Financial Close for multimillion Prince George's Schools in Maryland

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Financial Close for multimillion Prince George's Schools in Maryland

Prince George's County Schools PPP has reached the commercial and financial close following the issuance of US$476 million senior secured notes, by the Project Company (PGCECP) the consortium formed by Fengate Asset Management, Gilbane Development Company, Gilbane Building Company, Stantec, and Honeywell. 

The Project Company will use the note proceeds to finance a portion of its obligations under a long-term project agreement with Prince George's County Public Schools to design, build, finance, operate, and maintain five new middle schools and one new K-8 school as part of the Alternative Construction Financing Package 1 Schools in the Prince George's County, Maryland.

The Blueprint Schools initiative, which uses a first-of-its-kind delivery model for a U.S. public school system, is designed to build new schools faster, cutting the delivery time in half with lower construction costs and preventative maintenance. Other community benefits include the guaranteed procurement of at least 30 percent of total eligible costs of the program to minority-owned businesses, community-based enterprises, and community-based small businesses that will serve as a much-needed economic stimulus. In addition, approximately $174 million in savings is expected in deferred maintenance and construction costs.  

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