“Ascent Classical Academy Charter Schools could not be more pleased with the support, guidance, and expertise provided by HJ Sims, in particular by Rob Nickell and Kaiti Wang. They exhibited incredible patience with our team as we had to start and stop and restart our financing several times due to internal organizational shifts. Throughout these shifts, they proactively demonstrated a commitment to our project and our long term goals; they were always ready and willing to get on calls and answer emails and advise us. Once we were ready to re-engage, they were an integral part of our effort to close on financing in time to positively impact all our schools. We are so grateful for the partnership!”
– Christopher Scott, CFO of Ascent Classical Academy Charter Schools, Inc. (ACACS)
Partnered Right®
Ascent Classical Academy Charter Schools, Inc. (ACACS) is a K-12 charter school serving students across 4 Colorado campuses in Lone Tree, Windsor, Grand Junction, and Brighton. The School opened in 2018 to provide families with a classical curriculum through the Hillsdale College BSCI program, and are authorized by the Charter School Institute. ACACS has about 2,210 students and plans to reach 3,178 students by school year 2028-2029.
Structured Right®
The Series 2024 Bond proceeds were used to fund the purchase of the Lone Tree and Windsor campuses, refinance a loan on and fund working capital for the Grand Junction campus, as well as provide funding for projects including improvements, a gym, modular buildings and more. HJ Sims helped ACACS obtain a new, BB/Stable S&P rating for the Series 2024 Bonds. The bonds have a call option in 7 years at a redemption price of 102%, declining to par by year 9.
Executed Right®
The tax-exempt bonds have 5 term bonds, with coupons ranging from 4.75%, to a 5.75% on the 35-year maturity. The taxable bonds in 2028 were sold with a coupon of 7.625% at par. During initial pricing, the total issuance was oversubscribed by 6.9x. In all, 14 different institutional investors participated in the transaction.
Financed Right®
On April 25, 2024, HJ Sims successfully closed on the $77.515 million Series 2024 Bonds.
For more information, please contact:
Robert Nickell
214.681.0952