THE LEARNING CHOICE ACADEMY
$20,920,000 SERIES 2025 | LA MESA, CA | DECEMBER 2025
“Partnering with HJ Sims made this milestone possible. Their deep expertise, steady guidance, and commitment to our mission allowed us to navigate a complex process with confidence. We are incredibly grateful for their professionalism, responsiveness, and genuine care throughout the journey. Securing our building through this bond purchase ensures long-term stability for our school community, and we couldn’t have asked for a better team to work with.”
Partnered Right®
The Learning Choice Academy (TLCA) is a California-based nonprofit public charter school network offering a unique hybrid homeschool model for students in grades TK 12. Founded in 2004, TLCA has expanded to 3 school campuses and grown to serve over 1,000 students across the San Diego area. In response to growing enrollment and the opportunity to save on annually escalating lease payments, TLCA partnered with HJ Sims to purchase and renovate their “East County” campus in La Mesa, California. HJ Sims senior banker Rob Nickell has a longstanding relationship with TLCA, dating back to 2021 when he assisted the school in financing its Chula Vista campus. Building on this
history, TLCA once again turned to our team’s expertise to structure a solution that would secure the School’s future for the long term.
Structured Right®
HJ Sims structured a fully amortizing, 40-year, fixed-rate bond deal tailored to TLCA’s long term objectives. The transaction, issued through the California Municipal Finance
Authority and totaling $20,920,000 consisted of $20,495,000 in Series 2025A (Tax-Exempt) Bonds and $425,000 in Series 2025B (Taxable) Bonds.To enhance marketability and investor confidence, HJ Sims partnered with S&P Global Ratings to secure an investment-grade rating of BBB- with a stable outlook.
The Series A Bonds were structured into 4 term maturities: 2035, priced 4.375% at par, 2045, priced 5.50% at par, 2055, priced 5.70% at par, and 2065, priced 5.50% to yield 5.80%. The Series B Bonds consisted of a single term, maturing in 2028 which were priced 6.50% at par. This structure resulted in an all in true interest cost (TIC) of 6.01%.
Executed Right®
Following a roadshow posted on November 11 and a period of investor outreach, HJ Sims successfully priced the bonds on November 20, 2025 drawing interest and participation
from both institutional and retail investors. Despite a difficult market and a packed issuance calendar, thanks to Sims’ flexibility and know-how, TLCA’s deal was able to rise
above the noise. Of particular note, this successful pricing occurred on a week when multiple charter school and other 501c3 bond transactions (rated and unrated) had to be pulled from the market due to a lack of investor demand or interest. Ultimately, four different institutions participated in the transaction, purchasing the majority of the issue, with a small amount being allocated to Sims’ retail investors, a further demonstration of our extensive investor distribution capabilities.
All bonds were fully subscribed. HJ Sims’ ability to successfully price the deal, despite the market challenges faced, is a testament to the experience, tenacity, and unwavering
commitment of the Sims banking and underwriting teams.
Financed Right®
The TLCA Series 2025 Bonds successfully closed on December 3, 2025. The completion of this financing not only enabled the school to purchase and renovate their campus but also enabled them to eliminate lease uncertainty and lock in a fixed rate payment, generating significant savings over the long term. Sims is so glad to have had the opportunity to partner with TLCA again on this deal and we hope to maintain this relationship for many years to come.
