Ziegler Closes $15 Million Lake Charles Charter Academy Financing
December 20 2011 - 12:35PM
Marketwired
Ziegler, a specialty investment banking firm with a dedicated
charter school banking team, is pleased to announce the successful
closing of the $15,515,000 Lake Charles Charter Academy Foundation,
Inc. transaction. This is the first bond issue for this borrower
and the fourth bond issue Ziegler has underwritten for schools
managed by Charter Schools USA.
Lake Charles Charter Academy Foundation, Inc. (the Foundation),
is a Louisiana 501(c)(3) that holds the charter for Lake Charles
Charter Academy (LCCA). LCCA, located in southwest Louisiana, is
the first charter school in Calcasieu Parish. LCCA opened in August
2011 in a temporary, leased facility under the management of
Charter Schools USA (CSUSA), a for-profit educational management
organization based in Ft. Lauderdale, Florida. This is the first
Louisiana school managed by CSUSA.
The current financing will fund acquisition of a 10-acre parcel
of land and construction costs for a two-story, 60,664 sq. ft. K-8
school facility. Upon completion in fall 2012, the facility will
increase the LCCA's capacity to 860 students. Tax-exempt proceeds
will fund all project costs as well as a debt service reserve fund
sized to maximum annual debt service and approximately six months
of capitalized interest. Unlike prior financings for CSUSA-managed
schools, Red Apple Development, the for-profit real estate
development arm of CSUSA, does not hold title to the property. Red
Apple Development served as a construction manager, but the project
will be owned directly by the Foundation. As a result, all project
costs were funded tax-exempt, although a taxable "tail" was issued
to cover costs of issuance in excess of the 2% limit. The project
was privately financed and no public taxpayer money was used in the
financing.
With Ziegler's expertise in the charter school market and
extensive capital markets capabilities, the Foundation met its
tight construction timeframe and closed on time. Michael Braun,
Senior Vice President in Ziegler's Religion & Education
practice, stated, "The Lake Charles Charter Academy financing was
the culmination of a five-year strategic plan led by a group of
community leaders in Lake Charles, LA. Ziegler was proud to partner
with this group of leaders to deliver a school that will
distinguish itself as a platform of change for public education in
the community."
For further information on the structure and use of this issue,
please see the Electronic Municipal Market Access system's Document
Archive. Link:
http://emma.msrb.org/IssueView/IssueDetails.aspx?id=ER346437
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
This communication does not constitute an offer to buy these
securities. The offering is made only by the Official Statement and
through an appropriately registered representative. The Series 2011
Bonds may not be appropriate for all investors. Market value and/or
accrued interest will fluctuate during the period held, and, if
sold prior to maturity, the yield received may be more or less than
the yield calculated at the time of purchase. Discounted yields
herein are gross yields to maturity. Discounted bonds may be
subject to capital gains tax, rates of which will vary, so
investors should consult their own tax advisor with regard to their
personal tax situation. Interest on municipal bonds may be exempt
from federal income tax but may be subject to tax for residents of
certain states. For bonds designated AMT, taxes may exist for
certain investors. Ziegler will sell these bonds on a principal
basis.
The corporation or its officers, directors, stockholders, or
members of their families may at times have a position in the
securities mentioned herein and may make purchases or sales of
these securities. Not all call or put information is identified in
the description above. Please be sure to discuss any special
features with your Financial Advisor before deciding whether to
invest in these securities.
Christine McCarty 312 596 1617 Email Contact
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