Partnered Right®
- BridgePrep Academy (“BPA”) currently operates 20 schools; the Series 2025 Bonds included nine of BPA’s schools
- The nine schools included in the 2025 financing serve approximately 6,200 K-12 students, with enrollment projected to exceed 7,000 by 2030
- HJ Sims collaborated with SMART Management (BPA’s education management organization) to optimize the financing around its existing operations
Structured Right®
- Proceeds of the Series 2025 Bonds were used to 1) fund the acquisition of multiple charter school facilities, 2) fund various capital expenditures, 3) payoff an existing bank loan, 4) fund a debt service reserve fund, and 5) pay bond issuance costs
- The Series 2025 Bonds have a 40-year maturity and were structured with five tax-exempt term maturities and one taxable term maturity
- The Series 2025 Bonds are callable in seven years @ 102%, with the call premium declining to par in nine years
Executed Right®
- HJ Sims successfully priced the Series 2025 Bonds despite a volatile market environment
- The underwriting syndicate secured $486.5 million in orders, a 2.4x oversubscription
- Individual maturities were oversubscribed 1.4 – 5.7x
- 16 institutional investors submitted orders for the Series 2025 Bonds
Financed Right®
- HJ Sims delivered a 40-year fixed rate “Ba1” rated financing for BPA at a true interest cost of 6.35%
- The Series 2025 Bonds enables BridgePrep Academy to continue to expand its capacity to serve students in Florida
Robert Nickell
214.681.0952
Richard Harmon
614.335.7052
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