Northwest Classical Academy (December 2023)

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Partnered Right®

  • Northwest Classical Academy (NCA) is a public charter school located in Kennesaw, Georgia that commenced operations in 2021 serving approximately 504 students in K-6.
  • NCA is a replication of its flagship, and sister school, Atlanta Classical Academy (ACA), a high performing charter school that serves students in the Atlanta Public Schools district and surrounding area.
  • NCA and ACA are managed by Liberty Classical Schools, a nonprofit Charter Management Organization that includes a leadership team with experienced operators of American classical education charter schools.

Structured Right®

  • NCA was only in its third year of operations, but the deal team decided to pursue a publicly offered fixed rate bond transaction instead of a transaction executed based on an agreed upon term sheet with a single investor given the strength of the early enrollment results, waitlist, academic performance and strong administrative team.
  • HJ Sims underwrote the Series 2023A&B Charter School Revenue Bonds which were used to finance the costs of acquiring the existing school facility, fund an academic and administrative building addition, and renovate targeted areas of the existing school facility in preparation for growth to a K-12 school.

Executed Right®

  • Investor marketing was tailored not only to showcase NCA to potential investors, but also to proactively inform investors on the Georgia charter school landscape given the limited charter school bond volume in the state.
  • The decision to purse the publicly offered fixed rate bond transaction proved worthwhile given the final order book included 12 different institutional investors.
  • The final order book included many prominent buyers who had never purchased Georgia charter school bonds until this transaction.

Financed Right®

  • On December 21, 2023, HJ Sims closed on the $28.475 million Series 2023A&B Bonds.
  • The bonds were structured with a 35-year maturity and a 6.5-year call option at par.
  • The 35-year term bond was priced at 6.375% to yield 6.50%.

For more information, please contact:

Seth Wagner

804.691.6645

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