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 were 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. 

Akshai Patel

602.476.4934

For more information, please contact:

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

SAN TAN MONTESSORI Case Study (June 2025)

$40,650,000 | June 2025 | Gilbert, AZ

“Our experience with the HJ Sims team has been consistently positive. They are very knowledgeable in the municipal bond space, well-organized throughout the process, and maintain a professional approach from start to finish. We value their reliability and clear communication, and we look forward to continuing to work with their team.

-Joel Brice, CFO of San Tan Tweet

Partnered Right®

San Tan Montessori School (“San Tan”) operates two charter schools in Gilbert, AZ. Together, the campuses serve over 900 students from preschool
through grade 12. San Tan received approval from the Arizona State Board for Charter Schools to open a third campus, the Signal Butte School.
To support this growth, Sims was selected for its deep charter school experience and leading track record in underwriting below investment grade
bonds. Sims collaborated closely with school management aligning on goals to build out a third campus while optimizing financing for its existing
operations.

Structured Right®

The $40.65 million financing proceeds were designed to support the construction of the new Signal Butte Campus, refinance existing debt,
and fund capital improvements. The structure featured multiple long-term maturities for the four term bonds, extending out to 2065, allowing for
manageable annual debt service. 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, Sims successfully brought the transaction to the market. The offering received indications of interest from 10 institutional investors, and bonds were ultimately allotted across 6 of them — a strong result given volatility in the high-yield
municipal market.

Financed Right®

In June 2025, HJ Sims successfully placed $40.65 million in unrated, tax-exempt revenue bonds with institutional investors. The transaction enables San Tan to expand capacity and continue serving a growing student population across the Phoenix metro area.

Aksjai Patel

602.476.4934

For more information, please contact:

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

BridgePrep Academy Case Study (July 2025)

BridgePrep Academy Logo_resized (002)

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

For more information, please contact:

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