Preston Hollow Community Capital Completes $32 Million Bond Funding for Chester Upland School District

BY Business Wire | MUNICIPAL | 08/25/22 09:00 AM EDT

DALLAS--(BUSINESS WIRE)-- Preston Hollow Community Capital recently announced the completion of a $32 million general obligation bond transaction for the Chester Upland School District in Delaware County, Pennsylvania. The proceeds from the sale of the bonds are being used to acquire and renovate two buildings located at 1410 Edgmont Avenue and 1350 Edgmont Avenue in Chester that will be adapted to serve as new classroom and office space for the District. The School District will also use bond proceeds to fund capital projects at its existing facilities.

The bond issuance is a milestone reflecting the School District?s commitment to improve its educational facilities. The building at 1410 Edgmont Avenue has housed a charter school with recent enrollment of approximately 450 students, and the School District intends to continue to operate this building as a school with a similar number of students.

?PHCC is proud to be a part of Chester Upland School District?s ongoing commitment to grow and improve the learning environment for its students,? said PHCC Managing Director and Co-Head of Originations Charlie Visconsi. ?These acquisitions and renovations are the District?s first major infrastructure improvement in nearly 50 years, making them especially meaningful for families in the District.?

?It was a pleasure to work with Preston Hollow to address several long and overdue capital needs in Chester-Upland School District,? said Nafis Nichols, Receiver, Chester Upland School District. ?With a very tight timeline, we were also able to acquire two properties for our growing school district. These new additions and much needed renovations will only enhance the educational environment for our students, faulty, and staff.?

COMPANY OVERVIEW

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 invests in bespoke municipal finance transactions with a diversified investment portfolio. PHCC has invested $4 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, Preston Hollow has raised $1.3 billion in committed, permanent equity capital from premier sponsors like Stone Point Capital and HarbourVest Partners. The Company has received long-term BBB (Stable) and short-term K2 (Stable) ratings from Kroll Bond Rating Agency.

Source: Preston Hollow Community Capital

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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