Ziegler Closes $59.32 Million Renaissance Charter School, Inc. Financing

Ziegler, a specialty investment banking firm, is pleased to announce the successful closing of a $59,320,000 Series 2012 Bond issue for Renaissance Charter School, Inc. (Renaissance). This 2012 financing is the third for the borrower which includes a Series 2011 $89,235,000 issue and a Series 2010 $68,200,000 issue.

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Renaissance and Charter Schools USA have proven they are at the forefront of the Charter School movement in Florida. Ziegler is proud to have again partnered with these organizations to help provide an alternative education option to the residents...

(PRWEB) November 30, 2012

Ziegler, a specialty investment banking firm, is pleased to announce the successful closing of a $59,320,000 Series 2012 Bond issue for Renaissance Charter School, Inc. (Renaissance). This 2012 financing is the third for the borrower which includes a Series 2011 $89,235,000 issue and a Series 2010 $68,200,000 issue.

Renaissance) is a Florida 501(c)(3) that holds charters for 20 operating charter schools that enrolled over 14,000 students in fall 2012. This includes six schools that opened in fall 2012, including the four schools included in the Series 2012 bond financing. All schools are managed by Charter Schools USA (CSUSA), an Education Management Organization based in Ft. Lauderdale.

The current 2012 financing will fund acquisition and refinancing of four charter school facilities, including one in Tallahassee, two in the Orlando metropolitan area, and one in West Palm Beach. Two of the facilities were purpose built for the schools, with two others being existing facilities that were completely retrofitted for use by the schools. All of the facilities are completed and occupied. All four of the schools opened in fall 2012, with each meeting its enrollment goals and maintaining a waitlist.

Ziegler structured a $59,320,000 fixed-rate financing with tax-exempt bonds and a taxable “tail” to cover a portion of the cost of issuance as well as some project costs that did not qualify for tax-exempt financing. The Series 2012 Bonds were issued on a stand-alone basis, with no cross-collateralization or cross-default with any of the prior bond issuances for Renaissance Charter Schools, Inc. Despite the strong opening day enrollment of each of the schools involved, the Bonds were not rated due to the start-up nature of the four schools.

This issue brings the total new issuance volume for CSUSA managed schools to over $375,000,000. Although CSUSA is not a borrower on these issues, investors are familiar with the CSUSA name. Ongoing investor outreach efforts by Ziegler’s investment banking and capital markets teams proved valuable in maintaining market capacity for the CSUSA name, and played a key role in driving demand for the Series 2012 issue. Ziegler was able to leverage these outreach efforts and favorable market conditions to provide solid execution for the client.

Michael Braun, Director at Ziegler, commented, “Renaissance and Charter Schools USA have proven they are at the forefront of the Charter School movement in Florida. Ziegler is proud to have again partnered with these organizations to help provide an alternative education option to the residents of Florida.”

With more than 100 years of experience, Ziegler is a recognized leader in the educational sector throughout the U.S. That tradition continues today with its dedicated services to the charter school market nationally. Ziegler is ranked as the number one underwriter (in par value) for charter schools in 2011 according to the Electronic Municipal Market Access database (EMMA). Ziegler provides creative, tailored financial solutions for any type of charter school. Ziegler is one of the few financial services firms in the country that has a dedicated team of charter school finance professionals.

For further information on the structure and use of this issue, please see the Official Statement located on the Electronic Municipal Market Access system's Document Archive.

For more information about Ziegler Charter Finance, please visit us at http://www.Ziegler.com/CharterSchools.


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