Ziegler Closes $33.43 Million American Heritage Education Foundation Financing

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Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $33,430,000 fixed-rate financing for American Heritage Education Foundation (the Foundation or AHEF). The Foundation supports three charter schools located in Escondido, California, including Escondido Charter High School, which celebrated its 20th anniversary this year, Heritage K-8 and Heritage Digital Academy (the Schools).

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While AHEF certainly benefited from the strong tax-exempt municipal bond market, the pricing is a testament to the organizations proven track record, as well as the close relationship between Ziegler, the Foundation and the Schools.

Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $33,430,000 fixed-rate financing for American Heritage Education Foundation (the Foundation or AHEF). The Foundation supports three charter schools located in Escondido, California, including Escondido Charter High School, which celebrated its 20th anniversary this year, Heritage K-8 and Heritage Digital Academy (the Schools).

Ziegler underwrote the Foundation’s 2006 Bond issue which advance-refunded Series 2001 Bonds and refinanced bank debt related to the facilities for Escondido Charter High School and Heritage K-8. The 2016 financing represents the culmination of a 10-year relationship between Ziegler and the Foundation, during which time the Schools saw steady growth, including the opening of Heritage Digital Academy in 2013. In order to support the continued growth of the Schools, the Foundation sought to acquire a facility adjacent to the existing high school campus, as well as provide additional facilities for the K-8 and refinance debt related to improvements at the leased facilities occupied by Heritage Digital Academy.

In addition to funding the new facilities and refinancing the outstanding bank debt, the Series 2016 Bonds current-refunded the Foundation’s outstanding Series 2006 Bonds. Not only did the refunding provide savings thanks to the lower yields on the 2016 Bonds, it also allowed the Foundation to re-negotiate its bond covenants based on its proven track record and updated industry standards.

“In-spite of a very condensed timeline and a very busy time for the bond market, from start to finish, we found Ziegler to be a professional, dependable organization. They proved that they were committed to finding the best possible financing solution from the various alternatives available to us. They listened to us to understand our needs and deliver a financing structure that was beyond our expectations,” stated Dennis “Coach” Snyder, President of American Heritage Education Foundation and Founder of the Schools.

Will Fossel, Vice President in Ziegler’s charter school practice, commented, “We believe that, to date, this is the lowest 30-year yield for any non-network charter school without credit enhancement, as well as the lowest yield for any charter school rated “BBB-.” While AHEF certainly benefited from the strong tax-exempt municipal bond market, the pricing is a testament to the organizations proven track record, as well as the close relationship between Ziegler, the Foundation and the Schools.”

With over 100 years of raising capital for communities, Ziegler is a recognized leader in the educational sector throughout the U.S. We continue that tradition with our dedicated services to the national charter school market. Ziegler provides its charter school clients with capital for financing new construction, refinancing existing debt or advising on future developments. 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 to help 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.

About Ziegler:
The Ziegler Companies, Inc., together with its affiliates (Ziegler), is a privately held, 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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Leslie Weir
Ziegler
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