Renaissance Charter School (October 2023)

“It has been a pleasure working with the HJ Sims team on multiple deals including Renaissance Charter School, Inc. 2022 and most recently Renaissance Charter School, Inc. 2023.  The Charter Schools USA team has worked on numerous bond transactions over the years and we are very pleased with the HJ Sims experience.    They bring extensive charter school knowledge, a willingness to work as a collaborative partner and the ability to close transactions with their market expertise.  We look forward to continuing to expand our mission working alongside our HJ Sims team.”

 – Hillary Daigle, SVP of Accounting and Finance, CSUSA

Partnered Right®

Renaissance Charter School, Inc. (Renaissance) is a Florida not-for-profit corporation originally incorporated as Ryder System Charter School, Inc. in 1998. Renaissance governs 39 schools as of the 2023-24 school year. Charter Schools USA (CSUSA) contracts with municipalities and public charter school boards to plan, develop, operate and meet educational and financial performance goals as outlined in School District-approved charter contracts.

As of the 2023-24 school year, CSUSA manages 90 schools serving approximately 80,000 students in five states.

Structured Right®

HJ Sims underwrote the Series 2023A&B Educational Facilities Revenue Bonds which were used by the Borrower to finance the costs of acquiring the buildings and improvements at two schools in Broward County, FL. Total bond proceeds for this series of bonds were $44,040,000.

HJ Sims also underwrote the Series 2022D&E Educational Facilities Revenue Bonds to provide Renaissance with needed funds to refund prior indebtedness used to finance and reimburse costs associated with construction at certain charter school facilities in Duval County, Florida. Total bond proceeds of $9,725,000 were used for the above-stated purpose, as well as the funding of a debt service reserve fund and costs of issuance.

Executed Right®

The Series 2023 Bonds were marketed to a broad investor base. After the bond pricing the bonds were oversubscribed and ultimately were purchased by 8 different institutional investors.

HJ Sims worked with the Borrower’s financial advisor to execute the 2022 financing with an investor that provided certainty of execution and offered Renaissance the flexible terms desired. Renaissance received an attractive term sheet from the investor, which provided the entire amount of bonds needed. The 2022 financing was executed with a 28-year amortization and an optional call in 9 years at par.

Financed Right®

On November 18, 2022, HJ Sims closed on the $9.725 million Series 2022D&E Bonds. Renaissance successfully refinanced previously existing 1-year corporate taxable bonds and extended the maturity to 28 years.

On October 25, 2023, HJ Sims closed on the $44.04 million Series 2023A&B Bonds. The two schools located in Broward County, FL were able to successfully acquire the buildings and improvements on their campuses.

For more information, please contact:

Richard Harmon


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