projects of significant social and economic importance to local communities in the United States. The Company originates, owns, and manages a diversified portfolio of bespoke municipal finance transactions. PHCC has invested $4.8 billion since its inception across various sectors of the municipal bond market, including real estate, K-12 and higher education, healthcare, infrastructure, hospitality, general government, and economic development.
Since its inception, PHCC has raised $1.6 billion in committed, permanent equity capital from premier sponsors and investors including Stone Point Capital, HarbourVest Partners, and TIAA. The Company has received long-term BBB (Stable) and short-term K2 (Stable) ratings from Kroll Bond Rating Agency
AMDA College of the Performing Arts has campuses in the two entertainment capitals of the world: New York City and Hollywood. Founded in 1964, AMDA has been training emerging performing artists in musical theatre, acting, and dance for nearly 60 years and AMDA’s training has been adopted as the gold standard of performing arts education by colleges and universities throughout the country, and indeed throughout the world. Notable AMDA graduates include Anthony Ramos (Broadway’s Hamilton, “In the Heights” musical film adaptation), Jesse Tyler Ferguson (Emmy Award Nominee for “Modern Family,” Tony Award Winner for Broadway’s Take Me Out), Tyne Daly (Tony Award Winner for Broadway’s Gypsy, Emmy Award Winner for “Cagney & Lacey” and “Judging Amy”), Chris Jackson (Grammy Award Winner, Tony Award Nominee for Broadway’s Hamilton), Ray Fisher (Batman v Superman: Dawn of Justice, Justice League and Broadway’s The Piano Lesson), J. Harrison Ghee (Tony Award Winner for Broadway’s Some Like It Hot, “Raising Dion”), Rizwan Manji (“Schitt’s Creek”), and Madeline Brewer (“The Handmaid’s Tale,” “Orange is the New Black”), among many others.
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