Academics of Math and Science Case Study (October 2025)

$18,405,000 | October 2025 | Avondale & Mesa, AZ

“We knew that long-term rates made expansion to highneed Arizona communities challenging. But our program is designed for this mission and it is our calling to serve students in need. In partnership with Sims, we were able to offer investors an opportunity to challenge the customary structure with an innovative offering, and also to equip us to make a very positive impact in the communities we serve. The result was a win for students, a win for investors, and a win for AMS.”

-Katie Determan, CFO of AMS Tweet

Partnered Right®

Academies of Math & Science (“AMS”) is a school network that operates 10 charter schools; 8 are located in metro-Phoenix and 2 are located in
Tucson. Together, the campuses serve 8,646 students from grades K-8. Sims collaborated closely with school management aligning on goals
to build out AMS Mesa, while optimizing financing for its existing operations.

Structured Right®

The $18.405 million financing proceeds were designed to support the construction of the new AMS Mesa campus and the expansion of the
existing Avondale campus. This structure featured a unique approach -a 10 year mandatory tender, the first of its kind in the charter school sector,
which Sims believes lowered the yield by ~100bps. The bonds also included capitalized interest to support the school through the initial enrollment ramp-up. 

Executed Right®

Despite a challenging market backdrop during pricing, HJ Sims successfully brought the transaction to the market. The offering received indications of interest from 15 institutional investors, 6 of which we’re new investors to AMS, and bonds were ultimately allotted across all 15 of them – a massive success for the school.

Financed Right®

In August 2025, HJ Sims successfully placed $18.405 million in unrated, tax-exempt revenue bonds with institutional investors. The transaction
enables AMS to expand capacity and continue serving a growing student population across the metro-Phoenix and Tucson area. 

Aksjai Patel

602.476.4934

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Testimonials may not be representative of the experience of other clients. Past performance is no guarantee of future results

2025 NFMA Advanced Seminar on High Yield Bonds

HJ Sims is proud to be attending and speaking at the 2025 NFMA Advanced Seminar on High Yield Bonds.

Aaron Rulnick, Executive Vice President, HJ Sims will be participating in a panel discussion:

Date: January 23, 2026

Topic: Construction Risk in Senior Living and Beyond

Description: The aging population is creating a demand for new senior living projects. At the same time, the construction industry is currently facing a variety of pressures including tariffs, the impact of immigration policy on labor, challenges obtaining entitlements, and high interest rates. This panel will focus on how to assess construction risk, potential strategies to minimize downside risk, and the outlook for new development in the senior living sector.

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