“Ziegler was privileged to work with Vista on helping them reach their mission,” Michael Braun, Director at Ziegler stated.
Chicago, IL (PRWEB) March 13, 2012
Ziegler, a specialty investment banking firm, is pleased to announce the successful closing of a $13.31 million financing for Vista at Entrada School of Performing Arts and Technology (Vista). Vista is a 501(c)(3), K-8 public charter school committed to providing a superior academic program enhanced by training in performing arts and a technologically advanced curriculum.
Vista, located in Ivins, Utah, was incorporated in 2007 and opened its doors in 2009 with an initial enrollment of 683 students in grades K-6. The addition of seventh and eighth grades, combined with the appeal of the school’s performing arts focus and integration of technology throughout the curriculum, drove steady enrollment growth over the next two years. By the fall of 2011 enrollment had reached 862 students, 98.5% of the 875-student capacity, with another 244 students on a waiting list.
The sale of the bond proceeds were used to fund acquisition of the school’s facilities, which include a 60,000 sq. ft. building located on a five-acre site. The site was developed by an independent charter developer and leased to Vista through an independent LLC created by the developer for that purpose. Bond proceeds will also be used to fund acquisition of an adjacent parcel of land that will be used for expanded parking and playground space, fund a debt service reserve fund sized to maximum annual debt service, and pay costs of issuance of the Series 2012 Bonds. Utah allows charter schools to issue tax-exempt debt as governmental entities, which allowed Vista to fund 100% of the cost of issuance with tax-exempt proceeds.
“Ziegler was privileged to work with Vista on helping them reach their mission,” Michael Braun, Director at Ziegler stated. “With the help of our sales and trading desk, as well as the banking team, the issue was oversubscribed at a competitive price.”
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 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 more information about Ziegler Charter Finance, please visit us at http://www.Ziegler.com/CharterSchools.
The Ziegler Companies, Inc. (PINKSHEETS: ZGCO) together with its affiliates (Ziegler) is a specialty investment bank with unique expertise in complex credit structures and advisory services. Nationally, Ziegler is ranked as one of the leading investment banking firms in its specialty sectors of healthcare, senior living, religion and education finance, as well as corporate finance and FHA/HUD. Headquartered in Chicago, IL with regional and branch offices throughout the U.S., Ziegler creates tailored financial solutions including bond financing, advisory, private placement, seed capital, M&A, risk and asset management. Ziegler serves institutional and individual investors through its wealth management and capital markets distribution channels.
Certain comments in this news release represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. This client’s experience may not be representative of the experience of other clients, nor is it indicative of future performance or success. The forward-looking statements are subject to a number of risks and uncertainties, in particular, the overall financial health of the securities industry, the strength of the healthcare sector of the U.S. economy and the municipal securities marketplace, the ability of the Company to underwrite and distribute securities, the market value of mutual fund portfolios and separate account portfolios advised by the Company, the volume of sales by its retail brokers, the outcome of pending litigation, and the ability to attract and retain qualified employees.
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