RBS Citizens, National Association

We successfully represented RBS Citizens, National Association in connection with the issuance of a direct-pay letter of credit for the benefit of the CVS-Highlander Charter School, providing liquidity for the issuance of $7 million of variable rate revenue bonds by the Rhode Island Health and Educational Building Corporation to finance the renovation of a historic building in Providence, Rhode Island, as the site of its new school.  The transaction was complicated by the fact that the property being renovated and mortgaged was owned by another non-profit corporation and the project was intended to be partially financed through historic tax credits to be received upon the completion of the project.