PNC Underwrites Bonds for Florida Charter School

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PNC underwrites $11 million in tax-exempt bonds for Sarasota School of Arts and Sciences. School will use proceeds to fund additional classroom space, a new multiuse gymnasium and to refinance existing debt.

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We were able to provide attractive financing for this customer thanks to their positive standing within the community, which allowed us to attract strong demand for their bonds.

PNC announced today the sale of $11 million of tax-exempt bonds for the Sarasota School of Arts and Sciences in Sarasota, Fla. The school will use the proceeds to fund 39,000 square feet of additional classroom space and a new 10,000-square foot multiuse gymnasium, and to refinance existing debt.

"The Sarasota School of Arts and Sciences is a top performing charter school and highly regarded in Sarasota County, evidenced by its strong academic achievement, corporate governance and first-rate financial management," said Greg McKenna, director, PNC Capital Markets. “We were able to provide attractive financing for this customer thanks to their positive standing within the community, which allowed us to attract strong demand for their bonds."

PNC is an active participant in issuing tax-exempt bonds for charter school borrowers. Since 2007, PNC has underwritten $148.9 million in charter school tax-exempt bonds.

PNC Capital Markets LLC, a member of The PNC Financial Services Group, (NYSE: PNC) is registered with FINRA and is a member of SIPC.

The PNC Financial Services Group, Inc. (http://www.pnc.com) is one of the nation's largest diversified financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.

Follow @PNCNews on Twitter for breaking news, updates and announcements from PNC.

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Tim Rice
The PNC Financial Services Group
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