A Colorado private school has tapped the debt markets for $27 million to fund campus upgrades while offering discounts on tuition as part of a turnaround plan.

Situated at the base of the Rocky Mountains, the Fountain Valley School was founded as an all-boys academy on a Colorado Springs ranch nearly a century ago. High-profile alumni include Hollywood scion Samuel Goldwyn Jr., the grandson of French artist Henri Matisse and the late Grateful Dead founder Bob Weir.