This financing is all about the community. For years, the students in the View Park schools have carried out their studies in a variety of leased locations. Next year ICEF’s students will be studying in a new state-of-the-art building...
Chicago, IL (PRWEB) November 05, 2014
Ziegler, a specialty investment bank, is pleased to announce the successful closing of a $19,810,000 fixed-rate Series 2014 Bond issue for the 52nd & Crenshaw, LLC. The proceeds are being used to construct a new 57,000 square foot educational facility on a two-acre site located in the heart of the Crenshaw Corridor District of South Los Angeles.
Upon completion, ICEF Public Schools (ICEF – http://www.icefps.org), a not-for-profit Charter Management Organization (CMO) operating 12 public, tuition-free charter schools, will occupy the facility. ICEF operates kindergarten through 12 grade classrooms in several Los Angeles and Inglewood California locations. The new facility is combining four existing campuses that currently serve ICEF’s View Park Preparatory Charter Accelerated Elementary and Middle schools into the new building located blocks away from ICEF’s View Park Preparatory Charter Accelerated High School. The new facility is expected to open for the 2015-16 Academic year.
Started as an after-school program in 1994, ICEF Public Schools became the first CMO in Los Angeles in 1999. Since then it has grown to educate an average 4,200 predominantly African-American and Latino students each year. ICEF’s mission is to provide their students with the tools they need to graduate from high school and to be prepared and compete in the top 100 colleges and universities in the United States.
The Bonds from this issue were authorized through the California School Finance Authority. To assist in the development of this facility, the Authority has also provided a Credit Enhancement Grant of approximately $1,350,000. The Grant is providing the debt service reserve fund for the project.
This is ICEF’s second fixed-rate bond issue in the last two years. Ziegler underwrote the first issue in 2013. The first issue was used to provide a permanent home for the View Park High School located at 57th and Crenshaw Blvd. in South Los Angeles. Both issues were rated “BB” by Standard and Poor’s.
Scott Rolfs, Managing Director and head of Ziegler’s Religion & Education practice, commented, “This financing is all about the community. For years, the students in the View Park schools have carried out their studies in a variety of leased locations. Next year ICEF’s students will be studying in a new state-of-the-art building. This wasn’t possible a few years ago. Both the ICEF leadership team and the Ziegler-led financing team have worked diligently through many roadblocks to get the bond issue closed. We are all very excited to have accomplished this goal.”
Parker Hudnut, Chief Executive Officer of ICEF Public Schools added, “With partners like Ziegler, Former Mayor and Board Chairman Richard Riordan, City Councilman Bernard Parks, and with great support provided by our parents, teachers, and students, this new facility is an investment in our youth, in education and in the future of South Los Angeles.”
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. As one of the few financial services firms in the country that has a dedicated team of charter school finance professionals, Ziegler 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.
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, as well as general municipal and structured finance. Headquartered in Chicago, IL with regional and branch offices throughout the U.S., Ziegler provides its clients with capital raising, corporate finance, FHA/HUD, strategic advisory services and research. 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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