Ziegler Closes $89,235,000 Charter School Financing for Renaissance Charter School, Inc.
July 06 2011 - 4:37PM
Marketwired
Ziegler (PINKSHEETS: ZGCO), a specialty investment banking firm
with over a 100 years of experience, is pleased to announce the
successful closing of the Renaissance Charter School (Renaissance)
transaction, the second financing for this borrower and the second
largest charter school bond issuance to date. Ziegler also
underwrote the first financing, which was for $68 million in 2010.
Ziegler is a recognized leader in the educational sector and
continues that tradition today with a dedicated team to the charter
school market nationally. Renaissance is a Florida 501(c)(3) that
holds charters for nine operating charter schools that enrolled
over 4,680 students in 2010, and that will hold the charters for
two new schools scheduled to open fall 2011 with an initial
enrollment of approximately 1,580 students. All of the schools are
(or will be) managed by Charter Schools USA, a for-profit Education
Management Organization based in Fort Lauderdale who is one of the
largest, fastest growing and highest academic performing charter
operators in the United States.
The current financing will fund acquisition and construction
costs for four charter school facilities, three in southeast
Florida and one in Jacksonville, Florida. Two of the facilities
will increase capacity at existing schools, while two are start-up
schools. All of the schools involved in the financing were
oversubscribed for fall 2011, resulting in all of the schools
holding enrollment lotteries to award seats.
Ziegler structured the $89 million fixed-rate issuance that
received a "BB+" rating from Fitch with interest rates that were
below similar rated charter school transactions pricing in the
market. Michael Braun, Senior Vice President in Ziegler's Religion
& Education practice, noted, "We were pleased to assist
Renaissance and Charter Schools USA in this financing. Due to the
efforts of the entire team, we were able to execute on a
transaction with very competitive interest rates. These savings
will help put more dollars back into the classroom which will
benefit the 6,000+ students who will attend classes in these
facilities."
For further information on this issuer, please see the
Electronic Municipal Market Access system's Document Archive.
For more information about Ziegler and please visit us at
www.Ziegler.com.
About Ziegler: The Ziegler Companies, Inc.
(PINKSHEETS: ZGCO) together with its affiliates (Ziegler) is a
specialty investment bank with unique expertise in complex credit
structures and advisory services. Nationally, Ziegler is ranked as
one of the leading investment banking firms in its specialty
sectors of healthcare, senior living, religion and education
finance, as well as corporate finance and FHA/HUD. Headquartered in
Chicago, IL with regional and branch offices throughout the U.S.,
Ziegler creates tailored financial solutions including bond
financing, advisory, private placement, seed capital, M&A, risk
and asset management. Ziegler serves institutional and individual
investors through its wealth management and capital markets
distribution channels.
Certain comments in this news release represent forward-looking
statements made pursuant to the provisions of the Private
Securities Litigation Reform Act of 1995. This client's experience
may not be representative of the experience of other clients, nor
is it indicative of future performance or success. The
forward-looking statements are subject to a number of risks and
uncertainties, in particular, the overall financial health of the
securities industry, the strength of the healthcare sector of the
U.S. economy and the municipal securities marketplace, the ability
of the Company to underwrite and distribute securities, the market
value of mutual fund portfolios and separate account portfolios
advised by the Company, the volume of sales by its retail brokers,
the outcome of pending litigation, and the ability to attract and
retain qualified employees.
Leslie Lynch 312 596 1630 Email Contact
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