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BARRINGTON – St. Andrew’s School has refinanced more than $16 million in bonds with RBS Citizens Financial Group, allowing the school to pursue construction projects while improving cash flow.
This spring, more than $4 million will fund the renovation of Bill’s House, a residence house for the independent college preparatory, boarding and day school. Student beds will increase from 25 to 40 and there will be three faculty apartments. Work is to be done before the upcoming academic school year.
The overall campaign began with the construction of the Gardiner Hall dining facility in 2011 and Cady House Dormitory in 2012. The school serves students in grades 6 through 12 and postgraduates.
By refinancing the bonds with RBS Citizens using lower interest rates, the school has improved its monthly and annual cash flow, providing both flexibility and additional budgetary resources, said James Meehan, the school’s chief financial officer. •