Ziegler Closes $20 Million Noble Network of Charter Schools Financing
Chicago, IL (PRWEB) November 07, 2013 -- Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $20,000,000 fixed-rate Noble Network of Charter Schools (Noble) 2013 Bond issue. Noble is a public charter high school system in Chicago, Illinois with multiple campuses throughout the city.
Two former Chicago public school teachers, Michael Milkie and Tonya Hernandez Milkie, founded the Noble Network of Charter Schools in 1998. Their collective experience in Chicago public education made them well aware of the underserved minority students and their need for a more focused education. Their first campus opened in 1999, and the organization has since grown to become the highest achieving public non-selective high school network in Chicago, reaching more than 9,000 students across 15 schools. In 2013, nine of the top 10 highest ranked non-selective public high schools in the City of Chicago were operated by Noble.
The Series 2013 Bonds were issued by the Illinois Finance Authority and will reimburse Noble for costs incurred in renovating six of their campuses and to fund future capital expenditures of other campuses. This will allow Noble to free up cash flow to help fund their future expansion plans through 2018. Their plan is to build two schools per year, for a total of 20 schools by 2018.
The Series 2013 Bonds were rated “BBB” by Standard and Poor’s. Working under tough market conditions, Ziegler’s trading desk was able to achieve an average coupon of 6.172%, including a top yield of 6.25% on the 30-year term bond. This pricing allowed debt service to come within the Board imposed debt service limits and satisfy the needs of Noble management.
“Ziegler was proud to partner with Noble on this transaction, as they are making a significant impact on the lives of at-risk high school students throughout the city of Chicago,” noted Scott Rolfs, Managing Director at Ziegler.
With more than 100 years of experience, Ziegler is a recognized leader in the educational sector throughout the U.S. We continue that tradition with our dedicated services to the charter school market nationally. Ziegler provides creative, tailored financial solutions that are just right for your organization. Ziegler is one of the few financial services firms in the country that has a dedicated team of charter school finance professionals. We can offer unbiased advice and a full menu of financial solutions to help you advance your mission
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, please visit us at http://www.Ziegler.com.
Christine McCarty, Ziegler, http://www.ziegler.com, 312 596 1617, [email protected]
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