July 2015 Charter School Advisors & Local Initiatives Support Corporation
Charter School Bond Issuance: A Complete History Volume 3
501 Seventh Avenue, New York, NY 10018 212.455.9800 www.lisc.org July 2015
CHARTER SCHOOL BOND ISSUANCE: A COMPLETE HISTORY Volume 3
Written By Wendy Berry Managing Director, Charter School Advisors [email protected] 518-461-7155
July 2015
Published By Charter School Advisors www.csadvisors.org and Local Initiatives Support Corporation www.lisc.org/section/ourwork/national/education This publication and related resources are available at www.lisc.org/section/ourwork/national/education/publications/bondhistory and http://216.194.171.230/~csadvi5/dev/our-services/research/
Cover Photo: The Alliance for College-Ready Public Schools Publication Design: Dinsmore Designs CHARTER SCHOOL ADVISORS CHARTER SCHOOL FINANCING Charter School Advisors (CSA) supports and assists charter schools Charter School Financing (CSF) at LISC supports high-quality public charter by providing hands-on, solution-oriented advice on each school’s best schools in distressed neighborhoods. In 2003, LISC intensified its national facility finance options. These may include tax-exempt bonds, the effort in charter school facilities financing. LISC pools low-interest loan and Community Development Financial Institution Bond Guarantee Program, grant funds, and leverages them for investment in charter school facilities in New Markets Tax Credits, Qualified School Construction Bonds, Qualified order to create new or renovated school facilities for underserved children, Zone Academy Bonds, the U.S. Department of Agriculture Guarantee families and neighborhoods nationally. Since making its first charter school Program and commercial bank loans. CSA is a registered Municipal Advisor grant in 1997, LISC has provided $165 million in grants, loans or guarantees with the Securities and Exchange Commission and the Municipal Securities for 174 schools across the country. CSF is supported by the Bill & Melinda Rulemaking Board. For more information about CSA, visit Gates Foundation, the JPMorgan Chase Foundation, the U.S. Department of www.csadvisors.org. Education and the Walton Family Foundation. LOCAL INITIATIVES SUPPORT CORPORATION LISC CSF assembled a National Advisory Board to provide oversight and leadership of its strategic mission, resource development, public policy Local Initiatives Support Corporation (LISC) is dedicated to helping activity and other issues relevant to the attainment of its mission to help community residents transform distressed neighborhoods into healthy and charter schools with their facility needs. The Advisory Board is comprised of sustainable communities of choice and opportunity—good places to work, members representing the community development, education, finance and do business and raise children. LISC mobilizes corporate, government and philanthropic communities. philanthropic support to provide local community-based organizations with: ■■ loans, grants and equity investments ■■ local, statewide and national policy support ■■ technical and management assistance
LISC is a national organization with a community focus. Our program staff are based in 30 cities and rural areas in 43 states where LISC-supported community development takes shape. In collaboration with local community groups, LISC staff help identify priorities and challenges, delivering the most appropriate support to meet local needs. LISC is Building Sustainable Communities by achieving five goals: ■■ Expanding Investment in Housing and Other Real Estate ■■ Increasing Family Income and Wealth ■■ Stimulating Economic Development ■■ Improving Access to Quality Education ■■ Supporting Healthy Environments and Lifestyles
Since 1980, LISC has marshaled $14.7 billion from over 3,000 investors, lenders and donors. In urban and rural communities nationwide, LISC has helped to finance the construction or rehabilitation of 330,000 affordable homes and 53 million square feet of retail, community and educational space—totaling $44.1 billion in development. For more information about LISC, visit www.lisc.org. ADVISORY BOARD ACKNOWLEDGEMENTS We want to acknowledge the many people who contributed directly or JIM GRIFFIN (Chairman) indirectly to this study, generously giving their time to provide data and President information during the course of the research. In particular, we would Momentum Strategy & Research like to express our gratitude to the following individuals for their comments BETH BRAY (ex-officio) and contributions to Charter School Bond Issuance: A Complete History, Program Officer Volume 3: Walton Family Foundation ■■ Rich Harmon and Victoria White – BB&T Bank JOHN KINGHORN ■■ Ben Kaufman – Hamlin Capital Director, Social Investments ■■ Jeff Cohen and Shawn Sinel – Jefferies & Co. Prudential Financial, Inc. ■■ Nelson Smith – National Association of Charter School Authorizers GINA MAHONEY ■■ Mike Santeannes – Phoenix Industrial Development Authority Senior Vice President, Government Relations ■■ National Alliance for Public Charter Schools Harry Huntley – South Carolina Jobs-Economic Development Authority ■■ Mark Shewmaker – Texas Permanent School Fund CARMEN MALDONADO ■■ Regional Director, Northeast Rating agency staff from Fitch Ratings, Moody’s Investors Service and Turner-Agassi Charter School Investment Fund Standard & Poor’s SAMIR K. PATEL We would like to extend special thanks to the Walton Family Foundation Managing Member and the Bill & Melinda Gates Foundation for their support for this research, 3PS Capital, LLC but acknowledge that the findings and conclusions presented in this report are those of the author alone and do not necessarily reflect the opinions of MICHAEL RUBINGER the foundations. President & Chief Executive Officer Local Initiatives Support Corporation We would also like to thank our colleagues at Orrick, Herrington, & Sutcliffe LLP: Eugene Clark-Herrera; Alison Radecki; and Deborah Johnson and STEVE SMALL LISC colleagues: Reena Abraham; Elise Balboni; Benjamin Carson; Sybil Chief Financial Officer St. Hilaire; and Sara Sorbello for their significant research and editing KIPP New Jersey contributions. WILLIAM TAFT Vice President & Executive Director LISC Indianapolis CHARTER SCHOOL BOND ISSUANCE: A COMPLETE HISTORY Volume 3
TABLE OF CONTENTS
EXECUTIVE SUMMARY ...... 1
METHODOLOGY 4
TAX-EXEMPT BOND MARKET OVERVIEW 6 Charter School Bond Volume ...... 6 Issuance Status ...... 7 Dollar Par Amount by Year 7 Number of Issues by Year ...... 9 Underwriters ...... 10 Pricing ...... 12
CHARTER SCHOOL BOND ISSUANCE BY STATE ...... 14
RATINGS ANALYSIS 18 Ratings by Agency ...... 21 Enhanced vs. Unenhanced Bonds 22 Changes in Ratings ...... 23
REPAYMENT PERFORMANCE 24 Default Rates ...... 24 Defaults by Issuance Year 25 Defaults by State ...... 25 Reasons for Default ...... 26 Underwriters of Defaulted Transactions ...... 27 Recovery ...... 28
TRENDS 29
BOND DEFAULT DETAILS ...... 31
APPENDIX A: GLOSSARY ...... 42
APPENDIX B: LONG-TERM BOND RATING SCALES ...... 44
APPENDIX C: CHARTER SCHOOL BOND ISSUANCE 45 THE 2015THE BOND STUDY EXECUTIVE SUMMARY ■■ ■■ ■■ ■■ Trends sector. bond school evidentinthecharter requirements ondefaultedtransactions. failedtomeetdebtservice reasonswhyborrowers the disclosed anddetailsof borrowers school Repayment performanceofcharter issuance (COI). of andcosts discount(UD) maturities,underwriter’s forselect (MMD) coupon, yield,spreadtothetriple-AMunicipalMarketDataIndex including alltransactions, forvirtually andpricinginformation Cost defaulted. refunded, orhave maturedorbeen remainoutstanding,have identifies which transactions Itfurther rating,creditenhancementandunderwriter. jurisdiction, issuer, issues,includingdataon paramount, bond tax-exempt school fortheexpandeduniverseof818 information Updated bond charter defaults will help further advance sector underwriting. underwriting. advancesector defaults willhelpfurther BondStudy.Lessons inthe2012 learnedfromthese hasincreasedsignificantlysincethe 22reported the numberofdefaultedtransactions hasimplemented, standardsthesector 31,2014, identifiedasofDecember despitethegreatlyimproved underwriting because transactions ofthe41defaulted ofthereasonsbehindeach andratings.Italsooffersan in-depth examination onpricing,underwriting detailed information byprovidingextensivedataandanalysis, including The improvetransparencyandstrengthenthesector BondStudyseekstofurther 2015 standards. underwriting consistentandspecific more withthemetricsformeasuringthem.Italsorecommended together schools, and riskforcharter andfinancialdriversofcreditstrength operational BondStudy)examinedtheacademic, Volume 2(2012 Issuance: ACompleteHistory, SchoolBond standards.Charter regardingcreditcriteriaandunderwriting marketparticipants there needstobegeneralagreementamong ofthemunicipalmarket,such ashealthcareorhighereducation, sectors toattainascalecomparablespecialized sector school the charter aswellthenumberofpublicandprivatecolleges.Inorderfor totalnumberofhospitals, exceedsthenationwide students)now public school The approximately5%ofall (6,700 threemillion, thenumberofchildren schools numberofcharter enrolledinthemapproaches nationwide, financing. facility school long-term charter theincreaseddemandforaffordable, reflecting during thesameperiod, bond market 18% increases of40%, volume levelsofthebroadertax-exempt andcontrastconsiderablywiththeflat and41%,respectively, than$10.4 totalingmore oforiginalparissuance.These transactions, billion yearsresultedinannual record hasgrowntoover800 sector bond 31,2014, school charter ofthepastthreeyearsthroughDecember ineach thetax-exempt annualvolume ofrecord With theaddition marketataffordableratesandreasonableterms. bond thetax-exempt canaccess schools charter standardssothatcreditworthy They andtheirauthorizers. arealsodesignedtoimproveunderwriting schools municipalities, aswellcharter counsel,conduitissuers,statesand andunderwriter’s ratingagencies,bond underwriters, participants—investors, toallsector and information withcomprehensivedataandanalysis.These capitalmarketprofessionals continuetoprovidegreatertransparency publications school charter providing onthesubject, report Volume BondStudy)isthelatestLISC-published 3(2015 SchoolBondIssuance:ACompleteHistory, Charter INCLUDES: MARKET OVERVIEW ■■ ■■ ■■ ■■ ■■ and the total par originated in the sector. and thetotalparoriginated inthesector. Michigan andTexas—account thenumberofissues ofboth for60% Florida, and theDistrictofColumbia,fivestates—Arizona, Colorado, in29states beenissuedforschools have bonds While school charter on theschool’s or47%, creditand,382, wereunrated. hadratingsbased or36%, of someformcreditenhancement,296, Of the818 issues,140, or17%, bond hadratingsbasedonthestrength been refunded. 80%,has ofthedebtoriginatedinsector’s first five years, Most total transactions. defaulted. The defaultedissuesrepresent5%ofthe (25%) and41have eithermaturedorbeenrefunded have outstanding (70%). 206 Another 571Of the818 transactions, school charter issuancesremain or3.3%,hasdefaulted. million, refunded, and$346.9 or18%, $1.9billion, outstanding. Another haseithermaturedorbeen Of the$10.4 or79%, inparissued,$8.2billion, billion remains 1 Executive Summary 2 Executive Summary ISSUANCE &PRICING ■■ ■■ ■■ ■■ ■■ higher-rated debt and lower debt service. debtservice. higher-rated debtandlower widespreaduseofmunicipalcreditenhancement, resultingin more since 2012 interestrateenvironment,aswellthe duetothelower at233basis points.This data pointsstood medianhasbeendeclining forthe726 The available historicmedianspreadtothetriple-AMMD market. the overalltax-exempt (2013)and contrastswiththedeclining toflat(2014)volume levelsof 18%years resultedinannualincreasesof40%, and41%,respectively, than$10.4 totalingmore These transactions, billion. volume record Total 31,2014 atover800 issuancethroughDecember sector stood in 2012 2013 ($1.1billion), and2014 ($1.3billion) ($1.9 billion). wasrecorded volume bond tax-exempt school annualcharter Record criteria. underwriting couldsolidifythesector’s evolving schools charter at agencyapplyafreshlook another having Moreover, participants. market active more surprising toseeotherratingagenciesbecome be not itwould ratings,however, school to providethebulkofcharter vulnerabletochanges inratingcriteria.S&Pwilllikelycontinue industry the leaves ratingagencyinamunicipal sector onlyoneactive Having market. ofthemunicipal bond marketshareisatypical overwhelming ratingsin2013 ofthebond assigning99% and2014.sector, This Standard &Poor’s school continuestodominatethecharter million. totaling$450 par amount prevalentfortheyearbasedona triple-Aratingswerethemost history, landscapein2014.annual ratingdistribution Forthefirsttimeinsector thePSF,particularly wasresponsiblefordramaticallychanging the The ofthesestate-sponsoredcreditenhancementprograms, utilization payments. interestrateandreduceddebtservice lower resultinginasignificantly school, credit ratingforthatofthecharter substitutingthestate’s byeffectively debt service generallyfarsuperior dollarsspentonfacility These significantlyreducetax-payer programs available. financing forfacilities options, andleastcostly effective, most such asthePSF,credit enhancementprograms, representoneofthe State borrowers. issued by or on behalf of participating ratings for bonds fundthatresultsintriple-A intheformofareserve security additional theTexasto access which Permanent provides Fund(PSF), School dramatically.In2014, began costs schools charter borrowing lowering withthepledge, thatborrow schools in double-Aratingsforcharter tothestate’s pledge,resulting (MO) access obligation schools moral In2012,sponsored creditenhancementprograms. charter Utahgave Two eligiblefortheirstate- schools madecharter statesrecently REPAYMENT PERFORMANCE ■■ ■■ ■■ ■■ ■■ ■■ ■■ ■■ total $10.4 inparoriginated. billion and3.3%ofthe rate of5.0%intermsthenumbertransactions representinganoveralldefault million, with originalpartotaling$346.9 defaultsinthe818 been41monetary There analyzedtransactions have was $12.7 for2014 theaverage was$19.6 million, million. average issuesizeforalltransactions While financing multiplefacilities. (CMO) managementorganizations andlargecharter estate costs Transaction andreal sizecontinuestoriseduehigherconstruction of issuance. 77%transactions, wereassignedinvestmentgraderatingsatthetime highof73% withasector in2011.regularly exceed60%, Ofallrated seentheratedproportion stands at53%,butthepastfewyearshave which wereratedatissuance The percentageofalltransactions were4.7%and1.8%,respectively. andUD median COI years.The fromprevious percentage ofpar,continuetodecline historic discount,measuredasa ofissuanceandunderwriter’s Costs mark, ten of them were Michigan transactions. mark, tenofthemwereMichigan transactions. years ofissuance.Ofthe17 pastthefive-year defaultsthatoccurred 10,another threeandfive between or24%ofthedefaults,occurred withinthreeyearsofissuanceand defaults,or34%,occurred Fourteen The issuanceanddefaultwas4.5years. mediantimelapsebetween haseverdefaulted. networks school more sophisticated charter affiliatedwiththelargerand school evidencewasfoundthatany no schools; into defaultwerestand-alone went bonds whose Alloftheschools funds basedonspreadstoMMD. of atrelativelyhighcost creditratings,andborrowed market without the enrollments, accessed lower tendedtohave Defaulting schools issues weresignificantlyhigherat6.8%and8.1%,respectively. anddefaultratesforunrated issues were1.6%and2.3%,respectively, In termsofparoriginatedandnumberissues,defaultratesforrated unratedissues(8.1%). the382 (6.0%), and31defaultsamong the100defaults among graderatings issueswithnon-investment withinvestmentgrade ratings(1.2%),six bonds school charter 336 defaultsonthe 31,2014,As ofDecember therewerefourmonetary ■■ ■■ ■■ underwritten usingtoday’sunderwritten creditstandards. been have would unlikely thatmanyofthesedefaultedtransactions Itis sector. understanding thekeydriversofriskincharter intermsof thereisalearningcurve As withanynewsector, in default. consideredtobe longer andisno agreement, paidallpastdueamounts hasemerged fromaforbearance CreativeArts, Katy One finalschool, tobondholders. 22%and60% debt resultinginahaircutofbetween restructured their have threeschools can resumeinfull.Another cash flowsimprovetothepointwhereprincipalandinterestpayments strained ofaturnaroundinwhich theschools’ inhopes the school toenterintoforbearanceagreementswith chosen have bondholders arestilloperatinganddebtisoutstanding, cases whereschools investors. Intheten toaffected netproceeds in ordertoforward property saleofthemortgaged asthetrusteeisawaiting transactions ispendingoneight with amedianof52%.Finalpaymentresolution of4%toahigh78%, outstandinghasrangedfromalow bonds asapercentageof tobondholders onandsold,recovery foreclosed been thathave Forthe14to berelativelylow. facilities school asapercentageofparcontinues tobondholders Generally, recovery three defaults. Governanceissueswerecitedasthereasonforremaining declines. inthe acontributingfactor possibly school’s reputation academic cause,withthe enrollment and/orstrainedfinancialsastheprimary eightdefaults,or20%,citeddeclining Another to subparacademics. or73%, Thirty, ofthe41defaults,werelinkeddirectly achievement. academic defaultsandlow between put, thereisahighcorrelation renewal.Simply It drivesenrollment,financialstrengthand charter underwriting. school incharter isthefundamentalcreditfactor quality BondStudy,thatacademic This confirmsthefindingsof2012 report 3 Executive Summary 4 Methodology included. not allofthemare therefore, difficulttotrace; statements andaremore official have withbanks,which donot placements offerings, includingdirect thereareahandfulofprivately-placed issuance.Inaddition, tax-exempt Zone ofalarger,primarily AcademyBonds,unlesstheywereasmallpiece BondsorQualified Construction such asQualifiedSchool credit bonds, ofAgricultureguaranteeddebt,ortax offerings, such asU.S.Department offering.Theincludefullytaxable donot foreach data,however, amount isincludedinthepar dollaramount 2%limit),whose federally proscribed the beyond series(tocoverCOI oftenincludeasmalltaxable transactions officialstatementwaspublished. whereno of transactions Tax-exempt 31,2014December withasignificantnumber hasbeenidentified,along through executed facilities school forcharter transactions tax-exempt We theentireuniverseofpublicofferings areconfidentthatvirtually ratingagenciesandinvestors. underwriters, Datawasalsoobtainedfrom bonds. school frequent issuersofcharter fromconduitissuersandother information study alsoincludesborrower L.P.,(TM3) andBloomberg aswellreputablewebsitesearches. This Thompson MunicipalMarketMonitor (SDC), DataCorporation Securities MunicipalMarketAccess(EMMA), Electronic Board’sRulemaking (MSRB) 31,2014.December DatasourcesincludetheMunicipalSecurities through bond transaction) school from September1998(thefirst charter facilities issuancesissuedtofinanceschool bond school exempt charter tax- This ofallavailable includesacomprehensiverecord publication METHODOLOGY much ofwhich canbefoundinAppendixC: These datapointsinCSA’s information— spreadsheetincludethefollowing series creditenhanced);thereforethedatapointcountincreasesto818. withonlyone oroneschool separateschools (i.e.,two distinct creditfactors serieswith offeringshad two bond 31,2014.December Nineofthe809 September1,1998and offeringsissuedbetween rated andunratedbond than800 Comprehensive datawascompiledforthisstudyfromthemore for reference. bythethreemajorratingagenciesareincludedinAppendixB employed inAppendixA.Theratingscales bond long-term isavailable A glossary ratherthanthatofanyothersecurity. school credit strengthofthecharter An “unenhanced”or“underlying”ratingisabasedsolelyonthe itself. school pledgetotherevenuesfromcharter substitute security or asanadditional tobondholders credit enhancementpledgeddirectly thepresenceof ofthisstudy,an“enhanced”ratingreflects purposes of2015 atissuanceandasofthefirstquarter both (current).Forthe issue bond “Enhanced” and“unenhanced”ratingsareprovidedforeach issuance(defaulted). repayment termsofthebond defaultorbeenrestructuredinamannerthatalteredtheoriginal monetary eitherexperienceda which have matured orrefunded(refunded),andthose which were which wereoutstanding,those offerings,includingthose bond issuancestatuswasdeterminedforall809 andEMMA, Utilizing Bloomberg MARKET OVERVIEW ■■ ■■ ■■ ■■ ■■ ■■ ■■ ■■ ■■ ■■ ■■ ■■ ■■ ■■ ■■ ■■ ■■ ■■ ■■ ■■ Status (matured/refunded,outstanding,defaulted) ofbonds Link toOfficial Statement discount - $and% Underwriter’s ofissuance-$and% Costs Financial advisor,ifany Lead underwriter Spread toMunicipalMarketDataIndex Type refundingorcombination) ofdebt(newmoney, maturity Yield tax-exempt oflongest maturity tax-exempt Coupon oflongest date Maturity Initial andCurrentRatings,ifapplicable (Moody’s); andStandard &Poor’s (S&P) Rating agency,ifany:Fitch Ratings(Fitch); Moody’s InvestorsService Credit enhancer,ifany Identification (CommitteeonUniform Securities Procedures) CUSIP Par amount Issuer School State Dated date information. information. analysis,thenumberofdatapointsisprovidedbasedonavailable each For ofthebonds. were calculatedasapercentageoftheparamount ofissuance,which discountandcosts was alsogatheredonunderwriter’s Data ofasimilarmaturity. the pricingoftriple-Aratedmunicipalbonds comparedto bond basedonthepricingofthislong-term Index, orMMD, withthespreadtotriple-AMunicipalMarketData evaluated, together offeringisreviewedand ofeach termbond and yieldforthelongest thecoupon Inaddition, offeringswherethatdatahasbeenreported. bond and pricingisanalyzedforallofthe oncost information In thissection, a missedpaymenttothetrusteeonbehalfofbondholders. capturedasadefaultinthedatabaseunlessanduntilthereis they arenot maysignalaneventualdefault,but ofacharter, ornon-renewal revocation defaults,such as information. non-monetary Other to filetimelydisclosure such asfailure defaultmaybeunrelatedtorepaymentability, the technical asthereasonfor beconsideredadefaultforanalyticalpurposes, not would default,ontheotherhand, agreement, itislabeledadefault.Atechnical throughaforbearance termswithbondholders itsdebtservice renegotiated issuance.Therefore, has that wereagreedtoatthetimeofbond ifaschool 2014, wasunabletomeettheprincipalandinterestpaymentsinvestors 31, borrower, asofDecember whose default isdefinedasanytransaction A andEMMA. toBloomberg posted checking formaterialeventnotices wasidentifiedby bonds school A comprehensivelistofdefaultedcharter ISSUANCE &PRICING REPAYMENT PERFORMANCE 5 Methodology 6 Tax-exempt Bond Market Overview utilized this financing option extensively for their facilities. Since extensivelyfortheirfacilities. utilized thisfinancingoption 1998, market’s bond have ofthetax-exempt schools advantages,charter Because contribution. up-frontequity withlittle,andoften, no costs transaction plus costs ofproject thefullamount oftenborrow schools, including charter borrowers, value (LTV) Assuch, tax-exempt ofthecollateralproperty. ratio emphasisontheloan-to- more which places lendingapproach, traditional oncashflowanalysis ratherthanthe investorsfocus bond tax-exempt resources.Moreover, expensesthatcandrainprogram annual debtservice incurringlarge without to growenrollmentandrevenuesfullcapacity schools charter termsallow years.Longer amortization exceeding 40 cases yearsandincertain term,generally30 fullyamortizing a longer, lower ratesover Tax-exempt tofixthese schools charter alsoallow bonds bonds. school charter highest medianyieldfortax-exempt duringthecreditcrisis—whenitwas8.1%—theyearwith than in2009 lower higherat6.5%,itwassignificantly stood bonds school term charter pledge fromtheState ofUtah.While 2014’s annualmedianyieldforlong- obligation S&P basedprimarilyoncreditenhancementconsistingofamoral forVenturebond wasrateddouble-Aby AcademyinUtah.This transaction In2014,lows. as3.5%forthe30-year forexample,yieldswereaslow torecord beenatorclose bonds—have school forcharter including those rates/yields— Indeed, overthepastthreeyears,overalltax-exempt sourcesoffinancingduetotheirtax-exemption. thantraditional lower bonds are Interestratesonthese facilities. school financing for charter sourceof marketcontinuestobeanattractive bond The tax-exempt TAX-EXEMPT MARKET OVERVIEW BOND
$ Amount Issues (in Millions) $2,000 1, 1, 40 80 20 60 0 0 0 0 0 1 $11 998 4 1 $80 999 19 HISTORIC $208 2000 26 $305 20 31 AL 01 C HAR $226 20 34 02 TER SCHOOL TER 20 $274 31 03 20 $327 42 mutIse Number ofIssues $ AmountIssued 04 BOND $396 0520 20 2006 2005 43 ($ inMillions) ISSU $572 59 billion, resulting in the sector’s third consecutive year of record volume. volume. yearofrecord resultinginthesector’s thirdconsecutive billion, issuancepeakedin2014 bond $1.9 school with95 issuestotalingalmost subsequent year.Charter yearandeach increased significantly thefollowing then million In2011, fellto53issuestotaling$805 million. $940 activity in2010 rebounding and2009, with73crisis in2008 offeringstotaling from 1998through2007. Issuancethenfellsharplyduringthecredit issuancegrewsteadily bond school charter shows, below As thechart oftotalissuance. threshold piercingthe$10 transactions billion hasgrowntoover800 sector bond school charter since1998,thetax-exempt Includingallactivity billion. to2014, totaling$1.9 highbelongs annual sector with95 transactions washeldby2007,record The totaling$1billion. new with79 transactions innewissuance.Priorrepresenting over$4.0billion to2012, thesector 31,2014,December issuancesurgedwith227 transactions executed 1998 andMay31,2012. June1,2012 between Forthe31months and in thefirsttransaction offeringsissuedbetween bond school all charter levels.TheBondStudyincluded volume record 2012 issuance hasachieved bond school BondStudy,charter Since LISC’s ofthe2012 publication offerings. over$10.4 borrowed distinct have representingover800 billion, country aroundthe schools charter bonds wereissuedinthissector, when thefirst CHARTER SCHOOL BOND VOLUME A $1,044 NCE 80 07 TH $5 0820 20 2009 2008 45 ROUGH 56 $361 26 DECEMBER $940 73 10 $805 20 53 11 31 $1,127 , 20 20 79 12 14 $1,325 20 78 13 $1,862 20 95 14 0 20 40 60 80 10
0 Number of Issues of Number 20 12 16 40 80 00 00 00 0 0 0 10 20 40 60 80 0 0 1 of over$10.4 Approximately70%, billion. or571, oftheseissues,totaling foratotalparamount had separateratedandunratedseries),accounting borrower andothers more thanone (some officialstatementsincluded representing818 transactions, distinctofferings issuestotaled809 bond 31,2014, school charter As ofDecember thenumberoftax-exempt the BondBuyer. to municipalissuancethatyearaccording of onepercenttotallong-term issuancein2014 growth,totalcharter wasstilllessthanhalf spectacular hasseen sector thecharter year.Although increase of41%fromtheprior to 2013—while experiencedan issuanceat$1.9 billion school charter identical municipal issuance wasonceagain just over$334billion—virtually byarateof18%.during thesameperiod Similarly,in2014, totallong-term 12% issuancegrew bond school Incontrast,charter year-over-yeardecline. in2012, billion a wereissued,downfrom$380 inmunicipalbonds billion In2013, hasdeclined. approximately$334 marketactivity municipal bond volume growthwhileoverall issuanceexperiencedsignificant bond school i.e.,charter sector, environment thatcontrastssharplywiththecharter inanoverallmarket hastakenplace volume isthatthisrecord Of note ISSUANCE STATUS Nineofthe809bondofferingshadtwoserieswithdistinctcreditsforatotal818datapoints. Defaulted (41) 5% Matured/Refunded (206) 25% NUMBER OFISSUES 818 AGG REG Outstanding ATE C (571) 1 70% HAR TER SCHOOL TER ($ inMillions) Defaulted ($346.9) period) was originated over the succeeding five-year period between 2005 2005 between wasoriginatedoverthesucceedingfive-yearperiod period) fromthefirstseven-year (doubletheamount Approximately $2.9billion defaults. oftotalsector alsorepresented30% during thisperiod issuance.Parduring theseyearsequalsonly3%oftotalsector issued remainingparoutstandingissued Moreover, refundingactivity. sector for53%oftotal 14% surprisingly,accounted ofoverallissuance,but,not 31,2014. foronly December Paraccounted originatedduringthisperiod been refunded,23%remainedoutstandingand7%haddefaulted,asof 1998and2004,70% paroriginatedbetween Of the$1.4billion has originated inthesector’s firstsevenyearshasmaturedorbeenrefinanced. ofthedebt surprisingthatmost interestrates,itisnot Given declining manner which altered the original repayment terms of the bond issuance. manner which altered theoriginalrepaymenttermsofbond defaultorbeenrestructuredina eitherexperiencedamonetary have asdefaulted;they arecategorized million, of$346.9 original paramount issues,or5%,representingatotal matured orbeenrefunded.Forty-one either have justshyof$1.9billion the issuances,withatotalparamount or25%,of 206, remainoutstanding.Another approximately $8.2billion, DOLLAR PARDOLLAR BY AMOUNT YEAR 3% BOND ISSU Matured/Refunded A ($1,873.9) NCE 18% STATUS PAR AMOUNT $10,416.2 Outstanding ($8,195.4) 79% 7 Tax-exempt Bond Market Overview 8 Tax-exempt Bond Market Overview on par issued during this period represented 59% of total sector defaults. of totalsector represented59% on parissuedduringthisperiod issuancewhiledefaults remainingparequals20%oftotalsector Moreover, for37%overall issuanceandaccounted refundingactivity. oftotalsector foronly28%of has defaulted.Paraccounts originatedduringthisperiod remains outstandingand7%ofthedebtoriginatedduringtheseyears 69%, 24%ofwhich hasbeenrefinanced.Alargemajority, and 2009, 1 09 bond offerings had two serieswithdistinctcreditsforatotalof818 offeringshadtwo bond datapoints. 09 2005 Total 2014 Total 2013 2012 Defaulted 2011 2010 Refunded 2009 Outstanding 2008 2007 2006 Total 2004 Defaulted 2003 2002 Refunded 2001 Outstanding 2000 1999 1998 Year Nine ofthe8 STATUS BY ORIGINATION YEAR AS OF 12/31/2014 $2,000 1, 1, 40 80 20 60 0 0 0 0 0 1 $11 998 571 50 68 59 39 25 31 95 75 75 14 16 25 23 22 9 7 3 3 2 0 Outstanding 1 $80 999 $208 2000 0 41 206 Number ofIssues $305 20 25 14 14 14 14 13 19 2 4 4 0 2 3 8 01 $226 20 02 Refunded 20 $274 03 43 42 4 3 53 1 1 7 31 7 34 31 26 3 2 5 1 3 0 0 1 26 1 2 0 1 20 A $327 NNU 04 AL $396 052006 2005 ($ inMillions) 818 ISSU Defaulted 80 59 45 95 78 79 73 19 4 $572 defaults during this period represent11%defaults duringthisperiod defaults. oftotalsector remaining parequals71% outstandingissuancewhile oftotalsector Moreover, foronly10%and accounts refundingactivity. oftotalsector for58% ofoverallissuance Par accounts originatedduringthisperiod were $37.4 31,2014. ofdefaultsontheseissuesasDecember million or4%,remainedoutstanding.There andallbut$202million, $6.1 billion, 2010 between For thefinalperiod and2014, issuancesurgedtoover AN CE $1,044 2007 STATUS 8154$,7. 369$10,416.2 $346.9 $1,873.9 $8,195.4 $5 0820 20 2009 2008 ,6. . . 1,862.4 0.0 0.0 1,862.4 ,7. 18901,127.3 9.0 41.8 1,076.4 ,7. 33591,324.8 5.9 43.3 1,275.6 56 8. 1. 42571.5 64.2 118.7 388.6 9. 4636939.6 3.6 44.6 891.5 280.6 9. 7. 291,043.5 72.9 173.8 796.8 5. 624. 395.9 44.8 96.2 254.9 3. 351. 805.2 18.9 53.5 732.8 0. 4. 90273.7 19.0 148.0 106.7 1. 4. 0.0 245.2 310.7 123.4 00$12$. $11.2 $0.0 $11.2 $0.0 1713726207.9 2.6 163.7 41.7 132335. 304.6 50.0 243.3 11.3 37.9 4.2 $361 Par Amount($inMillions) $940 10 7. . 225.5 9.4 178.2 187.9 57.4 67.3 $805 20 11 $1,127 20 12 25360.5 22.5 56326.9 15.6 $1,325 . 80.1 8.6 20 13 $1,862 20 14 555.8 2000 12 16 40 80 00 00 0 0 0 to cover the additional cost ofissuance andthenegativearbitrage. In an cost to covertheadditional savings achieve sufficient debtservice itisdifficultto schools, to charter isoftenlegallyavailable theprocess Although advantage ofthisoption. taken have schools utilize advancerefundings,onlyahandful ofcharter often districtsandotherhighly-ratedborrowers school While traditional bonds wereoriginallyissued. lower thanwhentheoutstanding significantly toacalldateandisgenerallydonewheninterest ratesatthetimeare prior An alternativetoacurrentrefundingisanadvancedwhich occurs the school’s creditprofilehasdeteriorated. or ofissuancefor a new,relativelysmalltransaction, due tothehighcost asignificantinterestratesavings smalltoreceive refunded arelikelytoo beencurrently not thathave to2005 thatwereissuedprior bonds Those fallen. evenifrateshave duringthatfirstten-yearperiod opportunities outcurrentrefunding of issuance.Thislocks effectively legalprovision bepaidoffandredeemedduringthefirsttenyearsfromdate cannot i.e.,bonds isstructuredwithaten-yearcallprovision, revenue bond typical asthe activity, significantrefunding show to2005 All yearsprior beenrefunded. than have arestilloutstanding more transactions isthefirstyearthat 2005 shows, all 95 issuancesoriginatedin2014 above areoutstanding.Asthechart maturedorbeenrefinanced,whereas four issuesoriginatedin1998have annually isincludedonthecolumnsforeaseofreference.Forexample,all year.The statusineach totalnumberofissuesoriginated transaction providesthepercentageofissuesby above thechart For greaterclarity, NUMBER OF ISSUES BY YEAR 1 Nineofthe809bondofferingshadtwoserieswithdistinctcreditsforatotal818datapoints. 100% 20 40 60 80 0 1 998 41 41 1 999 92 92 2000 63 6313 20 01 13 20 4 02 Outstanding 3 20 31 03 A 30 NNU 20 243 42 04 AL (Number ofIssues 0520 20 2006 2005 243 42 ISSU AN 98 526 45 80 59 Refunde credit sector. credit sector. a maturing standards thatoftenaccompany stringent underwriting more much ofitislikelyattributabletobetterand todefault,however, opportunity hadthe time frameinwhich bonds bytheshorter be explainedinpart hasmatured.Thisoverall defaultrate)steadilyasthesector can situation the not (although theannual defaultratehasdeclined shows, above chart 15.8% (3defaultsoutof 19 issues.)AstheAnnualIssuancebyStatus default rateat16.1% by1999at (5 defaults outof31issues)followed (7 defaultsoutof187 issues.)Overall,2001hadthehighestsingle-year endedindefaultstatus 1998and2004when9%oftransactions between issuedduringthefirstseven-yearperiod to bonds defaults canbetraced defaulted,thehighestlevelof In termsofthenumberissuesthathave Series 2007 Bonds. Public didin2014 Schools future asIDEA whenitadvancerefundedits inthe likelytotakeadvantageofadvancerefundingoptions they aremore interestrates— credit enhancement—resultinginhigherratingsandlower accessing schools charter With more districtborrowers. school traditional beenhigherthan grade orbarelyinvestmentgrade,theirinterestrateshave investment historicallybeen ratedbelow have schools charter Because fromtherefunding. savings investment rate,theharderitistoachieve andtheescrow theinterestrateonoriginalbond the spreadbetween resultinginnegativearbitrage.Theinterest rateontheoriginalbonds, wider escrowedfundsgenerallyearnsignificantlylessthanthe call date.Those accrued interestpaymentthroughthe sufficient forthefullprincipaland inanamount inanescrowaccount mustbeplaced ends,proceeds period onrefundingbeforetheten-year advance refunding,duetotherestriction CE BY 59 d 07 1 STATUS ) 0820 20 2009 2008 944 79 Defaulted 35 978 79 53 73 10 26 20 11 74 20 12 51 20 13 20 24 95 14 9 Tax-exempt Bond Market Overview 10 80 60 40 20 0 0 10 20 40 60 80 0 0 10 Tax-exempt Bond Market Overview arena or are not active in the charter school sector. sector. school inthecharter active arena orarenot asbroker-dealersinthepublicfinance acting longer still operating,areno longer inbusinessandothers,while no manyofthesefirmsare decade, inthecapitalmarketsoverpast Giventheupheaval borrowers. school aswelltherelativelyweakercreditprofileof charter transaction, typical ofthe paramount tothesmalleraverage banksdueinlargepart regional the nation’s isdominatedby largestbroker-dealers.Rather,thissector firms,i.e., weredonebybulgebracket andfewofthose of transactions inonlyahandful ofthesecompanieswereinvolved most As expected, issues. two only ninefirmsunderwrote/placed Another transaction. school charter 74. Oftheseinvestmentbanks,15onlyasingle ofthemunderwrote/placed 31,2014, throughDecember active inthesector totaled number offirms agents.Evenaftercombiningrelatedfirms,the orplacement underwriters bond eitheras beeninvolved high numberofinvestmentbankingfirmshave asurprisingly sector, bond Since 1998andthelaunch school ofthecharter UNDERWRITERS 02 Westoff, Cone&Holmstedt Coastal Securities Kirkpatrick Pettis Raymond James George K. Morgan Keegan Herbert J.Sims M&T Securities Miller Johnson Stifel Nicolaus D.A. Davidson A.G. Edwards Piper Jaffray Pr De LaRosa ager Sealy8 Dougherty Wa Lawson Ziegler chovi Baum BB&T Bair RB PN C C d6 a 3 3 040608 5 5 5 6 12 12 12 14 14 22 23 26 MOST ACTI 31 VE UNDER 43 (Number ofTr 45 not execute a transaction in 2014 inorange areshown atransaction . execute not did which ingreen arestillinthebusiness,butwho are shown , whilethose in2014) executed today inthissector evidenced byatleastonetransaction inred the futureareshown not likelyseeonanewofferingin you will firms Those of D.A.Davidson. ofWells part arenow Fargo,and Wachovia andKirkpatrick Pettis part isnow inbusiness,A.G.Edwards longer general. Forexample,MillerJohnsonisno and/orpublicfinancein schools fromcharter away changed theirfocus mergedwithotherinvestmentbanks,orsimply upshop, closed have changes inthecapitalmarkets,manyoftheseentities Due totherecent inatleastadozentransactions. firmswereinvolved Sixteen underwriting bonds. school charter or placing 31,2014 and/ experiencethroughDecember inunderwriting with themost thefirms shows chart investmentbankers.Theparticularly accompanying consultants,ratingagencyanalystsand financial advisors,feasibility partners—lawyers, school withexperiencedcharter issuance process thetax-exempt navigate school Itiscriticalthatacharter marketplace. thetax-exempt inaccessing schools assistingcharter footprint a national andforged anexpertise developed entitiesthathave allregional virtually Today, byafewfirms, isprimarilyserved sector school thecharter 48 WR ITERS ansactions) FR 64 3 OM 19 . The broker-dealer firms that are still active (as active (as . The broker-dealerfirmsthatarestill 98 TO20 14 100 0 89 96 ($ inMillions) $1,049.8 $1,342.2 $1,507.8 $460.3 $362.9 $533.5 $1 $145.7 $159.0 $216.1 $307.7 $812.1 $410.8 $176.3 $374.4 $163.5 $132.2 $164.5 Par $107.3 $1 $52.4 $9 $9 40 11 1. 1. .6 .6 4 6 available, thefeeranged fromwellunder1%tojustover6%ofthepar available, For the746 discountwas wheredataonunderwriter’s transactions business thatafirmmustrecoup. ofdoing the percentagegenerallyincreasesasthereareminimumcosts consideredsmall,lessthan$5million, transactions percentage. Forthose the thelower also comesintoplay,asthehigherparamount, forhighly-ratedcredits.Thefee isgenerallylower sizeofthetransaction withinvestors.Conversely,theunderwriting considered hardertoplace are andtherefore,thesetransactions are fewerbuyersofhigh-yieldbonds asthere investment-graderatedtransactions higher forunratedorbelow getpaidvaries.Feesaretypically The percentageofparthatunderwriters toinvestors. tostructure,priceandmarketbonds paid totheunderwriter These discount,i.e.,thefee firmsgenerallygetpaidviatheunderwriter’s (22). J. Sims(31);Ziegler(23);andPNC Herbert (48); Dougherty PiperJaffray(64);Baird(63); (89); D.A. Davidson CapitalMarkets(96); levels:RBC areinorderofactivity the businesstoday active in which arestill transactions school Thecharter most firmswiththe 6% 0 1 2 3 4 5 1 998 1 999 2000 20 01 Median Underwriter 20 02 20 TREND 03 20 OF 04 ’s Discount UNDER 0520 20 2006 2005 WR (%) the median COI and average COI stood at 4.2% and 4.3%, respectively. at4.2%and4.3%,respectively. stood COI andaverage the medianCOI In2014, ofapproximately $450,000. 4.7% translatingintoadollaramount 31,2014 at 8.9% in1998,theoverallmedianthroughDecember stood ashigh annualmedianCOI as well.While thesector’s earlyyearssaw overtime declined have surprisingthatoverallCOI therefore,itisnot COI; agency fees.The feeisoftenthesinglelargestcomponentof underwriter’s market, includinglegalfees,trusteefinancialadvisorandrating themunicipal inordertoaccess costs mustbearcertain schools charter discount, andtheunderwriter’s overthelifeofbond for itsborrowing pays school totheinterestacharter onthenextpage.Inaddition chart asapparentinthe similardeclines shown ofissuancehave Overall costs $171,000. ofapproximately dollar amount transaction which translatesintoatypical of1.8%and2.1%,respectively, 4%, withanoverallmedianandaverage 2%and beenbetween discounthistoricallyhave underwriter’s and average The $4million. below median wereforparamounts discount of5%ormore withanunderwriter’s allofthetransactions Virtually ofthebonds. amount ITER 07 ’S DISCOUN Av erage Underwrite 0820 20 2009 2008 T r’ s Discount 10 20 11 20 12 20 13 20 14
11 Tax-exempt Bond Market Overview 6 5 4 3 2 1 0 12 Tax-exempt Bond Market Overview longest maturity (averaging 28.1years)was6.5%—downfrom7.2% (averaging maturity longest since bond withthe bond yieldontheterm school median fixed-rate charter Foraggregateissuancesince1998,the taxes. pledges, i.e.,property thatreliesontax-backed viasecurity markedly highercreditquality Traditional themunicipalmarketwith districtsgenerallyaccess school districts. public school comparedtotraditional borrowings tax-exempt historicallypaidrelativelyhigh interestratesontheir have schools Charter PRICING
Annual Volume with Available Yield Data ($ in Millions) $2,000 1, 1, 1, 1, 1, 20 40 60 80 20 40 60 80 000 10 0 0 0 0 0 0 0 0 0 % 0 2 4 6 8 1 998 1 998 1 999 1 999 2000 2000 AnnualVo 20 20 01 01 20 20 lume withAvailable YieldData($inMillions) 02 02 Median CostsofIssuance 20 20 03 03 TREND 20 20 04 M 04 EDIAN OF 0520 20 2006 2005 0520 20 2006 2005 COSTSOF YI EL (%) D BY highs in2011 beforetrailingdownwardsoverthepastthreeyears. narrowingsomewhatin2010;2009, spreadswidenedtosector however, peakedin Spreadshadpreviously ratedbonds. andlower municipal bonds highlyrated,triple-A rate differentialmeasuredinbasispointsbetween the interest The ofcapitalismeasuredbythespreadtoMMD, cost astheannualmedianyieldfor2014to decline issuancewas6.0%. tocreditenhancementinafewstates,thismetriccontinues access recent interestrateenvironmentand BondStudy.Giventhecurrentlow the 2012 ISSU YEAR 07 07 Av 0820 20 2009 2008 erage CostsofIssuance 0820 20 2009 2008 AN CE Median AnnualYield 10 10 20 20 11 11 20 20 12 12 20 20 13 13 20 20 14 14 0 1 2 3 4 5 6 7 8 9 10
% Median Annual Yield (%) Yield Annual Median 2000 12 14 18 16 1000 20 40 60 80
00 00 00 00
0 0 0 0 0 10
8 6 4
2 0 0 1 2 3 4 5 6 7 8 9 10 being issued and the recent presence of credit enhancement programs ina presenceofcreditenhancementprograms being issuedandtherecent ratedtransactions duetomore spreadhasnarrowedevenfurther MMD the sector, into andoutofmunicipalmarketmutualfunds.Forthecharter ornegativeflowofdollars areissued,andthepositive in which thebonds spreads,includingtheoverallinterestrateenvironment,state affect 2007a significantupwardswingbetween and2012. Anumberoffactors in2012 issuesbegandeclining school overall spreadsforallcharter after shows, below was233basispoints.Asthechart bonds school charter Based on726 datapoints,thehistoricmedianspreadforall available 20 30 40 50 10 0 0 0 0 0 0 1 998 1 999 2000 20 01 20 02 Unrated Issues 20 AV 03 ER 20 AGE AN AGE 04 0520 20 2006 2005 (Basis Points) NU AL All Issues rated bonds and 362 basispointsforunratedbonds). and362 rated bonds basispoints(313 ofonly49 basispointsspreadfor issuesin2009 charter ratedandunrated is instarkcontrasttothespreaddifferentialbetween This trend recent spreadsfortheratedcategory. dramaticallylowered have which credit-enhancedtransactions, ofmanytherecent credit quality basis pointsforratedissues.Much ofthisdifferentialisduetothehigher basispointsascomparedto169 median spreadforunrateddealswas361 few states.While 2014 hadaspreadof276 basispointsforallissues,the SPRE 07 AD TOMMD 0820 20 2009 2008 Rated Issues 10 20 11 20 12 20 13 20 14 13 Tax-exempt Bond Market Overview
50 40 30 20 10 0
0
0
0
0
0 50 40 30 20 10 0 0 0 0 0 0 20 30 40 50 10 20 30 40 50 10 0 0 0 0 0 0 0 0 0 0 0 0 14 Charter School Bond Issuance By State Florida, Minnesota, Pennsylvania and Utah have alsobeenfrequent Minnesota,PennsylvaniaFlorida, andUtahhave inCalifornia,theDistrictofColumbia, behind.Schools areclose (46) Michigan (123); Texas andMinnesota (48) andUtah(52).Florida (66); issuancesthroughtheendof2014: (129);than 50 Colorado Arizonaand hadmore onlyahandfulofstateshave In termsofnumbertransactions, volume. sector school state withthehighestcharter in2014, years,particularly Texasin thepasttwo surpassedArizonaasthe Duetothesignificantuptick inissuance atover$24.7million. transaction Texasissuance. Furthermore, per paramount hadthehighestaverage with thehighesttotalparwasTexas or16% at$1.6billion, oftotalsector sizesof$12 Thetransaction respectively. and$6.5million, state million stateshadvastlydifferentaverage Asaresult,thesetwo million. only $802 andMichigan at variedsignificantlywithArizonaat$1.5billion par amounts at123, each total highestnumberoftransactions, however, for thesecond ofjustunder$10with anaverage ArizonaandMichigan weretied million. with129, ofpar $1.3billion of thenumbertransactions totalingalmost stateinterms active wasthemost Columbia. Duringthattime,Colorado in29statesandtheDistrictof schools issued onbehalfofcharter been have transactions bond tax-exempt than800 Since 1998,more CHARTER SCHOOL BOND ISSUANCE BY STATE
Par Amount of Bond Issuance ($ in Millions) $2,000 1, 1, 50 50 000 0 0 0 Transactions 163$1,491 $1,633 $24.7 TX 66 Transactions $12.0 12 AZ 3 Transactions $1,283 PA $10.0 12 CO Rated Pa 9 R A MOUNT OF Transactions r $1,069 $22.3 48 FL BOND Transactions $8 $6.5 12 MI ($ inMillions) Unr 02 3 ISSU ated Pa Transactions Michigan described on the following page. Michigan describedonthefollowing affecting experienced similarlyhighdefaultratesduetotheotherfactors not ofratedandunratedparto Michigan, theyhave similarproportions have Arizonaand Minnesota tohalfratedandunrated.Although are closer toprofilesthat shiftedfromprimarilyunratedportfolios similar toUtah,have state’s ArizonaandMinnesota, otherfactors. highdefaultrate,among contributedtothe partly hasbeenunratedandthismayhave schools byMichigan borrowed halfoftheparamount rated thanunrated.About issuedhasbeen ofthedollaramount program—more obligation to itsmoral unratedpar,butsince2013—due historicallyissuedmore have toaccess inUtah schools ofratedparcomparedtounratedpar.Charter proportion issuedalarger Pennsylvania, CaliforniaandtheDistrictofColumbia)have inahandfulofstates(Texas, schools charter shows, below As thechart financing. facility school regardingcharter andconditions laws states, andtherelativelyfavorable inthese located schools tothelargenumberofcharter 2014—due mostly parissuedthrough forover84%ofthetotalsector accounted jurisdictions Texas, CombinedwithColorado, billion. ArizonaandMichigan, theseten and$1.1 million $250 withtotalissuancerangingbetween each borrowers, A rA NCE $16.1 $659 CA 41 BY TOP TEN STATES TEN TOP Transactions $18.6 58$539 $578 PA 31 vera ge ParAmount Tr ansactions $10.4 UT 52 Tr ansactions $435 $9.5 MN 46 Tr ansactions $2 $284 DC 13 1. 8
0 10 20 30 $40 0 10 20 30 Average Par Amount ($ in Millions) in ($ Amount Par Average 2000 15
10 50
00 00 0
0 $12.35 $16.98 $15.48 $13.05 $13.04 $19.81 $14.64 $13.87 $9.69 $9.21 $4.21 $2.80 $8.83 $6.83 $9.83 $8.00 $7.78 0 10 20 30 Michigan’s highdefaultrate. ofunratedpartoratedmayalsobecontributing larger proportion the bond defaults.Asdiscussedpreviously, school of allidentified charter of 123 forover37% allstates,accounting issues)—thehighestamongst Michigan’s defaultrateof12% bond school charter (15 defaultedissuesout Criticalevidenceofthiscreditprofileisapparentin of investment-worthy. longer fitsinvestors’definition no profile ofstatesector the state.This type operatingin authorizers andalargenumberoflow-quality organizations; management charter ofstrongandactive small enrollments;adearth with byschools characterized portfolio acharter recovery; economic including:arelativelyweakstate-wide is duetoanumberoffactors, werecompleted.Michigan’s issuance transactions school incharter decline in2014—a fromitspeakin2007 sharpdecrease transaction when14 school onlyonecharter one trendingdown.Indeed,Michigan recorded active states,Michigan istheonly ofthetopfive other states.Moreover, to intermsofabsolutenumbersbutalsorelation in Michigan—both beenexecuted have farfewertransactions however, crisis in2008-2009, count.Sincethecredit early on—oftenwiththehighestannualtransaction (redline)wereactive Michigan schools charter below, from thechart cansee thetrendswithinthesestates.Asyou It isinterestingtotrack 12 14 18 16 10 0 2 4 6 8 1 998 1 999 2000 Arizona 20 01 20 02 TOP FIVE TOP 20 03 Colora 20 do MOSTACTI 04 (Number ofIssues) 0520 20 2006 2005 VE Finance Authority (up from two in2013 (upfromtwo tofivein2014).Finance Authority Development bankpurchases bytheMassachusetts placements/direct viaprivate areexecuted manyofthetransactions Massachusetts—where 12 in2014), (upfromthreein2013 Florida tosevenin2014), and is trendingupwardincludeCalifornia(doublingfromsixin2013 to issuance whose states,otherjurisdictions active Outside ofthemost borrowings. tofortheirfacility access have now schools charter (rateddouble-A)thatinvestmentgraderated credit enhancementprogram (fourin2013period andnine in2014) duetothenewstate-sponsored overthe2013-2014significant increaseinthenumberoftransactions in2014. starting schools tocharter Utahhasalsoseena only available through theTexas Permanent Fund(ratedtriple-A),which was School thehighly-ratedcreditenhancementguaranty toaccess theability awaited a numberofthe2014 dealsweredelayedfromearlieryearsasschools in2013 executed to five transactions 11 in2014.however, that Itislikely, thandoubleditsissuancefromthe in thenumberoftransactions—more years,aswelloverall,hasalsoexperiencedanincrease inrecent volume at 16, in2010 andagainin2014. Texas—while issuingthehighestdollar inanysingleyear closed transactions forthemost therecord Arizona holds Michigan STATES ISSU 07 0820 20 2009 2008 AN CE Texas 10 20 11 20 Utah 12 20 13 20 14 15 Charter School Bond Issuance By State
14 12 18 16 10 6 8 2 4 0 50 40 30 20 10 0 0 0 0 0 0 20 30 40 50 10 20 30 40 50 10 0 0 0 0 0 0 0 0 0 0 0 0 16 Charter School Bond Issuance By State 1 Arizona Texas Total Oregon Island Rhode Arkansas New Mexico Maryland Nevada Wisconsin Missouri South Carolina Louisiana Idaho Ohio Delaware Indiana Carolina North New Jersey Georgia Illinois New York Massachusetts District ofColumbia Minnesota Utah Pennsylvania California Michigan Florida Colorado State
Six separateissueswithdifferentcreditc TOTAL PAR AMOUNT ISSUED BY STATE # ofTransactions haracteristics and/orratingswerecombinedifthesameoffering statement wasutilized haracteristics 812 123 123 129 66 46 48 21 52 31 41 13 10 10 15 15 12 1 2 3 3 2 3 3 6 4 3 4 8 6 9 1 fTtlTascin oa a mutIse %ofTotal Par Issued Total Par AmountIssued % ofTotal Transactions ($ inMillions) 100% 15.1% 15.1% 15.9% 8.1% 0.1% 0.2% 0.4% 0.4% 0.2% 0.4% 0.4% 0.7% 0.5% 0.4% 1.5% 0.5% 1.0% 0.7% 1.1% 2.6% 1.6% 5.7% 6.4% 3.8% 5.0% 5.9% 1.2% 1.2% 1.8% 1.8% $10,416.2 $1,633.1 1,490.9 1,069.2 1,283.0 248.4 435.5 538.8 802.0 658.9 283.6 224.6 108.9 215.1 122.0 112.1 577.9 69.3 61.1 22.6 24.1 24.7 26.1 32.6 52.6 53.6 53.7 84.1 94.2 10.1 3.4 100% 14.3% 15.7% 10.3% 12.3% 0.0% 0.1% 0.2% 0.2% 0.2% 0.3% 0.3% 0.5% 0.5% 0.5% 0.7% 0.8% 0.9% 2.4% 4.2% 5.2% 6.3% 0.6% 1.2% 2.7% 5.5% 1.0% 1.1% 2.1% 2.2% 7.7% above $20 million: the District of Columbia at $21.8 million; Florida at Florida theDistrictofColumbiaat$21.8million; $20million: above $10 paramounts hadaverage Atthehigherend,threejurisdictions million. below paramount Island—hadanaverage Nevada, NewMexicoandRhode Michigan, Minnesota,Missouri, Idaho, other states—Arkansas,Colorado, basedononlyasingleoffering.Nine at$3.4million, endisOregon the low (17) The rangingfrom$10 outlierat pertransaction. to$20million million states Average issuesizebystatehasbeenrelativelyuniform,withmost $25 20 15 10 0 5 24.7 TX 22.3 FL 21 DC .8 18.6 PA 17 LA .9 17 OH .3 16.1 CA 15 IN .7 15 NY .0 14 IL .3 13 GA .6 AV 13 SC ER .4 AGE PA AGE 12 MD .3 12.1 ZM NJ MA AZ ($ inMillions) R AM 11 .8 acquisition pricing. acquisition and costs construction would affect increasesthat inflationary typical Texas, togrowsteadilybeyond parformanystatesisexpected theaverage in market,particularly thetax-exempt accessing largeCMOs With more million. was significantlyhigherat$46.6 forTexas paramount For2014,million. theaverage however, transactions andTexas$22.3 million; at$24.7 paramount withthehighestaverage 11 OUNT BY .2 0910.9 10.9 NC WI STATE 10.5 DE 10.4 UT 9.9 CO MN 9.5 MO 8.8 8.7 NV NM 8.0 AR 7. 5 6.5 IID MI 5.1 5.0 IOR RI 3.4 17 Charter School Bond Issuance By State 25 20 15 10 5 0 20 30 40 50 10 20 30 40 50 10 0 0 0 0 0 0 0 0 0 0 0 0 18 Ratings Analysis three ratingagencies. bythe ratingscalesemployed See AppendixBforthemunicipalbond had beenassignedinitialratings,including17 thatwereinvestmentgrade. 31,2014, throughDecember million 21 thatexceeded$50 transactions therebybroadeningtheirpotentialinvestorbase.Ofthe25 their bonds, investmentgraderatingson toachieve werebetterpositioned borrowers Assuch, these sophisticatedborrowers. on behalfofstrongerandmore wereissued ofthelargertransactions asmanymore of ratedtransactions, The percentageofratedparishigherthanthenumber relatively stableoverthepastthreeyearsatapproximatelytwo-thirds. varied from0%in1998toahighof81%2011, ithasbeen although investment grade.Ratedparasapercentageofannualissuancehasalso 1998and2014total issuancebetween or51%, with$5.3billion, rated On atotalparbasis,the$7.0 ofratedparrepresents67% billion of 55% in2014, withjustunderhalfofthesedeemedinvestmentgrade. high of76% in2011 of53issuanceswereassignedratingsto when40 wereunrated—toa issuancewhenallfouroriginatedtransactions bond school has variedovertheyearsfrom0%in1998—thefirstyearof charter However,thepercentageofratedtransactions investment grade(non-IG). of issuancewhiletheremaining100, or23%,wereinitiallyratednon- or77%, atthetime 336, wereratedinvestmentgrade(IG) transactions, three majorratingagencies:Fitch, Moody’s andS&P. rated Ofthese436 or53%,hadbeenassignedratingsbyoneofthe analyzed inthisreport, Through 31,2014, ofthe818 December offerings 436 bond school charter RATINGS ANALYSIS Investment Grade— Unenhanced Investment Grade— (196) 24% Enhanced (140) 17% NUMBER OFISSUES investment Grade (100) Non- 12% 818 Unrated (382) 47% C HAR TER SCHOOL TER ($ inMillions) INGS BONDRAT 80 20 30 40 50 60 70 10 % 0
Investment Grade— 1998 Investment Grade—
Unenhanced 1999 ($3,043.9) ($2,269.9) 29% Enhanced 2000 S RATED 22% 2001
PAR AMOUNT 2002 $10,416.2 HAR Rated 2003 (Number ofIssues)
2004 E OF investment ($1,666.9) 2005 ALLTRAN Grade Non- 16% ($3,435.5)
Unrated 2006 33% 2007 Non-IG 2008 IONS SACT 2009 2010 2011 2012 2013 2014 20 30 40 50 60 80 70 10 0 20 30 40 50 60 80 70 10 0 20 30 40 50 10 0 0 0 0 0 0 category. Moreover, virtually all of the ratings above the triple-B category thetriple-Bcategory alloftheratingsabove virtually Moreover, category. wereinthis ratingsassignedatthetimeofissuance,200,or46%, 436 Ofthe and“BBB-Baa3.” “BBB/Baa2” i.e.,“BBB+/Baa1,” grade category, rating—byawidemargin—hasbeeninthetriple-Binvestment bond school initialcharter common to2014, yearprior Overall, andineach themost 25 20 15 10 50 0 0 0 0 0 100% 20 40 60 80 /a AA A AA/Aa AAA/Aaa 0 41 C 1 $1 HAR 998 1. 41 2$ (Number of Issues — 436 of81 (NumberofIssues—436 TER SCHOOL TER 1 . $57 $395.9 $326.9 $273.7 $225.5 $304.6 $207.9 80.1 999 33 92 2000 6313 BOND 62 20 NR 01 INGS ATISSU RAT BBB/ 20 20 0 Baa 02 3 8 To
tal Issuance) 20 BB/ 30 03 BI 99 INITI aB Ba G 20 AL 243 42 AN 04 RATI CE 1 0520 20 2006 2005 NG ($ inMillions) BBB CA 59 staff and contracted personnel. staff andcontracted forschool involved work and(3)theadditional upfrontandongoing); (both costs thanonerating;(2)theadditional (1) investorsdon’trequiremore thanoneagencyduetoanumberofreasons,including: ratings frommore tobeassigned Today,sector. transaction bond school itisrareforacharter inthis insurerswereactive inearlieryearswhensomeofthebond common wasused.Useofmultipleratingagenciesmore rating category prevalent used. Where allthree ratingagenciesassignedratings,themore was category differentagencies,thelower assignedbytwo categories distinctrating Inthecasewherethereweretwo the broadratingcategories. ofratingsassignedatissuancein thedistribution The show charts following investment graderatingof“BBB-/Baa3.” thelowest received and indeed,ofallinvestmentgraderatedtransactions, oftriple-Bratings majority The overwhelming of“BBB”/”Baa2.” category trueforthemiddle andthesameholds higher “BBB+”/”Baa1”category 16 issuance,onlyahandfulofratingswereinthe school yearsofcharter throughthefirst ratingcategory common While triple-Bhadbeen themost ofallratedpar. isalso46% assigned triple-Bratings,$3.2billion, issued,inthiscase,theparamount of issuancesversusthedollaramount basedonthenumber often amaterialdifferencewhencalculatingratios While thereis insurer,bankorstatecreditenhancementprogram. bond wassubstitutedbytheratingofa borrower school ofthecharter quality were basedonsomeformofcreditenhancementinwhich thecredit TEGORIES 1. 5$ 1, 5$ 043. 944 79 07 A BY 0820 20 2009 2008 . 996$0. 1173$,2. $1,862.4 $1,324.8 $1,127.3 $805.2 $939.6 $360.5 555.8 YEAR 26 AA 74 10 20 51 11 AAA 20 24 12 20 13 250 20 15 10 50 0 0 0 0 20 14 19 Ratings Analysis 10 20 40 60 80 0 0 20 Ratings Analysis This attributabletotheState change waswholly ofTexas grantingcharter issuedinagivenyear. ratingintermsoftheparamount common most triple-Awasthe Forthefirsttimeinsector’s history, below. the chart in asshown million ratedtriple-Atotaling$450 were ninetransactions of$211.2with 13representingaparamount there transactions, million, ratingintermsofnumberissuanceswasstill triple-B common most years.While the seeninprior from thehistoricalratingdistributions Rated issuancefor2014, resultedinasignificantdivergence however, $2,000 1, 1, 1, 1, 1, $700 20 40 60 80 20 40 60 80 000 20 30 40 50 60 10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 998 $450 AAA 1 999 2000 AAA 20 01 $50 AA 20 20 02 14 RATI 20 AA INITI 03 NG AL 20 DISTRIBUTION 04 RATI $122 A 0520 20 2006 2005 NG ($ inMillions) ($ inMillions) A EGORIES CAT maximum of approximately $900 million. million. ofapproximately$900 maximum toits wasclose capacity PSF school charter theavailable of thisreport, date oftriple-Bratingsbeingdominant.Asthepublication distribution tothatof2014 tothehistorical distributions back orwewillrevert It isunclearwhetherwewillcontinuetoseesimilarannualrating “AAA”, “AA” and“A” ratedcreditenhancementprograms. totheirrespective access schools charter inallowing Utah andColorado tothestate’s andaccess triple-AratedPSF. eligibility schools Texas joins ATTI 07 $2 BBB BBB 11 ME BY 0820 20 2009 2008 OF YEAR ISSU A NCE BI Non-IG $371 G 10 20 11 20 12 NR Not Rated 20 $660 13 20 14
20 12 14 18 16 10
80 40 60 20
00 00 00 00 00 00
0 0 0 0 0 20 30 40 50 60 700 10 0 0 0 0 0 0 0 2000 12 14 18 16 1000 20 40 60 80 00 00 00 00 0 0 0 0 0 2000 12 14 18 16 1000 20 40 60 80 00 00 00 00 0 0 0 0 0 20 30 40 50 10 0 0 0 0 0 0 assigned byS&P. ratingsand105 wereassignedbond oftheseratingswere transactions Indeed,in2013 bonds. school rating agencyforcharter and2014, 106 S&Pasthesoleactive leaving since,effectively inthesector been active inthemarketuntil2012,active whenitchanged itscriteria.Ithasnot andwasfairly participation Fitch thensteppedupitssector in2008. sector exitedthe Moody’s ratingsintheearlyyears,iteffectively assignedmore wasrated. While significantly sincewhenthefirsttransaction 1999, haschanged theseorganizations marketshareamong bonds, school assignedcreditratingstocharter While allthreemajor rating agencieshave RATINGS BY AGENCY 100% 20 40 60 80 0 1 999 3 2000 228 33416 8 20 13 01 20 9 02 20 10 7 03 20 ING RAT 14 12 04 Fitch 0520 20 2006 2005 224 22 6 9 DISTRIBUTION (Number ofIssues) 2 Moody’s evolving underwriting criteria. underwriting evolving thesector’s develop likelyfurther would onthesector apply afreshoutlook ratingagency another having continuestomature.Moreover, as thesector participant active amore ratingagencybecome surprising toseeanother be not itwould ratings,however, school to providethebulkofcharter in criteria.Foratleastthenearterm,itappearsthatS&Pwillcontinue vulnerabletooneagency’s theindustry changes desirableasitleaves not isunusualandcertainly ratingagencyinamunicipalsector One active 39 2 4 3 5 07 BY 0820 20 2009 2008 615 16 AGENC 6 1 Y S&P 929 39 7114 1 10 20 1 11 20 42 1 12 20 49 13 20 51 1 14 21 Ratings Analysis 10 80 60 40 20 0 0 22 Ratings Analysis authorized, although not required, to make an appropriation outofgeneral required,tomakeanappropriation not although authorized, statesarelegally programs, UnderMO programs. orMO state guaranty comefromeither of creditenhancedofferingsoverthelastfiveyearshave thevastmajority marketafterthecreditcrisisof2008, bond school charter insurersandcommercialbanksfromthe With theexitofbond programs. aswellstate-sponsoredguaranty programs, of creditandstateMO insurance,bankletters presence ofcreditenhancement,includingbond or42%,werebasedonthe 31,2014,through December 140 transactions, investmentgraderatingsassigned As discussedearlier,ofthe336 private creditenhancement. fromtheseformsof sector school theentirecharter of excludingvirtually These changes inthelandscapeofprivatecreditenhancershad effect aswasthecasewithbanksprovidinglettersofcredit. borrowers, quality in2007, insureractive bond every orlimitedtheirenhancementtohigher- wereeitherdowngraded,aswasthecasefor tothatperiod market prior bond inthetax-exempt many ofthecreditenhancersthatparticipated to2010, from2008 place thattook Due tothecreditmarketdislocation interestrates. and thuslowers guarantees.Such enhancementreducesrepaymentrisk orpartial reserves debtservice such asadditional pledged forrepaymentofthebonds, collateral specific insuranceandlettersofcredit,oritcaninvolve bond ofastrongerthird-party’s programs, credit,suchsubstitution asstateMO the offerings.Creditenhancementcaninvolve theirbond secure further utilizedcreditenhancementto have borrowers rates, manytax-exempt interest highercreditratingsthattranslateintolower In ordertoachieve ENHANCED VS. UNENHANCED BONDS Investment Grade— Enhanced (140) 42% NUMBER OFISSUES C HAR TER SCHOOL TER 336 Investment Grade— Unenhanced (196) 58% BOND INGS RAT ($ inMillions) — ENHANCED on the tax-exempt bonds was4%(withayieldof4.13%)—a bonds on thetax-exempt significant inMay2014program rate issuance.The witha$92.2million 30-year access thePSF to school wasthefirst charter Dallas-based LifeSchool million. $900 fromabout $3.5 billion ofsubstantiallyraisingthelimittoapproximately theeffect have itwould iscalculated.Ifenacted, schools tocharter accessible the portion (HouseBill3018) legislation statutorilychangeintroduced how thatwould MembersoftheTexas toitsmaximum. wasclose schools legislaturehave tocharter available portion theallowable however, inprocess, transactions Includingapproved wasover$20billion. forallschools capacity guaranty PSF’s valueisconstantlychanging, asofMarch 31,2015, itsremaining While the ofthreetimesthevaluereserves. up toaparamount bonds three majorratingagencies.Thetoguaranty isauthorized PSF areratedatthehighesttriple-Alevelfromall bythePSF Bonds backed representingover$432million. guaranteed debttransactions, Through 31,2014, PSF- December hadexecuted schools eightcharter children schools. enrolledincharter tothenumberofschool in proportion ofthePSF statute, Texas capacity theavailable mayaccess schools charter Undercurrent fundedprimarilyfromoilandgasreceipts. sponsored reserve In 2014, inTexas schools charter thePSF, begantoaccess astate- borrower. forthe ratings, which inturn leadtosignificantinterestsavings resultinginhigherbond typically school, or guarantorforthatofthecharter substitutethecreditstrengthofstate,municipality effectively programs unable tomakeitsscheduled orMO payments.State-sponsored guaranty is intheeventaborrower paymentstobondholders to meetdebtservice upon fundthathasbeendrawn reserve revenues toreplenishadebtservice Investment Grade— V ($2,269.9) Enhanced ERSUS 43% UNENHANCED PAR AMOUNT $5,313.8 Investment Grade— Unenhanced ($3,043.9) 57% higher interestrate. EvenwiththeADFA of enhancement onjusttwo-thirds unrated Series2012B Bondsatthesametime,which carriesasignificantly rating byS&P. ofunenhancedand The also issued $4.2million school ofitsSeries 2012Amillion Bonds,resultinginanassignment ofan“A” theADFA wasableto secure on$4.5 School Charter guaranty Lighthouse Jacksonville totaling$8.3million. intheprogram, participated have from investmentsoftheState ofArkansas.Two transactions school charter from adedicatedsourceofrevenuesfundedbyinterestearningsderived (ADFA) bonds FinanceAuthority guarantees certain Arkansas Development wherebythe Finally, Arkansasalsohasacreditenhancementprogram stateappropriations. theneedforadditional without debtservice on facility dollarsspent sponsored creditenhancementasawaytoreducetax-payer ofstate- tosomevariation access schools charter statesareallowing more and schools, tocharter available creditenhancementoptions least costly and effective rating. Theserepresentoneofthemore programs stateMO issuancebeassignedanunderlyinginvestmentgrade bond respective include arequirementthattheir borrowers school bycharter participation criteriaforprogram eligibility programs, stateMO active For both pledge. MO utilizedthestate’s have million, withapartotalof$98 schools, charter overthelifeofitsfinancing.As $5.5 million 12/31/14, sevenotherUtah on its$17.8 issuanceapproximated$182,000 bond million peryearor estimatedthatsavings intheprogram, toparticipate school first charter Academy,the Asanexample,OgdenPreparatory the highly-ratedbonds. resultingfrom oninterest costs significantsavings receive this program i.e.,adouble-A).Therefore, bonds, utilizing general obligation borrowers thanthestate’s lower also assignedhighratings(generallyonefullnotch are bonds ofthethreemajorratingagencies,theseMO-backed from each theState triple-Acreditratings Because ofUtahhasthehighestpossible inUtah’s beganinlate2012. participation program school MO Charter tothe“A”investment gradecategory mid-rangeinvestmentgradecategory. triple-B feature,raisingratingsfromthelow security by thisadditional beencreditenhanced ofparissuance,have million representing over$580 to the“A” transactions, school charter level.Since2003,43Colorado Colorado’s rating hasexistedsince2003and raisestheexpected program state’s schools. charter implementedonbehalfofthe beenactively thestatutehasnot however, of Indiana’s schools; pledgeforcharter ofIndianapolis’MO andtheCity useoftheStateIndiana wasoneoftheearlierstatestostatutorilyallow schools. forcharter fundreplenishmentprogram) reserve a debtservice as Two (alsoknown program MO andUtah,offeranactive states,Colorado bonds. withPSF-enhanced their higher-interestratebonds torefinance bonds viatax-exempt borrowed previously thathave schools been afewrefinancingsaswell,sincethe charter Texas statuteallows financingsin school charter tonewmoney In addition Texas, therehave investmentgraderatingsinthetriple-Bcategory. fromratesforlow savings which resulted in the downgrade of 23 charter school ratings. which school resultedinthedowngradeof23charter changes wereattributabletoFitch’s 2012 creditcriteria change insector graderating.Thegrade ratingtothehighestnon-investment bulkofthese investment lowest changed toaratingof“BB+”—the rating of“BBB-” 19 downgradeoccurred common The times,which most wasaninitial to“BB+.” e.g.“BBB-” significant downgradetoadifferentratingcategory, whilethebalance,57, to“BBB-” e.g.“BBB” amore a ratingcategory, saw downgradeswithin experienced adowngrade.Ofthedowngrades,22saw upgradeswhile79by awidemargin.Indeed,only11 saw transactions upgrades achange inrating,downgrades outpaced thatsaw transactions issuance.Ofthe90 thesameratingasattimeofbond currently have 201,or69%, majority, that continuetoberated,theoverwhelming thatwereassignedunderlyingratingsand Of the291transactions rating. change theassignedbond typically not thereforetheirpresencedoes enhancement ratherthancreditsubstitution; ofthesecreditenhancementvehiclesareusedstrictlyas majority Program-Related InvestmentfromtheWalton Family The Foundation. vast FinancingPartnershipwitha inconcert School fromtheCharter loan andazero-percentsubordinate from theBillandMelindaGatesFoundation, FinanceAgency’s aguaranty Development Massachusetts guaranty, partial the byseveralgrantrecipients, grantfundsdeployed Facilities School ofEducation’sDepartment CreditEnhancement Program forCharter issues,includingtheU.S. bond withtax-exempt utilized inconjunction been There thathave areseveralothercreditenhancementprograms beenonanunratedbasis. would have lower thanit significantly was ofcapitalfortheschool the combinedoffering,blendedoverallcost CHANGES IN RATINGS within Category Downgrade 7.6% (22) INGS RAT outside Category Downgrade 19.6% (57) C HANGES (Number ofIssues) F ROM INI No Change TI 69.1% (201) AL INGS RAT Upgrade 3.8% (11) 23 Ratings Analysis 24 Repayment Performance basis. Only four of the 41 defaulted bond issues,or10%,basis. Onlyfourofthe41defaultedbond wereassigned themarketonanunrated thataccessed investment grade),andthose that wereassignedaratingatissuance(eitherinvestmentgradeornon- transactions between In termsofdefaultrates,thereisacleardistinction countedinthe2012were not listofdefaults. defaultandtherefore intomonetary yetgone hadnot thebonds however, troubled, such asthe$18.9 of2011 million FultonScience Academybonds; wereflaggedas a numberofthesetransactions Moreover, transactions. caughtupwiththose have not standardswould improved underwriting the to2006, issuedprior on bonds ofthedefaultsoccurred most Because series outstanding. parity 17 withtwo schools ofthedefaultsinvolved astwo differentschools $174.2 oforiginalpar.These million 19 comprise however, transactions, defaultedcomprising 19 sincethen,another have 31 months transactions identified, representing$172.6 or2.7%,oftotalparissuance. Inthe million, wasanalyzedinMay2012.Bond Studyreport Atthattime,22defaultswere doubledsincethedatabasefromLISC’s 2012 almost and thedollaramount thenumberoftransactions thedefaultratesbasedonboth sector, bond school standardsforthecharter Despite materiallyimprovedunderwriting defaulted,representinganoveralldefaultrateof3.3%. have ofbonds million ofdebtoriginated,$346.9 payments.Intermsofthedollaramount service fullandtimelydebt receive defaultinwhich investorsdidnot monetary experienceda or5.0%ofthe818 have 41 transactions, transactions, 31,2014, throughDecember facilities school financed charter that have Ofthe818conclusions. issuancestotaling$10.4 bond tax-exempt billion toanalyzeandfromwhich toderive repayment performancedataavailable issuedtodate,thereissignificant transactions than800 withmore decade wellintoitssecond sector bond school charter With thetax-exempt 1 DEFAULT RATES REPAYMENT PERFORMANCE
Total Unrated Issues Rated Issues Non-Investment GradeRating Investment GradeRating Rating Category Rating atissuance. CHARTER SCHOOL BOND DEFAULT RATES 1 ealsTtlRate Total Defaults 41 31 10 6 4 Number ofIssues 8 8.1% 2.3% 382 436 818 336 100 5.0% tax-exempt market. tax-exempt borrowing throughthe from orfinancialposition academic strong enough ina thatarenot reduce thispercentageconsiderablyandpreventschools could andunderwriting indisclosure ofbestpractices Study, adoption Bond of issuesand6.8%paroriginated.Ashighlightedinthe2012 represent asignificantlyhigherdefaultrateof8.1%intermsthenumber the31defaultsforunratedissues emerges.Asmightbeexpected, story complicated amore bonds, school For theunrateduniverseofcharter originated. 1.2% intermsofthenumberissuesandlessthan1%par investment graderatedatthetimeofissuancerepresentadefaultrate thatwere graderating.Thebeen assignedanon-investment transactions six,or15%,an investmentgraderatingatissuance,andanother had 6.0% 1.2% there isamissedpaymenttobondholders. defaultunlessanduntil capturedasamonetary but theyarenot andmaysignalaneventualdefault, default inthelegaldocuments bond isoftendefinedasa ofacharter ornon-renewal revocation benchmark. A ormissingafinancialratio information disclosure such asfailuretofiletimely may beunrelatedtorepaymentability, default asthereasonfortechnical our analyticalpurposes, beconsideredadefaultfor not default, ontheotherhand,would labeleditadefault.Atechnical a forbearanceagreement,wehave through termswithbondholders itsdebtservice has renegotiated issuance.Therefore, were agreedtoatthetimeofbond ifaschool unable tomeettheprincipalandinterestpaymentsinvestorsthat 31,2014, asofDecember borrower, was whose any transaction thatadefaultinthisanalysisisdefinedas tonote It isimportant ealsTtlRate Total Defaults 369 1,1. 3.3% $10,416.2 $346.9 242 3416 6.8% $3,441.6 $234.2 126 69461.6% $6,974.6 $112.6 4. $,1. 0.9% $5,313.8 $49.4 6. $,6. 3.8% $1,660.8 $63.3 Par Amount($inMillions) to determineifany stateshadsignificantlyhigherdefault rates. wereanalyzed withthedefaultedbonds associated oftheschools locations the jurisdictions, andoperating environmentsinthe30 laws school charter in aswellthevariation Given thesedifferencesinissuancevolume, 31,2014. throughDecember of volume for60% Michigan—accounting withfivestates—Texas,jurisdictions, and Florida Arizona,Colorado, of Columbia.Thethese30 ofissuancevariesgreatlyamong volume beenissuedin29statesandtheDistrict have bonds school Charter obligations. rate at15.8% representing 3of19 failingtomeettheirdebt borrowers Intermsofpercentages,1999has thehighestdefault ($64.2 million). ofdefaultswas2007amount total ($72.9 the2006 justabove million), yearsintermsofissuance. The yearwiththehighestpar active the most year),were (sevenineach defaultedtransactions The yearswiththemost zerodefaults: defaultedannually.Onlythreeoftheseyearssaw have transactions Since 1998through2014, school of2.4charter anaverage DEFAULTS BY ISSUANCE YEAR DEFAULTS BYDEFAULTS STATE ■■ ■■ ■■ the closing of the bonds would behighly unlikely. would ofthebonds the closing 2014 relative to2007; and 44% dipinissuance resultinginanextraordinary flight toquality” 2008 total offourtransactions; 1998 — the most recent year of issuance when a default so soon after yearofissuancewhenadefaultsosoon recent —themost — the inaugural charter school bond issuance year only saw a issuanceyearonlysaw bond school —theinauguralcharter — during the credit crisis, a time characterized by“investors —duringthecreditcrisis,atimecharacterized Par Amount of Defaults (in Millions) $80 20 30 40 50 60 70 10 0 1 998 0 1 $8.6 999 3 2000 $2.6 1 5. 94$90$56$48$42$72.9 $64.2 $44.8 $15.6 $19.0 $9.4 $50.0 20 DEF 5 01 AU 20 2 LT 02 ED 20 Par AmountofDefaults C 33 03 HAR 20 TER SCHOOLBONDS TER 04 0520 20 2006 2005 4 ($ inMillions) 7 current, curingallmissedpayments. Texas defaultrate.That hasthelowest singledefaulthassincebeenmade a defaultrateofonly1.5%.Ofthestateswherehasoccurred, represents through2014, andthesingledefaultedtransaction transactions In contrast,Texas66 bond issuance, school hashadsignificant charter defaulted. bonds issuedtax-exempt thathave schools the threecharter issues inthestate,adefaultrateof33%.Similarly,NewMexico,one bond Wisconsin, school thedefaultedissuewasoneofonlythreecharter state.Inthecaseof widely differingpercentagesoftotalissuanceforeach Pennsylvania, Texas andWisconsin. However,thissingledefaultrepresents Missouri,NewMexico, Idaho, Georgia, only asingledefault:Delaware, default.Ofthesestates,eighthad school experienced atleastonecharter have pagedepicts,14 jurisdictions onthefollowing As thechart ofthe30 or school district funds. or school isopenandowedstate iftheschool isonlyavailable mechanism asthe bonds school withcharter the fundamentalrisksassociated mitigate orinterrupted.However,theydonot districts isslowed usefulwhenperpupilrevenuedue fromschool are particularly tootherexpenses,andthey ispaidprior ensure thatdebtservice asthey can bebeneficialtoinvestorsfromacashflowperspective These trustee ratherthantheschool. intercepts tothebond directly orapercentageoftheschool’s debtservice revenue— to periodic school’s ofthecharter a portion perpupilrevenue—usuallyequal wherebythestatesends jurisdictions incertain feature available security State bond school areacharter interceptmechanisms 7 07 BY Number ofDefaults 0820 20 2009 2008 YE 0 AR $22.5 OF 2 ISSU $3.6 1 10 A NCE 1. 90$5.9 $9.0 $18.9 20 1 11 20 11 12 20 13 20 0 14
0 1 2 3 4 5 6 7 8 Number of Defaults of Number 25 Repayment Performance 20 30 40 50 60 80 70 10 0 0 1 2 3 4 5 6 7 8 26 Repayment Performance These factors contributetoMichigan’sThese factors highpercentageofunratedissuance. layerofduediligence. to bypassaconduitissuereliminates animportant aconduitissuer.The without marketdirectly ability bond the tax-exempt areabletoaccess discerningstandards.InMichigan, schools charter more intotoday’s evolved criteriahadnot whenunderwriting the sector’s history, themarketearlyonin accessed many oftheseschools funding. Moreover, ofreducededucation effects downturnandthe associated economic thatwerelessabletoweatherthestate’s schools small, stand-alone mostly by profilethatis characterized includingastate sector factors, requirements.Michigan’sservice highdefaultrateisduetoanumberof defaults, basedonthe15 meetscheduled debt thatcouldnot transactions thanathirdofthe41 inMichigan areresponsibleformore Schools 2014. 31, default throughDecember asinglereported without each respectively, areUtahandCalifornia,with5241issuances, note Of particular remaining 16 includingstateswithfairlysignificantissuance. jurisdictions, 2%and9%ofthenumberissues.Therebetween defaultsinthe wereno bond issuanceanddefaultratesranging school significantly higher charter andMinnesota,had Florida par originated.Fourstates,Arizona,Colorado, $110.0 represents12% million, ofthenumberissuesand14% ofthe issued. Michigan’s 15 ofapproximately with aparamount defaultingbonds, 13% andjustover10% basedonthenumberoftransactions basedonpar New York’s defaultsoutof15 two issuancesrepresentsadefaultrateof issued. default ratesdifferedsignificantlyonthenumberoftransactions stateswiththehighest Of theremainingsixstateswithdefaults,two 100% 20 40 60 80 0 RA CA AZ AR 31 041 20 3 12 OD DE DC CO 5 4 13 1 7448 LGA FL 4 DEF 1 AU DI IN IL ID 11 1 LT ED 15 ISSUES # ofMonetaryDefaults 63 AMA LA AS 21 C (Number ofIssues) DM MN MI MD OMP 21 15 08 AR analysis, the median goes downto3.5years. analysis, themediangoes areexcluded fromthe Interestingly, ifdefaultedMichigan transactions to13from justafewmonths atjust4.5years. years,themedianstood ranged issuance andmissedpaymentsforthe 41defaultedtransactions bond While thetimebetween within ayearofthesalebonds. occurred were issued.Indeed,fiveofthedefaults afterthebonds so soon manycases, andintoo failedtomeettheirdebtobligations, transactions) (representing41 schools toreviewthereasonswhy39 it isimportant transactions, school forfuturecharter In ordertoimproveunderwriting REASONS FOR DEFAULT ED 42 4 TONON 55 1 NCMO (2) NY MN (4) # ofNonDefaults DEFA NJ 1010 with SingleDefault Other States NM UL 1 (8) TS BY DEF NV 32 (Number ofIssues) AULTS BY NY 13 2 STATE (15) MI OROH 14 (3) AZ STATE PA 30 1 (5) CO SCRI 42 TX 65 1 (4) FL UT 22 WI 1 10 80 60 40 20 0 0 section. section. Details ifapplicable,can befoundintheBondDefault if any,andrecovery, opened,yearofissuance,default, rating, year school authorizer, name,issuer,underwriter, default,includingschool Details ofeach waslacking. diligence withtheauthorizer thatappropriatedue beingissued—aclearindication weeks ofthebonds torenewtheschool’s not voted within six charter third case,theauthorizer overstatement ofenrollment.”Inthe keeping” leadingtoan“unprecedented ofattendance the school’s violation dueto“agross wasrevoked charter refunded.Inanother, andpartially wereunwound issuance, andthebonds approvalfortheinitialbond failedtoobtainauthorizer one, theschool The remainingthreedefaults,or7.3%, In representuniquesituations. of,thiskeyfactor. disclosure ameasurefor,and toassesscreditstrengthorriskwithout is impossible renewal.It Itdrivesenrollment,financialstrengthand charter underwriting. school incharter Academic performanceisafundamentalfactor contributing factor. a possibly reason,withtheschool’s reputation as theprimary academic enrollmentand/orstrainedfinancials eight cases,or20%,citedeclining Another revenuesandfinancialdifficulties. bydeclining accompanied were Inmanyofthesecases,weakacademics which thedefaultoccurred. including failuretomakeAnnualYearly Progress foratleasttheyearin performance, 73%, academic topoor ofthe41defaultswerelinkeddirectly or resultscausedthedefaults.Thirty, duetosub-paracademic authorizer bythe non-renewal defaultedreveals,overwhelmingly, these transactions market?Research intowhy bond thetax-exempt toaccess borrowers hadgiventheirformalorinformalapprovalforthese finance professionals afternumerouspublic sosoon What wentwrongfortheseschools Enrollment Financial/ 20% (8) STATED RE Governance (Number ofIssues) 7% (3) A SONS FO R DEF Academics AU 73% (30) LT defaults by underwriter inthetablebelow. defaults byunderwriter listed alwaysthecase.We thatwasnot Unfortunately, have bonds. school charter asaresultofmanyyearsexperienceinunderwriting the sector Today’s in bankersareextremelyknowledgeable school leadingcharter market. gatekeepers tothebond investmentbankers—arethe firms—andtheirsenior underwriting executed, get itself. While investorappetite ultimatelydetermineswhich transactions counsel,borrower’s counsel,issuer,trusteeandtheschool including bond theprocess, throughout parties withthevarious andwork creditworthiness school’s assessthecharter arehiredbyborrowers, general Underwriters issuanceprocess. bond throughthecomplicatedtax-exempt borrower firmsareoftenthefinancingteam’s tohelpa Underwriting quarterback UNDERWRITERS OF DEFAULTED TRANSACTIONS Stifel Nicolaus Coastal Securities Lawson BB&T PNC Ziegler RBC Morgan JP Merchants Capital Wedbush Westhoff, Cone&Holmstedt 7.0% John G.Kinnard A.G. Edwards 3 Baird Gates Capital Fifth Third Securities 43 Piper Jaffray Kirkpatrick Pettis D.A.Davidson) (now Dougherty D.A. Davidson J.Sims Herbert Miller Johnson Firm DEFAULTS BY UNDERWRITER Transactions # of 96 48 89 45 63 200.0% 0.0% 0 0 22 23 3.8% 1 3.3% 26 2 22.6% 64 7 31 14 14 12 12 17 50.0% 33.3% 25.0% 1 20.0% 1 14.3% 1 2 1 3 1 4 25.0% 5 7 2 8 Defaults # of 0.0% 0.0% 0 0 11.8% 2 0.0% 0.0% 0 0 0.0% 0 1.6% 1 8.3% 5.6% 4 20.0% 5 9 Default % 27 Repayment Performance 28 Repayment Performance 1. School shutsdownand: 3. 2. 1. School remains openand: includingthefollowing: recovery, of bondholder stages defaultedareinvarious thathave Theare possible. 41transactions default,anumberofoutcomes intomonetary go bonds school Once charter sector. school inthecharter active longer municipal businessorareno inthe longer listwithhighdefaultratesareeitherno on theaccompanying allofthefirms witha20%defaultrate.Virtually transactions 45 underwrite e.g. MillerJohnsonSteichen KinnardandJohnG.combined to firm, MillerJohnson&Kuehn,anditssuccessorfirmswithsimilarnames, J.Simswasleadon31dealswitha23%defaultrate.Another Herbert Forexample, intheearlyyearsofsector. executed transactions those duediligence,particularly meaningful andpointstoweakunderwriting cases,thehighfirmdefaultrateistruly inmost transactions, underwritten While fourofthesefirms hadonlyasingledefaultoutoffewerthanfour RECOVERY
rent tothetrustee. intheformof obligations takenonthedebtservice thathave schools bysubstitutecharter occupied now collateral forbondholders—are thatwerefinanced—andrepresentthe thefacilities however, closed; markethave thebond thataccessed theoriginalschools transactions, P to78%. ratesrangingfrom39% recovery lessthan100%investors took owedtothem,with oftheamount Intheseinstances, i.e., legallyretired,theoriginaldefaultedbonds. haircut”: defeased, Three remainopenafterrefundingbonds schools Bonds ar analysesasadefaultedtransaction. included inallreport considered“indefault,”itis longer isno While theschool amounts. allpastdue emerged fromaforbearanceagreementandpaidback thathasthusfar Alliance),representstheonlyschool Houston Charter R defaulted. that have each transactions bond parity two have oftheschools astwo schools, representeight principal andinterestpayments.These tentransactions school’sborrowers toresumefull cashflowswillimprovetoenable alteredtheschool’shave thatthe repaymentschedule inthehopes enteredintoforbearanceagreements inwhich they have bondholders Oper roperty isoccupiedbyanothercharter school: Infive Katy Creative Arts School (West School CreativeArts epays allpastdueamounts:Katy ates underaforbearance agreement: Intencases, e restructured a withbondholders “taking 2. underwriting creditstandards. underwriting withtoday’s rigorous beenunderwritten more have would transactions the keydriversofrisk.Itisunlikelythatmanythesedefaulted intermsofunderstanding thereisalearningcurve As withanynewsector, 3.
P P percentage was not available). available). percentage wasnot recovery wheretheactual median of52%(excludingonetransaction in Michigan) toahigh of78% (SeedDaycareinMinnesota),witha in13 of4%(SankofaShule recovery ofthecasesrangingfromalow onandsold,withultimatebondholder beenforeclosed have facilities tobondholders. amount the ultimaterecovery reducing withothermaintenancecosts—thereby taxes—along property hasexpiredandthetrusteeisrequiredtopay exemption tax property thatthe hastakensolong a handfulofcases,thesaleproperty In ofthesaleproperty. rates willhingelargelyontheproceeds buyeryetidentified.Recovery are beingmarketedforsalewithno roperty issold,andbondsare school canceled:Fourteen roperty isputonmarketforsale:Eightcollateralproperties Restructured Replacement Schools 7% (3) Building ForSale STATUS OF Closed — 20% 12% (8) (5) (Number ofDefaults) DEF AU Closed andPropertySold LT ED TRAN 34% (14) Still Operating— Forebearence 27% SA (11) CTIONS some timetocome. for issuanceinthissector will likelymeanmaterialgrowthinannualbond newandexpandingschools demandsofboth thefacility existing schools, ofsuccessful andreplication waitinglists,andtheexpansion school charter nameson benchmark ofonemillion few years—coupledwiththerecent forthepast year—aroughly7%annualrateofexpansion opening every schools newcharter than6,700numbering more andapproximately400 2014 than12% anddownmore in2013. currently With schools charter theoverallmunicipalmarketwasflatin increase of41%)to$1.9billion, 2013in parof40%), (anincreaseof18%), andagainin2014 (another in2012 setannualrecords volume While school charter whole. (anincrease marketasa rapidly than themunicipalbond market continues to growmore Record Volume ExpectedtoContinue:The bond school charter schools. neighboring withdistrict,stateandcomparable on statestandardizedteststogether performancedata i.e.,multipleyearsofschool datadisclosure, academic comprehensive consistentlyprovidedmore have offeringdocuments report, performance.Sincethe2012 onacademic provide detailedinformation consistently statementsdidnot disclosure school results—charter academic defaultsandlow between ahighcorrelation Bond Study—which showed anddefaultratesinLISC’s 2012 practices extensive research on disclosure performance.Priorof tothepublication ofacademic on theimportance thatisbeingplaced critical exampleofstrongercriteriaisthegreaterfocus The evolves. criteriaasthesector most theirunderwriting to recalibrate investment bankers,legalcounsel,ratingagenciesandinvestorscontinue Stronger Underwriting Criteria: including Bondmarketparticipants, TRENDS $20 15 10 0 5 1 $2.8 998 1 $4.2 999 2000 $8.0 20 $9.8 01 20 $6.8 02 20 $8.8 AV 03 ER AGE TRAN AGE 20 $7.8 04 0520 20 2006 2005 $9.2 ($ inMillions) SA $9.7 CTION PA the yearswith2014’s atjustunder$20million. average sizehasbeensteadilyclimbingover transaction theaverage shows, below size was over$12.8 transaction asthechart however, million, average Overall,fromthrough2014,plus tofinancemultiplefacilities. the 1998 $50-million- borrowing networks school fromlargecharter borrowing more and(2) costs (1)higherrealestateandconstruction mainfactors: to two continuestoincreasedue transactions bond school of individualcharter Transaction dollaramount SizeContinuestoRise: The average forthesector. generally good is morecompetition and and financialadvisors.Morefinancingproducts RealEstateInvestmentTrusts,Institutions, turn-keyrealestatedevelopers Financial Development including investors,investmentbankers,Community areenteringthemarket, more participants financing,many for facility More Participants Entering Market:Asdemandincreases peryear. intheorderof$2.5billion bemore should issuance bond based onthenumberofchildren school enrolled,charter districts school totraditional marketinproportion thebond able toaccess were schools annually.Ifcharter billion district issuanceoftenexceeds$50 Typically publicschool pledge,traditional byageneralobligation backed districts. school level ofissuancestillpalesincomparisontotraditional capitalmarket.However,thisrecord thelong-term toaccess creditworthy arebeingdeemedsufficiently schools andmore to lendthissector investorsarewilling thatmore demonstrating sector, bond school charter trendforthe issuanceisapositive yearsofbillion-dollar-plus Back-to-back $13.0 07 R BY $12.4 0820 20 2009 2008 YE $13.9 AR $13.1 10 $15.5 20 11 $14.6 20 12 $1 20 7. 13 0 $19.8 20 14
29 Trends
20 15
10 5
0 $13.05 1 8 4 8 7 5 4 9 1 8 3 3 3 0 30 Trends triple-A—all duetothePSF. was ratingbyparamount common asthemost other yearinthissector in 2014 Asaresult,theratingdistribution wasunlikeany transactions. byhighly-rated investmentgradetoonecharacterized grade orbelow investment This fromthatofpredominantlylow thesector shifthasmoved spanthefullinvestmentgraderatingspectrum. ratingsnow bond school (rateddouble-A)andColorado’s (rated“A”),program program MO charter (ratedtriple-A),Utah’s includingthePSF credit enhancementprograms, MO eligibleforseveralstate-sponsored now Spectrum: With schools charter Bond RatingsNowSpantheFullInvestmentGrade Rating including Arizona,CaliforniaandNewYork. tostate-sponsoredcreditenhancementinotherstates, access schools charter toallow arealsounderway three majorratingagencies.Efforts thestate’s toaccess schools charter PSF, which isratedtriple-Abythe theTexasIn addition, itsapprovaltoallow State gave BoardofEducation inlate2012. benefittingfromthenewprogram school with thefirst charter schools foritscharter providesasimilarprogram since 2003,Utahnow tothestate’shad access pledgeasasourceofcreditenhancement MO have inColorado market.While schools investmentgradecharter bond tothetax-exempt access designedtofacilitate inprograms schools charter Sponsored Credit including Enhancement:Morestatesarenow More AllowingCharterSchools AccesstoState- States schools. issuance wasattributabletoCMO-affiliated In2014, record. thanathirdof aproventrack more thathave organizations likelytoapprovethose aremore it isunderstandablethatauthorizers achievement, Asaresultoftheiracademic as applyingfornewcharters. aswell areexpandingexistingschools, success, manyoftheseCMOs Duetotheir CMOs. areaffiliatedwith schools successfulcharter most Schools GoingtoMarket:Someofthe More CMO-Affiliated these defaults were due to subpar academic performance. these defaultswereduetosubparacademic of The vastmajority to2006. prior thatwereexecuted from transactions number andpercentageofdefaultshasriseninthepastfewyears—mostly riskprofile,the school charter better understandwhatcomprisesagood madestridesto have Defaults HaveRisen:While marketparticipants with aborrower’s authorizer. ofopencommunications lenders andinvestorsunderstandtheimportance Authorizers:Can We Lenders Talk? andCharter Charter in2015 tohelp released withLISC, Authorizers, School ofCharter Association National The creditfactor. a school’s isacritical,butoftenoverlooked, authorizer of Understandingthequality authorizers. with thesesmall,low-capacity non-existent arevirtually efforts surveillance at timesjustone.Ongoing ahandfulofschools, staffandmayonlyauthorize school dedicated charter a oftenlack meeting appropriatebenchmarks. Incontrast,weakauthorizers not schools toimprovethose warningsystemsinplace training, andhave providecontinuedduediligenceand many ofthebetterauthorizers andregularoversight.Moreover, applications of onlystrong,high-quality approvalstandardsandoversighttoapprovals non-existent from almost widely The authorizers. standardsoftheseentitiesvary authorizing school with,charter of,andcommunication greateremphasisonthequality place to arestarting standards,marketparticipants improving underwriting Greater ofAuthorizers: FocusonQuality Despitethesector’s to insufficient cash to fund operations. Rather than allow the school toshut theschool Ratherthanallow to insufficientcash tofundoperations. inenrollmentleading downturnthatcausedadecline economic significant 11 15, wastriggeredbythearea’s BankruptcyonJanuary This action 2008. andfiledforChapter Reason forDefault:The defaultedonitsbonds School % PrincipalRepaid: Rating atIssuance: Y Year BondsIssued: Year Opened: Authorizer: Underwriter/Agent: Issuer: Bonds Issued: Desert Technology School,LakeHavasuCity Arizona CharterSchools arelistedbelow. Bloomberg and onEMMA thatweredisclosed Key detailsofthesedefaultedbonds the markettowardsmaturation. defaultedinordertobetterdevelop understand whythese41transactions isgathered,itcriticalto more information continue tofluctuateas improvedmarkedlyoverthepastfewyears,andstandardsmay have standards While underwriting occurred. have defaultsthanexpected more fullydeveloped, criteriathatwerenot usingunderwriting to2006, i.e. prior on early transactions, defaults occurred of the charter school most Although default ratesareconsiderablylower. whose sectors myriad ofrevenuebond therearestilla andfarlessrisky,however, aretax-backed transactions to overallmunicipalmarketstatistics.Ofcourse,manypublicfinance theyarestillhighwhencompared given therelativenewnessofsector, numbers maysoundreasonabletosomemarketparticipants—particularly issued.While these and3.3%ofthetotalparamount of transactions defaultsrepresent5.0%ofthenumber thesemonetary noted, As previously beeasilytracked. requirementsandtherefore,cannot public disclosure tothesame subject publiclytraded,theyareoftennot arenot transactions theseprivate intodefault.Because gone have bonds privately-placed unidentified thatcertain itispossible beenincludedinthisreport, have issued duringdifferentyearsthatdefaulted.While manyprivateplacements series bond separateparity and BradfordAcademyinMichigan) hadtwo (Palm schools BayAcademyinFlorida astwo distinctborrowers, with 39 areassociated These paramount. inoriginalbond 41transactions million constituting$346.9 occurred, defaultshave 41monetary this publication, beenanalyzedin thathave Of the818 transactions bond school charter BOND DEFAULT DETAILS ear Defaulted:
Unkn Not Rated 200 2004 entit S Dougher Pima Count $3.5 1998 tate Board of Charter Schools (initial chartering (initialchartering Schools tate BoardofCharter 8 y was Higley Elementary School District#60) School y wasHigleyElementary 85 million 85 own ty y Industrial Development Authority y IndustrialDevelopment Y Y Bonds Issued: Gilbert (1facility) Life SchoolCollegePreparatory School,Mesa(2facilities)and School. Charter Preparatory Group,whichprice totheLeona runstheHavasu andfinallysoldin2011with alistpriceof$900,000 foranundisclosed wasforsale year. Accordingtothe12/2/08 theproperty trusteenotice, runningthroughtheendofacademic cash collateraltokeeptheSchool consent—usedpledged state aidpayments,thetrustee—withbondholder andJune2008 ineligibleforMay2008 down immediatelyandbecome underwritten byWedbush MorganSecurities, (1) Notes: and unpaidinterest.) the balanceforaccrued forprincipaland i.e.$6,990,695 tobondholders, distributed $8,090,852 of$8,133,679. fornetproceeds in2008 entity (The trusteesubsequently wassoldtothenewmanagement has changed andthecollateralproperty remains openbutmanagement theschool sponsor threatenedrevocation, forSchool official statementthatstated1,885 Year 2002-2003. While the only 755 Year fortheSchool foundinthe 2006-2007 versusprojections itsintended target, i.e.enrollmentwas neverreached theSchool fact, overstatementofenrollment”.In which resultedinan“unprecedented ofattendancekeeping” was citedbyitsSponsorin2007 violation for“gross its nametoFranklin wasplaguedbymismanagement.The Arts, Borrower CollegePrep,Stated Reason(s)forDefault:LifeSchool which laterchanged % PrincipalRepaid: Rating atIssuance: Year Opened: Authorizer: Underwriter/Agent: Issuer: (2) Financing Notes intheschoolyearpriortobondissuance. existence ofapriorlienonpledgedrevenues, i.e. $1.7 millionofInterim as itwasrevealedthattheBorrowerfailedtoadequatelydisclose (3) monetary recovery. however, thefeesandcostsassociatedwiththatlawsuit exceededthesuit’s negligent managementandunderreporting ofenrollment. Thetrusteewon, on behalfofBondholders, suedtheschool’s formerdirectorsforthe ear Defaulted: ear BondsIssued:
This wasthefirst of onlyfourcharterschoolbondissuances After distributingtheproceedsofsaleproperty Soon afterissuanceofthebonds,
2001 19 se sponsor wasArizonaS Arizona S W Pima Count $1 6 Not Rated 200 0.9% edbush Morgan cond sponsor was Higley School District) cond sponsorwasHigleySchool 2 million 95 95 7
tate Board for Charter Schools (initial Schools tate BoardforCharter y Industrial Development Authority y IndustrialDevelopment atechnicaldefaultwasdiscovered Inc. tate Board of Education, tate BoardofEducation, , thetrustee, 31 Bond Default Details 32 Bond Default Details scandal and “failed academic achievement” according to the authorizer. to theauthorizer. according achievement” scandal and“failedacademic mismanagement/ duetomanagementand faculty revoked had itscharter Stated Reason(s)forDefault: % PrincipalRepaid: Rating atIssuance: Year Defaulted: Y Year Opened: Authorizer: Underwriter/Agent: Issuer: Bonds Issued: Brighton CharterSchool, Colorado CharterSchools infull. of Premier, areinsufficienttosatisfydebtservice monies onbehalf forthesebonds isinplace astateinterceptmechanism Although terms. withthe existingbond isdueandpayableinaccordance service remaininganddebt (60.6%) is stilllegallyobligatedforthefullamount Premier oftheoutstandingbonds. The represented39.4% saleproceeds exchange forthepurchase viaabond price. transferwasachieved property Thepurchased thebuildingfor$4.2million. financingforthecollateral andTechnologyArts Academyd/b/a/RiverbendPrep, which eventually West school, charter Valley wasthenleasedtoanother collateral property the Academyduetofailuresubmitanauditforfiscalyear2007. The 10%approved withholding fundsfrom stateaidapportionment ofmonthly 7/31/08. effective Schools theState Boardhad Prior tothataction, totheArizonaState surrendereditscharter voluntarily BoardofCharter Bonds.While Premier AirAcademy 2005 continuestooperateitsschool, dueontheSeries ontheamounts arejointandseveralobligors Schools Stated Reason(s)forDefault:Premier High andAirAcademyCharter % PrincipalRepaid: Rating atIssuance: Year Defaulted: Year BondsIssued: Year Opened: Authorizer: Underwriter/Agent: Issuer: Bonds Issued: Premier andAirAcademyCharterHighSchool,LaveenPhoenix ear BondsIssued:
N/A Not Rated 200 200 1 Brighton Sc D.A. Da Col $1 TB Not Rated 200 200 2001 Arizona S Dougher Pima Count $1 998 0.895 million 0.895 0.195 million D orado Educational and Cultural Facilities Authority andCulturalFacilities orado Educational 9 6 8 5
The original obligor, Brighton Charter School, TheSchool, BrightonCharter originalobligor, vidson ty ty tate Board for Charter Schools tate BoardforCharter hool District27Jhool y Industrial Development Authority y IndustrialDevelopment % PrincipalRepaid: Y Bonds Issued: Challenges, ChoicesandImagesCharterSchool,Denver assumed paymentofthebonds. and enteredintoalease/purchase agreementforthefacility new school The month. thefollowing effective as tenantinthecollateralproperty EagleRidgeAcademy, school, approvedanewcharter district/authorizer 6/30/2010, effective theschool however, closed School Brighton Charter % PrincipalRepaid: Y Y Year Opened: Authorizer: Underwriter/Agent: Issuer: Bonds Issued: Denver ArtsandTechnology Academy,Denver ofbonds. amount 70% received Bondholders ofthepar and thenappliedforitsowncharter. Academy, renamedAmandla Charter school, intoacontract was converted hadcriminalpasts.The thatseveralemployees and therevelation school irregularities—including theco-minglingoffundswithadaycarecenter, performance,financial academic after aseriesofproblems,includingpoor Stated Reason(s)forDefault:The in2008 surrendereditscharter School Rating atIssuance: Year Defaulted: Year Opened: Authorizer: Underwriter/Agent: Issuer: approximately 70%. rateofprincipal This$5.5 million. pricerepresentsarecovery for firstrentingandtheneventuallypurchasing thefacility property, thecollateral Academy—Denvertoopenandoccupy CesarChavez school, problems.The approvedanewcharter District,however, academic ongoing attributableto which wasdirectly enrollment(halfcapacity) declining Year School of the2008-2009 duetofinancialstresscausedbyrapidly Stated Reason(s)forDefault:The attheend surrendereditcharter School Rating atIssuance: ear BondsIssued: ear BondsIssued: ear Defaulted:
~ 7 Not Rated 200 200 Denver Sc D.A. Da Col $1 ~7 Not Rated 200 2003 2000 Denver Sc Kirkpatric Col $8.41 2000 8.43 million orado Educational and Cultural Facilities Authority Authority andCulturalFacilities orado Educational Authority andCulturalFacilities orado Educational 0% 7 8 9 0%
5 million vidson k Pettis hool District#1 hool District#1 hool 55%. rateofprincipalapproximately Thismillion. pricerepresentsarecovery for$2.8 firstrentedandtheneventuallypurchased thefacility Common, Liberty school, charter Another the trusteeinaninterestbearingaccount. promptlyinvestedby Fundwasnot Reserve theDebtService In addition, earmarked forprepaidinterestandconstruction. overmonies confusion financialmanagementincluding byirregularbond-related exacerbated financiallyviable. not lowenrollmentand This fiscalstresswascausedby was 2006-2007) thattheschool duetotheauthorizer’s determination of2007 Year attheendofSchool inFebruary (effective authorizer Stated Reason(s)forDefault:The School’s byits wasrevoked charter % PrincipalRepaid: Rating atIssuance: Y Year BondsIssued: Year Opened: Authorizer: Underwriter/Agent: Issuer: Bonds Issued: Pioneer CharterSchool,FortCollins thesinkingfundschedule wasamended. agreement withbondholders, ofthe Aspart thecollateralproperty. toopenandoccupy School, Charter Monarch MontessoriofDenver school, approvedanewcharter however, The byitsauthorizer. District, recommendation resulted inanon-renewal of the2012-2013 Year School performancethat academic duetopoor Stated Reason(s)forDefault:The attheend surrendered itscharter School % PrincipalRepaid: Rating atIssuance: Year Defaulted: Y Year Opened: Authorizer: Underwriter/Agent: Issuer: Bonds Issued: Northeast AcademyCharterSchool,Denver ear BondsIssued: ear Defaulted:
55 Not Rated 200 2003 P Kirkpatric Col $4.9 TB Not Rated 201 200 2004 Denver Sc D.A. Da Col $5.21 milli 2001 oudre School DistrictNo.R-1 oudre School % D orado Educational and Cultural Facilities Authority Authority andCulturalFacilities orado Educational Authority andCulturalFacilities orado Educational 3 7 7 9 million
vidson k Pettis hool District#1 hool on % PrincipalRepaid: Authorizer: Rating atIssuance: Year Defaulted: Y Year Opened: Underwriter/Agent: Issuer: Bonds Issued: Delaware CollegePreparatory Academy,Wilmington Delaware CharterSchools “B” in2007-2008, andthena“C”rating forthesubsequentthreeyears. academic performancewithaStateof Floridaratingof“A” in2006-2007, a (1) Note: purchase offers. had received and wasforsalewithalistpriceof$6million theproperty trustee notice, school’sor welfareofthecharter students”.Accordingtothe1/9/2015 and/ dangerto thehealth,safety, “existence ofanimmediateandserious “F”gradeswhich triggeredthefindingof consecutive scored two theSchool performance.Specifically, 2014 academic dueprimarilytopoor inAugust Stated Reason(s)forDefault:Thethecharter revoked authorizer % PrincipalRepaid: Rating atIssuance: Year Defaulted: Y Year Opened: Authorizer: Underwriter/Agent: Issuer: Bonds Issued: Charter SchoolsofBoyntonBeach,Beach Florida CharterSchools in thecollateralproperty. schedule. The continuestooperate components ofthedebtservice school into aforebearanceagreementwhich amendedtheprincipalandinterest agreedtoenter capital,thebondholders working In ordertogivetheschool necessary. repairsbecame whenunanticipatedfacility-related particularly tight instudentcount,financialsbecame With thedecline leader departed. enrollmentafteritsfounding Stated Reason(s)forDefault:The lost school ear BondsIssued: ear BondsIssued:
At issuance,
theofficialstatementdetailedsignificant declinein
TB Not Rated 201 201 Red ClayConsolidatedSc Gates Capital Cit $3.6 2008 TB “B 201 201 2002 P Piper Jaffray Cit $9 milli alm Beach County School Board School County alm Beach BB-” (Standard &Poor’s)BB-” D D y ofWilmington y of Boynton Beach y ofBoyntonBeach 2 0 4 4 1 million
on hool District hool 33 Bond Default Details 34 Bond Default Details Gates Capital. (2) School. (1) Notes: School. iscurrentlyleasedtoOdysseyCharter property studentdemand.The resultsandlow collateral academic due topoor attheendof 2010-2011 effective terminated thecharter Year School The authorizer 2009. stoppedmakingpaymentsinJanuary school Thestress duetoitsfailuremeetaggressiveenrollmentprojections. financial Stated Reason(s)forDefault:From faced theonset,school % PrincipalRepaid: Rating atIssuance: Year Defaulted: Year BondsIssued: Year Opened: Authorizer: Underwriter/Agent: Issuer: Bonds Issued: Patriot CharterSchool,Palm Bay property. schedule. The continuestooperateinthecollateral debt service school agreement which amendedtheprincipalandinterestcomponentsof agreedtoenterintoaforebearance turned around,thebondholders untilenrollment somebreathingroom Fund. Inordertogivetheschool AccountintheBond andtheConstruction including theSurplusReserve trustee-heldfunds byutilizingvarious waspaidinpart debtservice 2009, 2010. tightandin instudentcount,financialsbecame With thedecline and enrollmentin2009 Stated Reason(s)forDefault:The lost school % PrincipalRepaid: Rating atIssuance: Year Defaulted: Year BondsIssued: Year Opened: Authorizer: Underwriter/Agent: Issuer: Bonds Issued: Palm BayAcademy,Palm Bay
This wasthefirstofeightcharterschooltransactionsunderwrittenby These bondswereissuedpriortotheopeningofP
TB Not Rated 200 200 Brevard Count Gates Capital Cit $21.1 milli TB “B 200 200 2006 Brevard Count D.A. Da Fl $1 2006 orida Development Finance Corporation FinanceCorporation orida Development B-” (Standard &Poor’s) 2.18 (Combined) million D D y ofPalm Bay 9 6 9 6 and2007 vidson on y School Board y School Board y School atriot Charter (1) Notes: 2012. onJuly1, aprivate,independentschool itbecame operating; however, of approximately77.3%. tobondholders recovery FSAisstillopenand eventuallysoldinearly2013collateral property resultinginanetprincipal fromtrustee-heldfunds.The back able togetapproximatelytwo-thirds were bondholders purposes, yetbeendisbursedforconstruction had not proceeds ofthebond most wasalsodenied.Because charter authorized issues.Asubsequentrequestforastate- duetogovernance application in Series2011 renewal denieditscharter itsauthorizer revenuebonds, marketwiththesaleof$18.9 thebond Academy (FSA)accessed million Stated Reason(s)forDefault: % PrincipalRepaid: Rating atIssuance: Year Defaulted: Year BondsIssued: Year Opened: Authorizer: Underwriter/Agent: Issuer: Bonds Issued: Fulton ScienceAcademy,Alpharetta Georgia CharterSchools combined with significant reductions in state aid, the School defaulted instateaid,theSchool combined withsignificant reductions enrollment, highschool Stated Reason(s)forDefault:Duetodeclining % PrincipalRepaid: Rating atIssuance: Year Defaulted: Year BondsIssued: Year Opened: Authorizer: Underwriter/Agent: Issuer: Bonds Issued: North StarCharterSchool,Eagle Idaho CharterSc Merchant Capital. (2) charter renewal. authoriz
This wasthethirdofthreecharterschooltransactionsunderwrittenby This transactionunderscoredtheimportanceofcheckingwith
er onitsopinionofacharterschool, andspecificallythelikelihoodof
hools 7 “B 201 201 Fulton Count Merc Cit $1 2002 TB “B 201 200 2003 Meridian Sc R Idah $1 7% obert W.obert Baird BB” (Fitch Ratings) BB” B” (Standard &Poor’s) 1.775 million 8.93 million 8.93 million D y ofAlpharetta 2 1 3 9 o Housing and Finance Association o HousingandFinanceAssociation
hant Capital JustsevenweeksafterFultonScience hool District hool y School Board y School and financial stress. The collateral property wassoldinMarch 2015and financialstress. The collateral property for Year 2010-2011. performance academic wastriggeredbypoor This action for bankruptcyonMay11, 2011, attheendofSchool ceasing operations andfiled Stated Reason(s)forDefault:The defaultedonitsbonds School % PrincipalRepaid: Rating atIssuance: Year Defaulted: Y Year Opened: Authorizer: Underwriter/Agent: Issuer: Bonds Issued: Capitol Area Academy,Lansing property. BradfordAcademycontinuestooperateinthecollateral with bondholders. enteredintoaforbearanceagreement During thesameyear,School performanceandstaffturnover. causedbysubparacademic reportedly inenrollment due tofinancialstressresultingfromasharpdecline in2013Stated Reason(s)forDefault:The defaultedonitsbonds School % PrincipalRepaid: Rating atIssuance: Year Defaulted: Y Year Opened: Authorizer: Underwriter/Agent: Issuer: Bonds Issued: Bradford Academy,Southfield Michigan Charter Schools inthecollateralproperty. school charter Star North paramount. continuestooperateasa 54% oftheoriginal2009 interestwasroughly plusaccrued time oftheexchange, theparamount basistothebalanceof2014issued onasubordinated Bonds.Atthe bonds werecapitalappreciation halfofthenewbonds Bonds, almost oftheSeries2009 thantheoutstandingprincipalamount slightly more ofthenewSeries2014While theparamount Bonds totaled $12,043,156— for2014 bonds agreedtoanexchange bonds. ofthe2009 bondholders agreement thatyear,theschool’s financialstresscontinued.In2014, in2013.on itsbonds agreeingtoaforebearance Despitebondholders ear BondsIssued: ear BondsIssued:
TB Not Rated 201 1 Central Mic Miller Johnson&Kuehn Capitol AreaAcademy(n $3.28 milli TB Series 200 Series 200 201 200 Bay MillsCommunit Fir Herber Mic $28.02 milli 1999 2003 999 th Third Securities (2009) th Third (2009) Securities D D higan Public Educational Facilities Authority higan Public Authority Facilities Educational 1 3 7 and2009
t J.Sims(2007) 7 –NotRated on 9 – “BBB-” (Standard &Poor’s);9 –“BBB-” higan University on (combined) y CollegeBoardofRegents o conduitissuer) % PrincipalRepaid: Authorizer: (1) Notes: expenses andislikelytobejustunder50%. tofinalreceivership as apercentageoforiginalparissuedissubject $575,000. hasbeenmade,thefinalrecovery While aninterimdistribution % PrincipalRepaid: Y Y Y Authorizer: Issuer: Bonds Issued: Concord Academy,Antrim School’ Year Defaulted: Year BondsIssued: Year Opened: Issuer: Bonds Issued: Center Academy,Flint (1) Notes: par issued. oforiginal approximately 39% principalnettedbondholders with amortized combined This recovery In 2013,soldfor$360,000. thecollateralproperty attheendof2011-2012closed Year School defaulted. andthebonds in2012charter performance.Asaresult,theSchool academic duetopoor Stated Reason(s)forDefault:ThetoterminatetheSchool’s voted authorizer Rating atIssuance: Underwriter/Agent: and the trustee expects to relist the facility inthespringof2015. torelistthefacility and thetrusteeexpects anyoffers expiredwithout 25, 2014, thelisting onthecollateralproperty expires inJuly2015. datedNovember Accordingtothelasttrusteenotice Academy. That lease City school—Bay charter was leasedtoanother facility years,the defaulted.Forthenextthreesubsequent academic the bonds attheendof2011-2012 closed As aresult,theSchool Year School and in2012charter performanceandmismanagement. academic duetopoor Stated Reason(s)forDefault:ThetoterminatetheSchool’s voted authorizer Rating atIssuance: ear Defaulted: ear BondsIssued: ear Opened:
The Schoolhadnooperatinghistoryatthetimeofdebtissuance. The Bondswereissuedlessthantwomonthsafterthestartof s firstyearofinstruction.
~3 Not Rated 201 1 Central Mic Miller Johnson&Kuehn Center Academy(n $3.9 TB Not Rated 201 2001 Lake Superi Under Concord Academy(n $2.81 milli 1999 1998 999 D 2 2 9.2% 6 million 6 million
writer/Agent: MillerJohnsonSteichen Kinnard on higan University or State University o conduitissuer) o conduitissuer)
35 Bond Default Details 36 Bond Default Details in the collateral property. in thecollateralproperty. The school continuestooperateasacharter approximately 63.5%. School than$10.5 oftotalprincipal more wasforgivenforarecovery million ofthe newSeries2013amount Bondstotaled$25,450,000—slightly for2014agreed toanexchange ofthe2001bonds While thepar bonds. results.In2013, academic grades wereeliminatedduetopoor bondholders enrollmentasthehighschool lower thanprojected financials causedby Stated Reason(s)forDefault:The defaultedin2013 School duetostrained % PrincipalRepaid: Rating atIssuance: Y Year BondsIssued: Year Opened: Authorizer: Underwriter/Agent: Issuer: Bonds Issued: Detroit AcademyoftheArtsandSciences,Detroit Details oftheagreementwerenotdisclosed. egregious andirreconcilableconflictsofinterest, amongothercharges. to conductproperduediligence, misrepresentationofmaterialfacts, and which hadsuedthefirm(andothertransactionparticipants)forfailing (1) Notes: to operateinthecollateralproperty. wascanceledandCrescentAcademycontinues authorizer’s intenttorevoke The rateofapproximately 40%. resultinginarecovery for $3.2million issuance refundingbond pursuanttoapartial in2008 were unwound aswelltheSchool’s ofMichigan law The charter. due toviolations bonds beunwound issue”anddemandedthatthebonds ofthebond “illegality theSchool’s stateditsintenttorevoke the authorizer duetothe charter aftertheBondswereissued, Stated Reason(s)forDefault:Onlyfourmonths % PrincipalRepaid: Rating atIssuance: Year Defaulted: Year BondsIssued: Year Opened: Authorizer: Underwriter/Agent: Issuer: Bonds Issued: Crescent Academy,Southfield ear Defaulted:
In March201
1, theunderwritersettledallclaimswithbondholder,
~6 Ba1 (Mo 201 2001 Oakland Universit J.P Mic $3 3 Not Rated 200 200 2004 Bay MillsCommunit Herber Dr. CharlesDrewAcademy(n $7 1997 University) 9.4% .09 million million .09 0.9 million 0.9 million . Morgan 3.5% higan Municipal Bond Authority higan MunicipalBondAuthority 3 7 6 t J.Sims ody’s InvestorsService) y (originallyCentralMichigan y College o conduitissuer) Stated Reason(s)forDefault: Authorizer: schools) involvingJ.P charter schooltax-exemptbondtransaction(financingtwoseparate (1) Notes: Stated Reason(s)forDefault: % PrincipalRepaid: Y Y Year Opened: Authorizer: Issuer: Bonds Issued: School,Fennville Elementary Discovery 2013 Bonds. Learning astheoriginal Academyforthesameparamount Detroit Service agreed toanexchange ofthe2013 Bondsfor2014 Bondsissuedbythe In2014, bondholders performance andconcernsoverfinancialviability. academic duetopoor toterminatethecharter oftheauthorizer decision % PrincipalRepaid: Rating atIssuance: Year Defaulted: Year BondsIssued: Year Opened: Underwriter/Agent: Issuer: Bonds Issued: Detroit West Preparatory Academy,Redford charter schoolbonds.) 2014, J.P. Morganhadnotunderwrittenorplacedanyadditionaltax-exempt reverting tothefor-profittrustee, reducingoverall recovery tobondholders. (1) Notes: todefault. prior of principalamortized 6%, which isequaltotheamount Thedue onthebonds. percentageoforiginalprincipalissuedwaslessthan tointerest wereallocated proceeds Allofthose of$60,031. bondholders for$67,000 wassoldatauction collateral property to fornetproceeds In2013,enrollment, which ledtoinsufficientcashfundoperations. the in causedasignificantdecline Asluggish economy in Octoberof2009. Year School the endof2008-2009 default which triggeredthebond Rating atIssuance: Underwriter/Agent: ear BondsIssued: ear Defaulted:
The bondsthatfinancedthisschoolwerepartofthefirstandonly In 2010,
thefacilitywentontaxrollsdue to theownership
. Morganasplacementagent. (Throughtheendof N/A “B 201 201 Central Mic Piper Jaffray Detroit W $5.8 ~5.8% Not Rated 200 2001 1996 Grand V Miller JohnsonS Discover $1.82 milli 1995 B-” (Standard &Poor’s) 3 4 9 75 million
The defaultedin2014 School duetothe The School decided to cease operations at toceaseoperations The decided School alley State University y Elementary School (no conduitissuer) (no School y Elementary est Preparatory Academy (no conduitissuer) Academy(no est Preparatory on higan University teichen Kinnard Y Year Opened: Authorizer: Underwriter/Agent: Issuer: Bonds Issued: Kalamazoo AdvantageAcademy, thebonds. securing The ofliquidatingtheassets performing school. trusteeisintheprocess Academywastheauthorizer’s lowest results.Indeed, Gaudior academic todeclining wasdue specifically toterminatethecharter the authorizer 13, shutdownonFebruary 2015.operating, theSchool Theby decision sufficientper pupilfundingtocontinue tojust21students.Without further attheendof2014-2015the School Year, School enrollmentdeclined performance.AftertheSchool’s toclose decided academic authorizer poor November of2014low enrollmenttiedto duetofinancialstresscausedby Stated Reason(s)forDefault:The defaultedontheBondsin School % PrincipalRepaid: Rating atIssuance: Y Y Year Opened: Authorizer: Underwriter/Agent: Issuer: Bonds Issued: Gaudior Academy,Inkster withanewuser”. can bereached feasibletransaction asaneconomically bysaleorleaseassoon located andtherealestateonwhich itis oftheSchool anticipates “disposition 2015, datedApril30, According tothelatesttrusteenotice thetrustee attheendof2013-2014The ceasedoperations School Year. School testscores. duetolow toterminatethecharter oftheauthorizer decision Stated Reason(s)forDefault:The defaulted in2014 School duetothe % PrincipalRepaid: Rating atIssuance: Year Defaulted: Y Year Opened: Authorizer: Underwriter/Agent: Issuer: Bonds Issued: Dr. CharlesDrew Academy,Ecorse ear BondsIssued: ear BondsIssued: ear Defaulted: ear BondsIssued:
2003 Grand V Herber Kalamazo $5.5 TB Not Rated 201 2004 Eastern Mic Herber Gaudi $3.0 TB Not Rated 201 200 2005 Central Mic Herber Dr. CharlesDrewAcademy(n $6.1 1998 1996 D D 4 4 6 9 million 9 million 75 million 55 million
or Academy (no conduitissuer) or Academy(no t J.Sims t J.Sims t J.Sims alley State University o Advantage Academy (no conduitissuer) o AdvantageAcademy(no higan University higan University o conduitissuer) Stated Reason(s)forDefault: % PrincipalRepaid: Issuer: Y Stated Reason(s)forDefault: % PrincipalRepaid: Y Y Year Opened: Authorizer: Bonds Issued: Sankofa ShulePublicSchoolAcademy,Lansing inJune2015its operations” yeariscompleted. oncethecurrentacademic 8,2015January wasplanningon“windingdown theSchool trusteereport, year.Accordingtothe throughtheendofcurrentschool operations incontinuing oftrustee-heldfundstoassisttheSchool multiple remissions agreedto years.Bondholders withinthreeacademic than50% of more 2014 dropinenrollment toaprecipitous duetofinancialstresstieddirectly inlate Stated Reason(s)forDefault:The defaultedonitsbonds School % PrincipalRepaid: Rating atIssuance: Year Defaulted: Year BondsIssued: Year Opened: Authorizer: Underwriter/Agent: Issuer: Bonds Issued: Nataki Talibah SchoolhouseofDetroit, Detroit issued. approximately24%oforiginalpar principalnettedbondholders amortized of$745,753.for netproceeds combinedwithpreviously This recovery YearSchool defaulted.In2010, andthebonds sold thecollateralproperty attheendof2007-2008 closed enrollment. Asaresult,theSchool performanceandfaltering academic School’s duetopoor in2008 charter Rating atIssuance: approximately 4% oforiginalparissued. principalnettedbondholders amortized combinedwithpreviously recovery for$134,200. soldatauction defaulted. In2014, This the collateralproperty Year attheend ofthe2006-2007 School closed School andthebonds Asaresult,the turnover. fiscal mismanagementandhighteacher decline, performance,steepenrollment in2007charter academic duetopoor Rating atIssuance: Underwriter/Agent: ear Defaulted: ear Defaulted: ear BondsIssued:
201 200 Central Mic Fifth T Mic $6.41 ~24.2% Not Rated 200 ~4.2% “Ba1 200 2000 Central Mic Miller Johnson&Kuehn (n Sakofa ShuleP $2.5 TB Not Rated 1995 1995 o conduitissuer) D higan Public Educational Facilities Authority higan Public Authority Facilities Educational 7 7 4 8 55 million ” (Moody’s Investors Service) ” (Moody’s InvestorsService)
5 million 5 million hird Securities Thetoterminatethe voted authorizer ThetoterminatetheSchool’s voted authorizer higan University higan University ublic School Academy ublic School 37 Bond Default Details 38 Bond Default Details principal”. affirm therepaymentschedule, asamended,andtoresumepaymentsof 5,2014, “desiresto datedFebruary theSchool the latesttrusteenotice todeferprincipalpayments.According agreement withbondholders funding.In2010,education enteredintoaforebearance theSchool bycutsinstate duetofinancialstresscausedinpart 2009 December in Stated Reason(s)forDefault:The defaultedonitsbonds School % PrincipalRepaid: Rating atIssuance: Y Y Year Opened: Authorizer: Underwriter/Agent: Issuer: Bonds Issued: Vadnais Heights Agricultural andFoodSciencesAcademy(AFSA), CharterSchools Minnesota payments. ortomakefullcurrent sufficient toremedythepastdueamounts remainsunabletomakepayments Academy—however, Preparatory asHillsdale known requirements.The School—now debtservice that lower agreedtoaseriesofforebearanceagreements have then, bondholders Since administration”. withitsprevious problemsassociated “reputational toinadequateenrollmentresultingfrom due tofinancialstresstieddirectly in2004 Stated Reason(s)forDefault:The defaulted onitsbonds School % PrincipalRepaid: Rating atIssuance: Y Y Year Opened: Authorizer: Underwriter/Agent: Issuer: Bonds Issued: Hillsdale Sauk Trail Academy(nowoperating asHillsdalePreparatory School), ear Defaulted: ear BondsIssued: ear Defaulted: ear BondsIssued:
TB Not Rated 200 2004 Nor Dougher Cit $8.9 milli TB Not Rated 2004 2001 1997 Hillsdale Count Miller JohnsonS Sauk T $2.4 2002 #916 D D y ofVadnais Heights theast Metropolitan Intermediate School District theast MetropolitanIntermediateSchool 9 8 million 8 million
rail Academy (no conduitissuer) rail Academy(no ty ty on y Intermediate School District y IntermediateSchool teichen Kinnard % PrincipalRepaid: Issuer: Bonds Issued: Minnesota BusinessAcademy,St.Paul landlord’ % PrincipalRepaid: Rating atIssuance: Year Defaulted: Year BondsIssued: Y Authorizer: Underwriter/Agent: Issuer: Bonds Issued: Village SchoolofNorthfield,Northfield $3.29 million. centsonthedollaror fifty ultimatelyreceived Bondholders for $3.5million. default. InJune,2007, wassoldtotheChurch ofScientology thefacility Year, School wentinto the endof2005-2006 andasaresult,thebonds toshutdownat voluntarily chose The School itsfinancialposition. affected bygang-relatedissues) enrollmentcounts(causedinlargepart lower aftersignificantly relief,which wasnecessary somedebtservice the School andgave bonds refundedprior bonds Reason forDefault:The Series2005 Rating atIssuance: Year Defaulted: Year BondsIssued: Year Opened: Authorizer: Underwriter/Agent: (2) and “renovationcoststoohigh”. withdrawal ofoffersinclude“failureto obtainparkingconcessionsfromCity” church, hockeyfacility, dentaloffice, anddaycarecenter. Statedreasons for uses fortheseotheroffersincludedanothercharterschool, aswella trustee receivedatleastsixoffersthatultimatelydidnotgetexecuted. The (1) Notes: approximately 19% oforiginal parissued. principalnettedbondholders amortized combinedwithpreviously recovery finallysoldfor$227,340.years listedforsale,thecollateralproperty This Year2006-2007 School thanthree defaulted. Aftermore andthebonds the State’s attheendof standardizedcurriculum.The closed School School’s duetotheSchool’s in2006 charter refusaltofullyimplement Stated Reason(s)forDefault:Thetoterminatethe voted authorizer property tax-exemption statusandpropertytaxesbegan toaccruein2008. ear Opened:
As aresultofthecharterschoolceasing operationsandtheaffiliated During thelengthytimecollateralpropertywaslistedforsale,
s decisiontodeliver adeedinlieutotheTrustee, theprojectlostits
5 Not Rated 200 200 S Dougher Cit $6.5 ~1 Not Rated 200 1 1997 Nor John G.Kinnard Cit $1.32 milli 2000 999 t. Paul AreaChamberofCommerce 0% y of Northfield y ofNorthfield y ofSt. Paul 9% thfield Independent School District#659 thfield IndependentSchool 7 6 5 8 million ty ty on
the from the automatic stay imposed by the bankruptcy proceeding. by thebankruptcyproceeding. from theautomaticstayimposed 2013, hasbeendelayedpendingrelief thesaleofcollateralproperty 2013 Year. School AccordingtothelasttrusteestatementdatedAugust14, attheendof2012- The closed times beforethenon-renewal). School three onprobation wasplaced tostudents” (theschool program educational dueto“failingconsistentlydeliveraquality bytheauthorizer decision Chapter 7Bankruptcyin2013. wastriggeredbyanon-renewal This action andfiledfor Stated Reason(s)forDefault:The defaultedonitsbonds School % PrincipalRepaid: Rating atIssuance: Year Defaulted: Y Year Opened: Authorizer: Underwriter/Agent: Issuer: Bonds Issued: Derrick ThomasAcademy,KansasCity Missouri CharterSchools approximately 78% oforiginalparissued. principal netted bondholders amortized combinedwithpreviously bonds Bonds.The of therefunding proceeds oftheoutstandingSeries2006 most In 2014, wererefunded,resultinginarepaymentof thebonds however, occur. Funddidnot Reserve cured, thereplenishmentofDebtService to deferprincipalpayments,andwhilethepaymentdefaultwas funding.Aforebearanceagreementwasenteredintoin2007education duetofinancialstresscausedprimarilybycutsanddelaysinstate 2009 Stated Reason(s)forDefault:The BorrowerdefaultedontheBondsin % PrincipalRepaid: Rating atIssuance: Year Defaulted: Year BondsIssued: Year Opened: Authorizer: Underwriter/Agent: Issuer: Bonds Issued: Preparatory CharterSchool,Minneapolis Seed Daycare/Harvest ear BondsIssued:
TB Not Rated 201 200 Universit Herber Kansas Cit $1 ~7 Not Rated 200 200 1998 Spe Minneapolis P Miller JohnsonS Cit $7 milli 2002 0.615 million D y ofMinneapolis 8.2% cial School District#1 cial School 3 7 9 6
t J.Sims on y ofMissouri–KansasCity y Industrial Development Authority Authority y IndustrialDevelopment ublic Schools ublic Schools teichen Kinnard % PrincipalRepaid: Rating atIssuance: Rating atIssuance: Year Defaulted: Y Year Opened: Authorizer: Underwriter/Agent: Issuer: Bonds Issued: Academy forTechnology andtheClassics(ATC), SantaFe New MexicoCharterSchools approximately 45% of the original par amount of the bonds. ofthebonds. ofthe originalparamount approximately 45% or$2.375million ultimatelyreceived netofexpenses.Bondholders million in2007 wasultimatelysoldatauction The for$2.5 collateralproperty Year. School performanceattheendof2004-2005 academic to poor due theschool Stated Reason(s)forDefault:The closed stateauthorizer % PrincipalRepaid: Y Y Year Opened: Authorizer: Underwriter: Issuer: Bonds Issued: Central NewYork CharterSchoolforMathand Science,Syracuse New York CharterSchools facility. datedJune6,2012,trustee report continuestooperateinthe theschool Accordingtothelast topurchase thefacility. andtheoption costs facility forlower offeredaforebearanceagreementthatallowed bondholders Atthesametime, money. tosave districtfacility school to avacant itconsideredmoving fromitsrelatedFoundation, the collateralproperty rents costs. Asthe school facility significant financialstressrelatedto with along ofthecharter, suspension management andatemporary in 2012. Districtabout cameafterconcernsbytheSchool This action Stated Reason(s)forDefault:The Borrowerdefaultedonitsobligations ear Defaulted: ear BondsIssued: ear BondsIssued:
TB Not Rated 201 200 Universit Kirkpatric Santa FeCount $6.7 2001 ~4 Not Rated 200 2002 2000 S Miller JohnsonS On $6.6 milli tate University ofNewYorktate University D ondaga County Industrial Development Authority IndustrialDevelopment ondaga County 4.8% 2 5 6 35 million million 35
y ofMissouri–KansasCity k Pettis on y teichen Kinnard 39 Bond Default Details 40 Bond Default Details is in the process of liquidating the assets securing the bonds. thebonds. ofliquidatingtheassetssecuring is intheprocess 2014—inthereafter inDecember year.The themiddleofschool trustee in2014 defaultedonthebonds stress, theSchool andshutdownsuddenly testscoresandfinancial Stated Reason(s)forDefault:Duetodeclining % PrincipalRepaid: Rating atIssuance: Year Defaulted: Y Year Opened: Authorizer: Underwriter: Issuer: Bonds Issued: Leadership LearningPartners CharterSchool,Philadelphia Pennsylvania CharterSchools authorizer torescindtherevocation. operating expenses”. AremedialactionplanwasrequiredbytheSchool’s School Year duetoconcernsover“managementoffundsandpayment (1) Notes: ofthebonds. amount approximately19% ultimatelyreceiving in bondholders oftheoriginalpar in2014 Districtfor$2.5million School resulting sold totheAlbanyCity eventually andstressedfinancials. staff turnover The collateralproperty high end ofthe2009-2010yearduetosubparacademics, academic atthe wasclosed theschool a forbearanceagreementwithbondholders, to defaultontheBondsin2007. wasabletonegotiate While the School expenses,causedtheschool off inenrollmentandhigherthanexpected Stated Reason(s)forDefault:Reducedrevenues,duetoasignificantdrop % PrincipalRepaid: Rating atIssuance: Year Defaulted: Year BondsIssued: Year Opened: Authorizer: Underwriter: Issuer: Bonds Issued: New CovenantCharterSchool,Albany ear BondsIssued:
The School’
s charterwasrevokedpriortothestartof2000-2001
TB “B 201 200 2000 Philadelphia Sc W Philadelphia Redevel $1 ~1 Not Rated 200 200 1999 S Herber Albany Cit $1 tate University ofNewYorktate University estoff, Cone&Holmstedt BB-” (Standard &Poor’s)BB-” 6.605 million 6.605 0.7 million 9.3% D 7 4 5 5 t J.Sims y Industrial Development Authority y IndustrialDevelopment hool District hool opment Authority rebounded, payingdownalldueandunpaidprincipal andinterest. rebounded, has agreements, thisoneistheonlytodatewhereschool resultedinforebearance have transactions school of thedefaultedcharter ofthemissedpayments.While many be tappedinordertomakeaportion Fundwhich had to Reserve payments andhasreplenishedtheDebtService stabilize. Indeed,asof2014, hascaughtuponalldebtservice theSchool timeto theSchool payments.This arrangementgave debtservice lowered paymentdefault.Aforebearanceagreementwasenteredintothat a 2005 resultingin andenrollmentdeclined, itshighschool stress afteritclosed Stated Reason(s)forDefault:The financialswereundersignificant School Rating atIssuance: Year BondsIssued: Year Opened: Authorizer: Underwriter: Bonds Issued: West HoustonCharterAlliance(AnstoiClassicalAcademy),Katy Texas CharterSchools a difficultoperatingenvironment. the Schoolwontheselawsuits, therelationshipwasstrainedandresultedin School Districtoverenrollmentcapsandrelatedfinancialpayments. (3) transactions underwrittenbyWestoffCone&Holmstedt. (2) the bondtransaction. reinstated thedesignationin2012. TheFoundation isthelegalborrowerin a 501(c)(3)organization in2010duetofailuresubmitForm 990but (1) Notes: % PrincipalRepaid: Y Issuer: ear Defaulted:
The SchoolwasinvolvedinvariouslawsuitswiththePhiladelphia This transactionrepresentedthefourthoffivecharterschool The IRSrevokedtheSchool-relatedLLPCSF
Miller JohnsonS Danbur $2.83 milli 1 Not Rated 200 2002 1 T exas BoardofEducation 00% 996 5
y Higher Education Authority y HigherEducation on
teichen Kinnard oundation’s statusas While getting stronger, the default rate will gradually decline. getting stronger,thedefaultratewillgraduallydecline. thatwiththeoverallportfolio defaults,itisexpected bond school charter tocontinuesee While weexpect markettoday. bond for thetax-exempt bedeemedappropriatecandidates not would ofthesetransactions most islikelythat performanceperspective—it fromanacademic particularly andratingagenciesfinancialadvisorswhenutilized— issuers, lawyers, frominvestmentbankers, process underwriting rigorous time. With amore improvedover standardshave underwriting newcreditsectors, with most As to2006. prior wereexecuted describedabove Many ofthetransactions agreement for$4.11 hadbeenenteredintofortheproperty. million ofMarch 13,As ofthelatesttrusteereport 2015, asalesandpurchase exerciseitspurchase option. outandnot tomove chose year, thatschool forthenextacademic school charter wasleasedtoanother the facility existence ofNewMarketsTax ofthefinancing. While Creditsaspart agreement wasagreedtothroughApril25,2014, tothe dueinpart performanceofstudents”. Aforbearance fortheacademic expectations meetingtheCity’s ofprogress dueto“lack in2008 put itonprobation Year attheendofSchool (ALL) closed 2009-2010 had afteritsauthorizer Stated Reason(s)forDefault:The AcademyofLearning andLeadership % PrincipalRepaid: Rating atIssuance: Year Defaulted: Y Year Opened: Authorizer: Underwriter: Issuer: Bonds Issued: Academy ofLearningandLeadership, Inc.,Milwaukee Wisconsin Charter Schools OUTLOOK OUTLOOK ear BondsIssued:
TB Not Rated 201 200 2003 Cit A.G. Edwards Milwaukee Redevel $8.6 D y ofMilwaukee 2 7 5 million opment Authority 41 Bond Default Details 42 Appendix A: Glossary APPENDIX A: GLOSSARY savings on debt service payments. ondebtservice savings areissued;generallydone for seriesat thetimenewbonds prior inordertofullyredeem the fromanewseriesofbonds with proceeds Currentbond series therefinancingofanexisting Refunding: rated creditenhancer’s. many cases,theborrower’s creditissubstitutedbythatofthehigher- in transaction; bond ofaparticular to enhancethecreditworthiness pledgedtobondholders Credit security Enhancement:additional maturity. bond withaparticular Coupon: thestatedinterestrateassociated agency. legalcounsel,financialadvisor,trusteeandrating various underwriter, market,includingfeespaidtothe bond thetax-exempt to access inorder incurredbyaborrower Costs ofIssuance:thecosts andmission. program a sharededucational with schools thatmanagesandoperatesmultiplecharter organization anot-for-profit Charter ManagementOrganization (CMO): thanthestatedinterestrate). discount], theyieldwillbelower [i.e.,a ofthebond if theinvestorpayslessthanparamount a premium],theyieldwillbelessthaninterestrateandconversely, [i.e., forthebond (iftheinvestorpaysmore valueofthebond the face it isoftenthesameasinterestrate,butonlyifinvestorpays investment; Bond Yield:thereturnaninvestorwillrealizeonabond Poor’s. agencies: Fitch andStandard Ratings;Moody’s & InvestorsService ratings aregenerallyprovidedbyoneofthethreeindependentrating offullandtimelypayment.Municipalbond measuring thelikelihood i.e., Bond Rating:anindependentassessmentofcreditquality, measures. ofaccountability monitoring i.e.,theongoing activities, onoversight Thereauthorizers charters. among isawidevariation anddeterminingrenewalsforexisting include approvinginitialcharters responsibilities ofeducation—whose orstateboard district, university, aschool Authorizer: school—often thelegalsponsorofacharter ofUnitedStates composed Treasuryis typically obligations. bytheescrow,which they areconsideredlegallydefeasedandsecured seriesremainsoutstandinguntilthecalldate, future. While theprior seriesonthefirstapplicablecalldatein to fullyredeemtheprior bonds fromthenew new financingbyescrowingsufficientproceeds bond serieswitha refinancinganexisting Advance Refunding: the DSRF, legislativeapprovalmustbeinplace. toreplenish inordertoappropriatemonies legally binding,however, payment;the“promise”isnot to meetitsscheduled debtservice is unable once ithasbeentappedintheeventaborrower Fund (DSRF) Reserve astate—torestorefundstotheDebtService entity—typically Program:Moral Obligation(MO) apromisebygovernmental details.) (See AppendixBformore grade”or“junkbonds”. areconsidered“non-investment designations these below Creditratingsforbonds to “BBB-“/”Baa3”/”BBB-.” from thehighestratingof“AAA”/”Aaa”/”AAA”S&P) butgenerallyvary byfirm(Fitch, Moody’s riskofdefault.Ratingsvary and relatively low hasa of aratingthatindicatesmunicipalorcorporatebond Investment Grade Rating:acreditassessmentintheform torepaythebonds. pledge ofunlimitedtaxation oftenwiththe isthefullfaithandcreditofborrower, security General wherethelegal ObligationBonds:debtobligations Board. Rulemaking andtheMunicipalSecurities andExchange Commission the Securities arerequiredtoberegisteredwith schools, entities, includingcharter etc. Since2014,governmental dealwith allfinancialadvisorswho issuer,ratingagency, e.g.legalteam,underwriter, partners, transaction rating agencystrategies,terms,fairnessofpricing,aswellthebest structure,timingtomarket,interestrates, alternativeloans), loans, NewMarketsTax bonds, (e.g.tax-exempt product Credits,CDFI type ofdebt appropriate most financing matters,includingthe borrower thatadvisesoncapital tothe responsibility with afiduciary Financial Advisor(FA) orMunicipalAdvisor:aconsultant transactions. bond ontax-exempt information detaileddisclosure that posts awebsite Electronic MunicipalMarketAccess(EMMA): forafee. schools thatmanagesandoperatesmultiplecharter entity afor-profit Education ManagementOrganization (EMO): revenues. ratherthanpledged byanescrowaccount are generallysecured available calldate. bonds These outstanding outstanding untilthefirst thatarelegallyretired,butmaystillbe Defeased Bonds:bonds date. andmaturity project borrower, basedonindividual ofsecurities identification fortheprecise allows that Procedures, alphanumericcode which issuesaninecharacter CUSIP: acronym for Committee on Uniform Security Identification Identification forCommitteeonUniformSecurity acronym APPENDIX A: GLOSSARY (e.g., tax-exempt bonds), toinvestors. bonds), (e.g., tax-exempt fromresellingthesecurities received andtheamount to theborrower thepricepaid investment bankthatrepresentsthe difference between Underwriter’s firm/ Discount:feepaidtotheunderwriting investors. andmarketsresellsthemto fromtheborrower issuance ofbonds Underwriter: aninvestmentbankingfirmthatpurchases theinitial regardtocreditenhancement. to paywithno Underlying Rating:aratingbasedsolelyontheborrower’s ability transaction. of thebond toadministertheprovisions bondholders roleonbehalf of a fiduciary Trustee: generallyabank’s in anentity, thatacts trustdepartment, in2014. thePSF toaccess gainedtheability schools Charter bonds. oneducation-related guarantees fullandtimelydebtservice that isastate-sponsoredcreditenhancementprogram the PSF receipts, andfinancedbyoilgas for thebenefitofpublicschools Texas establishedin1854 Permanent School Fund(PSF): issuedthatsameday. transaction tax-exempt another papersoldthatdayand thehighest-ratedtax-exempt between onanygivenday,thedifferenceinyield Spread toMMD: perpupiltuition.) school charter enterprise system(e.g.,watersewercharges, highwaytollsor typically froman revenues, of repayment,isapledgespecific orsource wherethelegalsecurity, Bonds:bonds Revenue forinterestratesavings. undertaken issuance, generally fromanewbond datewithproceeds maturity totheir thatarefullypaidoffprior Bonds:bonds Refunded investors ratherthanviaapublicoffering. to aresolddirectly wherebonds Private Placement:atransaction tothegeneralpublic. than offer—orsell—thebonds rather withinvestorsidentifiedearlyonintheprocess directly bonds the that“place” capacity, act inanunderwriting typically firms that Placement Agent:intermediaries,generallyinvestmentbanking ofbonds. Par Amount:theprincipalamount market. bond thetax-exempt accesses organization ornot-for-profit usedwhenagovernment document marketinganddisclosure theprimary (OS): Official Statement 43 Appendix A: Glossary 44 Appendix B: Long-term Bond Rating Scales APPENDIX B: LONG-TERM BOND RATING SCALES Some SpeculativeCharacteristics Lower Medium Grade Quality Lower MediumGradeQuality Upper Medium Grade Quality Upper MediumGradeQuality Rating Description Highly Speculative Substantial Risks Risks Substantial In Poor Standing Substantial Risk Substantial Highest Quality Highest Quality Very LowRisk Very Minimal Risk High Quality High Quality Speculative In Default High Risk Low Risk
ic aig od’ netrSrie Standard &Poor’s Moody’s InvestorServices Fitch Ratings DDD BBB BBB BBB CCC CCC CCC AAA DD BB BB BB CC AA AA AA D B B B C A A A
- + - + - + - + - + - + NON-INVESTMENT GRADE INVESTMENT GRADE Baa3 Baa1 Baa2 Caa3 Caa1 Caa2 Ba3 Ba1 Ba2 Aa3 Aa1 Aa2 Aaa B2 B3 B1 Ca A3 A2 A1 C –
BBB BBB BBB CCC CCC CCC AAA BB BB BB CC AA AA AA D B B B C A A A
- + - + - + - + - + - + Securities Holmstedt Holmstedt Miller Johnson Banc of America Steichen Kinnard Steichen Westhoff, Cone & Westhoff, Westhoff, Cone & Westhoff, Placement Agent Lead Manager or Lead Manager or UD COI 7/1/2033 5.500% 5.621% 14.96% 1.43% 5/1/2028 5.000% 5.090% 14.90% 2.77% 6/1/2040 6.000% 6.150% 4.89% 2.00% Ziegler - 6/1/2030 6.375% 6.375% 5.20% 1.25% - 1 1/1/2033 7.500% 7.500% 4.33% 2.00% Fargo Wells RW RW BB+ 6/1/2033 5.875% 5.875% 3.18% 1.35% A.G. Edwards Rating Maturity Coupon Yield Current Current A A BBB BBB BBB- Initial Rating S&P A S&P A S&P S&P A A 10/1/2037 3.400% 3.400% 5.38% 1.97% Crew S&P A A 12/1/2035 5.000% 5.100% 10.14% 2.85% Crew Fitch Fitch Rating Agency ACA ACA ACA ACA ADFA ADFA Credit Credit Enhancer Out Unenhanced S&P 7.580 5.842 Out Unenhanced Not Rated - 2.570 Out Unenhanced Not Rated - - 12/1/2035 5.875% 6.000% Na Na Crew 4.190 Out Unenhanced Not Rated - - 10/1/2037 5.000% 5.216% 5.38% 1.97% Crew 4.500 Out ($ millions) Status Par Amount Amount Par Pima County Industrial Development Authority 10.970 Out Phoenix Industrial Development Authority Pima County Industrial Development Authority 4.690 Out Unenhanced Not Rated - - 8/1/2033 7.750% 7.750% 10.42% 4.00% Dougherty Pima County Industrial Development Authority 5.825 Mat/Ref Unenhanced Not Rated - - 8/1/2033 7.500% 7.500% 8.65% 4.00% Dougherty Pima County Industrial Development Authority 12.945 Out Unenhanced S&P Pima County Industrial Development AuthorityPima County Industrial Development Authority 11.235 Out 4.680 Out Unenhanced Not Rated - - 11/1/2033 7.500% 7.500% 10.04% 4.00% Dougherty Pima County Industrial Development Authority 4.625 Mat/Ref Unenhanced Moody’s Baa3 - 7/1/2031 6.750% 6.910% 6.42% 2.25% RBC Dain Rauscher Pima County Industrial Development Authority 5.161 Out Unenhanced Not Rated - - 7/1/2027 8.500% 8.500% 4.70% 1.50% RBC Dain Rauscher Pima County Industrial Development Authority 9.555 Mat/Ref Unenhanced Moody’s Baa3 - 7/1/2031 7.250% 7.375% 5.14% 2.19% RBC Dain Rauscher Pima County Industrial Development Authority 18.725 Mat/Ref Unenhanced Moody’s Baa3 - 7/1/2031 6.750% 6.950% 5.34% 2.25% RBC Dain Rauscher Pima County Industrial Development Authority 12.000 Default Unenhanced Not Rated - - 7/1/2031 8.125% 8.251% 4.38% 2.50% Morgan Wedbush Maricopa County Industrial Development Authority 29.590 Mat/Ref Pima County Industrial Development Authority 15.395 Mat/Ref Unenhanced Moody’s Baa3 - 7/1/2031 6.750% 6.850% 5.64% 2.25% Dain Rauscher Maricopa County Industrial Development Authority 28.965 Out Unenhanced Moody’s Baa3 Caa2 7/1/2029 6.750% 7.000% 4.95% 2.50% Dain Rauscher Arkansas Development Finance Authority Arkansas Development Finance Authority Arkansas Development Finance AuthorityArkansas Development (ADFA)Arkansas Development Finance Authority 3.795 Out Pima County Development Authority Industrial 6.290 Out Unenhanced Not Rated - - 2/1/2034 7.500% 7.500% 8.63% 4.00% Dougherty Issuer Pima County Development Authority Industrial 3.585 Default Unenhanced Not Rated - - 2/1/2024 7.000% 7.000% 12.42% 4.28% Dougherty Benton County Public Facilities Board Benton County Facilities Public Phoenix Advantage Charter School Keystone Montessori Charter School The Excalibur CharterThe School Desert Heights Charter School Paradise Education Center Paradise Bell Canyon & West GilbertBell Canyon & West Schools Milestones Charter School Pima County IDA (Series G&H) Pool for Arts) New School (Benchmark, Happy Valley School Happy Valley Pima County IDA (Series E&F) (Ball-Dobson, New Pool for Arts, Academy) School Valley Pima County IDA (Series C&D) (Hearn, Dobson, Pool with Community Education Studies, Academy Paramount Partners-Arizona, Stepping Stones Academy) Advanced Education Services (dba Solon Senior Academy) Pima County Industrial Development Authority College Preparatory Life School 2.780 Mat/Ref Unenhanced Not Rated - - 2/1/2015 7.250% 7.250% 11.56% 4.00% Horizon Community Learning Center Pima County IDA Pool (Series A&B) (Young Scholars Pima County Scholars IDA (Series A&B) (Young Pool Academy, International Studies Academy, Kingman Academy Learning ) Maricopa County IDA Pool American Foothills, Prep, (Westwind, Omega, Tempe Heritage, Arizona Montessori, Challenge) JacksonvilleCharter Lighthouse School JacksonvilleCharter Lighthouse School Pulaski Charter (dba Academics Plus CharterPulaski School School) Charter (dba Academics Plus CharterPulaski School School) Skyline Technical High School Skyline Technical Desert Technology Schools Desert Technology Benton County of the Arts School AZ AZ AZ AZ AZ AZ AZ AZ AZ AZ AZ AZ AZ AZ AZ AZ AZ AZ AR AR AR AR AR 8/1/2003 8/1/2003 5/1/2003 5/1/2003 7/3/2002 9/11/2002 12/1/2001 8/17/2001 6/26/2003 12/20/2002 Appendix C: Charter School Bond Issuance 9 8/1/2001 8 5/1/2001 7 9/28/2000 6 3/1/2000 45 10/30/2012 10/30/2012 2 12/2/2010 3 12/2/2010 1 6/10/2010 17 11 19 18 16 10 12 14 13 15 20 8/26/2003 21 1/1/2004 23 2/1/2004 22 2/1/2004 Ser # Dated Date State School APPENDIX C: CHARTER SCHOOL BOND ISSUANCE BOND SCHOOL CHARTER C: APPENDIX APPENDIX C: CHARTER SCHOOL BOND ISSUANCE BOND SCHOOL CHARTER C: APPENDIX 45 46 Appendix C: Charter School Bond Issuance
APPENDIX C: CHARTER SCHOOL BOND ISSUANCE Par Amount Credit Rating Initial Current Lead Manager or Ser # Dated Date State School Issuer ($ millions) Status Enhancer Agency Rating Rating Maturity Coupon Yield COI UD Placement Agent 24 3/4/2004 AZ Noah Webster Basic School Pima County Industrial Development Authority 12.495 Out Unenhanced S&P BBB- BBB- 12/15/2034 6.125% 6.188% 3.62% 1.35% A.G. Edwards Pima County IDA Pool (Series I&J) (Academy of Tucson, 25 3/9/2004 AZ Pima County Industrial Development Authority 6.735 Mat/Ref Unenhanced Moody’s Baa3 - 7/1/2031 6.300% 6.476% 7.11% 2.25% RBC Dain Rauscher Carden Elementary Charter School) Pima County IDA Pool (Series K&L) 26 4/8/2004 AZ Pima County Industrial Development Authority 5.620 Mat/Ref Unenhanced Moody’s Baa3 - 7/1/2031 6.375% 6.500% 4.99% 2.25% RBC Dain Rauscher (Kingman Academy of Learning) 27 5/18/2004 AZ BASIS Schools Pima County Industrial Development Authority 1.885 Mat/Ref Unenhanced Not Rated - - 7/1/2034 7.375% 7.375% 10.60% 3.00% RBC Dain Rauscher 28 5/20/2004 AZ Heritage Elementary School Pima County Industrial Development Authority 5.985 Mat/Ref Unenhanced Not Rated - - 7/1/2034 7.500% 7.500% 6.48% 3.00% RBC Dain Rauscher 29 7/8/2004 AZ Pointe Educational Services Pima County Industrial Development Authority 9.750 Mat/Ref Unenhanced Not Rated - - 7/1/2034 7.500% 7.500% 5.05% 3.00% RBC Dain Rauscher 30 10/7/2004 AZ Arizona Agribusiness and Equine Center Tuscon Industrial Development Authority 8.710 Out Unenhanced S&P BBB- BB+ 9/1/2034 6.125% 6.200% 5.17% 1.50% A.G. Edwards 31 1/21/2005 AZ La Paloma Academy Pima County Industrial Development Authority 13.180 Mat/Ref Unenhanced Not Rated - - 7/1/2035 7.375% 7.375% 5.15% 3.00% RBC Dain Rauscher 32 2/17/2005 AZ Khalsa Family Services Pima County Industrial Development Authority 3.170 Out Unenhanced Not Rated - - 7/1/2035 7.375% 7.375% 8.27% 3.00% RBC Dain Rauscher 33 3/1/2005 AZ Milestones Charter School Pima County Industrial Development Authority 3.700 Out Unenhanced Not Rated - - 11/1/2033 6.750% 6.750% 9.71% 4.00% Dougherty Westhoff, Cone & 34 3/9/2005 AZ Horizon Community Learning Center Pima County Industrial Development Authority 32.845 Out Unenhanced S&P BBB- BBB 6/1/2035 5.250% 5.250% 1.72% 1.00% Holmstedt Pima County IDA Pool (Series M&N) 35 6/16/2005 AZ Pima County Industrial Development Authority 2.280 Mat/Ref Unenhanced Moody’s Baa3 - 7/1/2031 5.800% 5.950% 8.71% 2.25% RBC Dain Rauscher (Academy of Tucson) Premier Charter High School, 36 9/1/2005 AZ Pima County Industrial Development Authority 10.895 Default Unenhanced Not Rated - - 9/1/2035 7.000% 7.000% 8.22% 4.00% Dougherty Air Academy Charter High School 37 10/20/2005 AZ Pointe Educational Services Pima County Industrial Development Authority 15.580 Out Unenhanced S&P - BBB- 7/1/2035 6.750% 6.750% 4.18% 2.29% RBC Dain Rauscher 38 4/1/2006 AZ Arts Academy (PLC Schools) Pima County Industrial Development Authority 12.325 Out Unenhanced Not Rated - - 4/1/2036 6.750% 6.750% 6.54% 4.00% Dougherty 39 4/25/2006 AZ Southgate Academy Pima County Industrial Development Authority 10.895 Out Unenhanced Not Rated - - 12/1/2036 7.000% 7.125% 2.95% 1.25% D.A. Davidson 40 5/10/2006 AZ BASIS Schools (Tucson) Pima County Industrial Development Authority 5.155 Out Unenhanced Not Rated - - 7/1/2036 7.000% 7.000% 6.15% 2.81% RBC Capital Markets 41 5/17/2006 AZ Villa Montessori Phoenix Industrial Development Authority 5.430 Out Unenhanced Not Rated - - 7/1/2036 6.500% 6.500% 6.44% 3.00% RBC Capital Markets 42 5/23/2006 AZ Paradise Education Center Pima County Industrial Development Authority 5.515 Out Unenhanced S&P BB+ BB+ 6/1/2036 6.000% 6.091% 7.18% 2.00% A.G. Edwards 43 6/1/2006 AZ Choice Education and Development Corporation Pima County Industrial Development Authority 28.600 Out Unenhanced Not Rated - - 6/1/2036 6.375% 6.375% 6.17% 4.00% Dougherty 44 8/29/2006 AZ Franklin Phonetic Primary School Pima County Industrial Development Authority 3.900 Out Unenhanced Not Rated - - 7/1/2036 5.750% 5.750% 7.59% 2.00% Baird JPMorgan 45 8/31/2006 AZ Harvest Preparatory Academy Pima County Industrial Development Authority 8.700 Mat/Ref S&P AA-/A-1+ - 8/1/2036 VR VR 4.59% 1.00% Ziegler Chase 46 9/6/2006 AZ Carpe Diem Collegiate High School Pima County Industrial Development Authority 3.640 Out Unenhanced Not Rated - - 8/1/2036 7.100% 7.100% 9.75% 3.00% D.A. Davidson Miller Johnson 47 11/21/2006 AZ Success School, Superior School Pima County Industrial Development Authority 7.215 Mat/Ref Unenhanced Not Rated - - 11/1/2036 6.750% 6.750% 5.26% 2.00% Steichen Kinnard 48 11/29/2006 AZ Espiritu Schools Phoenix Industrial Development Authority 7.855 Out Unenhanced Not Rated - - 7/1/2036 6.250% 6.000% 9.92% 3.00% RBC Capital Markets 49 12/1/2006 AZ ACCLAIM Charter School Pima County Industrial Development Authority 7.680 Out Unenhanced Not Rated - - 12/1/2036 5.800% 5.800% 7.71% 4.00% Dougherty 50 12/13/2006 AZ Sonoran Science Academy of Tucson Pima County Industrial Development Authority 10.605 Out Unenhanced Not Rated - - 12/1/2037 5.750% 5.750% 3.30% 1.75% Wells Fargo APPENDIX C: CHARTER SCHOOL BOND ISSUANCE Par Amount Credit Rating Initial Current Lead Manager or Ser # Dated Date State School Issuer ($ millions) Status Enhancer Agency Rating Rating Maturity Coupon Yield COI UD Placement Agent Pima County IDA Pool (Series O&P) 51 1/18/2007 AZ Pima County Industrial Development Authority 14.995 Out Unenhanced Moody’s Baa3 Baa3 7/1/2031 5.250% 4.880% 3.88% 2.25% RBC Capital Markets (Kingman Academy of Learning) 52 2/26/2007 AZ BASIS Schools (Tucson & Scottsdale) Pima County Industrial Development Authority 9.000 Out Unenhanced Not Rated - - 7/1/2037 6.750% 6.750% 4.33% 2.50% RBC Capital Markets 53 3/21/2007 AZ Tucson Country Day School Pima County Industrial Development Authority 6.220 Out Unenhanced S&P BBB- BB- 6/1/2037 5.000% 4.920% 6.57% 2.75% A.G. Edwards 54 5/31/2007 AZ Heritage Elementary School Pima County Industrial Development Authority 17.000 Out Unenhanced Not Rated - - 7/1/2037 5.850% 5.850% 4.26% 3.00% RBC Capital Markets 55 7/12/2007 AZ Center for Academic Success Pima County Industrial Development Authority 9.000 Out Unenhanced S&P BBB- BBB- 7/1/2037 5.500% 5.250% 4.19% 2.25% RBC Capital Markets 56 10/4/2007 AZ Bennet Academy (21st Century) Benson Industrial Development Authority 3.550 Out ACA S&P A RW 10/1/2032 6.000% Na Na Na Cohen 57 10/10/2007 AZ The Edge School Pima County Industrial Development Authority 4.630 Out Unenhanced Not Rated - - 7/1/2037 6.500% 6.500% 7.49% 3.00% RBC Capital Markets 58 10/25/2007 AZ American Charter Schools Foundation Pima County Industrial Development Authority 82.185 Out Unenhanced Fitch BBB BB 7/1/2038 5.625% 5.740% 3.03% 1.25% RBC Capital Markets 59 1/17/2008 AZ Griffin Foundation (dba Children Reaching for the Sky) Pima County Industrial Development Authority 6.850 Out Unenhanced Not Rated - - 7/1/2038 6.625% 6.625% 5.97% 3.00% RBC Capital Markets 60 2/1/2008 AZ Success School, Superior School Pima County Industrial Development Authority 4.785 Mat/Ref Unenhanced Not Rated - - 11/1/2038 6.750% Na 7.38% 1.75% Piper Jaffray 61 3/27/2008 AZ Valley Academy Pima County Industrial Development Authority 5.860 Out Unenhanced Moody’s Baa3 Baa3 7/1/2038 6.500% 6.450% 5.11% 2.00% RBC Capital Markets 62 10/31/2008 AZ Arizona School for the Arts Phoenix Industrial Development Authority 10.500 Out Unenhanced Not Rated - - 7/1/2048 8.250% 7.250% 3.26% 1.50% Wedbush Morgan 63 6/5/2009 AZ Arizona Academy of Leadership Pima County Industrial Development Authority 3.600 Mat/Ref Unenhanced Not Rated - - 7/1/2036 7.750% 7.750% 6.25% 1.00% Baird 64 8/10/2009 AZ Berean Academy Pima County Industrial Development Authority 7.630 Out Unenhanced Not Rated - - 7/1/2039 8.850% 8.250% 4.88% 1.75% D.A. Davidson 65 8/31/2009 AZ Legacy Traditional Charter School Pima County Industrial Development Authority 16.040 Out Unenhanced Not Rated - - 7/1/2039 8.500% 8.500% 3.87% 2.25% D.A. Davidson 66 12/23/2009 AZ Career Success Schools Phoenix Industrial Development Authority 11.225 Out Unenhanced S&P BBB- BB 1/1/2045 7.125% 7.250% 4.67% 2.00% Ziegler 67 3/5/2010 AZ EAGLE College Prep Phoenix Industrial Development Authority 7.010 Mat/Ref Unenhanced Not Rated - - 7/1/2040 7.750% 7.750% 7.10% 3.00% RBC Capital Markets 68 3/18/2010 AZ BASIS Schools (Oro Valley) Florence Industrial Development Authority 5.450 Out Unenhanced Not Rated - - 7/1/2040 7.750% 7.750% 5.89% 2.50% RBC Capital Markets 69 4/6/2010 AZ Flagstaff Arts and Leadership Academy Pima County Industrial Development Authority 4.125 Out Unenhanced Not Rated - - 7/1/2040 7.785% 7.785% 10.75% 3.50% Dougherty 70 4/13/2010 AZ Cambridge Academy - East Pima County Industrial Development Authority 8.445 Out Unenhanced Fitch BBB- BB- 4/1/2040 6.625% 6.625% 5.41% 2.25% D.A. Davidson 71 4/20/2010 AZ Caurus Academy (Arizona Montessori School of Anthem) Pima County Industrial Development Authority 4.380 Out Unenhanced Not Rated - - 10/1/2045 7.250% 7.250% 14.14% Na Lawson 72 5/12/2010 AZ Odyssey Preparatory Academy Pima County Industrial Development Authority 7.700 Out Unenhanced Not Rated - - 5/1/2040 8.000% 8.000% 5.73% 2.25% D.A. Davidson 73 5/13/2010 AZ Academy of Tucson Pima County Industrial Development Authority 9.385 Out Unenhanced Not Rated - - 7/1/2040 7.000% 7.000% 5.81% 3.00% RBC Capital Markets 74 5/26/2010 AZ Montessori Academy Pima County Industrial Development Authority 5.725 Out Unenhanced Not Rated - - 11/1/2040 7.250% 7.250% 10.48% Na Lawson 75 6/30/2010 AZ Destiny Community School Pima County Industrial Development Authority 4.000 Out Unenhanced Not Rated - - 8/1/2040 7.250% 7.250% 14.38% Na Lawson 76 10/20/2010 AZ Paradise Education Center Pima County Industrial Development Authority 12.800 Out Unenhanced S&P BBB- BB+ 6/1/2045 6.100% 6.100% 4.86% 2.25% RBC Capital Markets 77 11/1/2010 AZ Riverbend Prep (West Valley Arts and Technology Academy) Pima County Industrial Development Authority 4.200 Out Unenhanced Not Rated - - 9/1/2037 7.000% 7.000% 5.36% 1.00% Dougherty 78 11/10/2010 AZ Sequoia Pathway Academy Pima County Industrial Development Authority 13.450 Mat/Ref Unenhanced Not Rated - - 9/1/2040 7.250% 7.250% 9.25% Na Lawson 79 11/17/2010 AZ BASIS Schools (Chandler) Florence Industrial Development Authority 6.645 Out Unenhanced Not Rated - - 7/1/2041 7.000% 4.000% 3.95% 1.75% RBC Capital Markets 80 11/17/2010 AZ BASIS Schools (Peoria) Florence Industrial Development Authority 6.665 Out Unenhanced Not Rated - - 7/1/2041 7.000% 4.000% 2.91% 1.75% RBC Capital Markets 81 12/7/2010 AZ Scottsdale Preparatory Academy Florence Industrial Development Authority 11.630 Out Unenhanced Not Rated - - 7/1/2041 6.750% 5.500% 4.23% 2.40% RBC Capital Markets 47 Appendix C: Charter School Bond Issuance 48 Appendix C: Charter School Bond Issuance
APPENDIX C: CHARTER SCHOOL BOND ISSUANCE Par Amount Credit Rating Initial Current Lead Manager or Ser # Dated Date State School Issuer ($ millions) Status Enhancer Agency Rating Rating Maturity Coupon Yield COI UD Placement Agent 82 12/16/2010 AZ BASIS Schools (Flagstaff) Florence Industrial Development Authority 6.995 Out Unenhanced Not Rated - - 7/1/2041 7.000% 4.000% 3.43% 1.75% RBC Capital Markets 83 2/17/2011 AZ Arizona Agribusiness and Equine Center Yavapai County Industrial Development Authority 14.605 Out Unenhanced S&P BB+ BB+ 3/1/2042 7.875% 7.875% 3.76% 1.75% Baird 84 4/6/2011 AZ Park View School Pima County Industrial Development Authority 6.625 Out Unenhanced Not Rated - - 7/1/2041 VR VR 10.29% 2.75% Lawson 85 5/6/2011 AZ Arizona School for the Arts Phoenix Industrial Development Authority 8.750 Out Unenhanced Not Rated - - 7/1/2041 7.750% 7.750% 3.54% 1.56% Stifel Nicolaus 86 9/8/2011 AZ Fountain Hills Charter School Pima County Industrial Development Authority 2.800 Out Unenhanced Not Rated - - 7/1/2041 6.650% 6.650% 11.39% 2.75% Lawson 87 9/8/2011 AZ New Plan Learning Pima County Industrial Development Authority 33.120 Out Unenhanced Fitch BBB- BB- 7/1/2041 8.125% 8.250% 3.58% 1.45% RBC Capital Markets 88 11/8/2011 AZ BASIS Schools (Phoenix) Florence Industrial Development Authority 7.955 Out Unenhanced Not Rated - - 7/1/2041 7.500% 7.500% 3.54% 1.50% RBC Capital Markets 89 11/8/2011 AZ Harvest Preparatory Academy Pima County Industrial Development Authority 10.500 Out Unenhanced S&P BBB- BBB- 7/1/2041 6.950% 6.950% 6.96% Na Lawson 90 1/5/2012 AZ American Leadership Academy Pima County Industrial Development Authority 10.975 Out Unenhanced Not Rated - - 7/1/2042 7.875% 7.900% 9.01% 2.75% Lawson 91 1/5/2012 AZ American Leadership Academy Pima County Industrial Development Authority 0.454 Out Unenhanced Not Rated - - Na Na Na Na Na Na 92 1/25/2012 AZ Great Hearts Academies (Veritas Prep) Phoenix Industrial Development Authority 16.425 Out Unenhanced Fitch BBB BB- 7/1/2047 6.400% 6.400% 3.20% 1.83% RBC Capital Markets 93 2/7/2012 AZ Carden Traditional Schools Pima County Industrial Development Authority 16.500 Out Unenhanced Fitch BBB- B 1/1/2042 7.500% 7.625% 4.16% 2.00% Ziegler 94 2/24/2012 AZ Painted Rock Academy Phoenix Industrial Development Authority 10.000 Out Unenhanced Not Rated - - 7/1/2042 7.500% 7.500% 3.78% 1.84% RBC Capital Markets 95 3/2/2012 AZ BASIS Schools (Tucson North) Pima County Industrial Development Authority 10.000 Out Unenhanced Not Rated - - 7/1/2042 7.550% 7.550% 3.21% 1.50% RBC Capital Markets 96 4/2/2012 AZ P.L.C. Charter Schools Pima County Industrial Development Authority 5.730 Out Unenhanced Not Rated - - 4/1/2041 7.500% 7.500% 8.45% 2.50% Dougherty 97 8/21/2012 AZ Children First Academy Pima County Industrial Development Authority 6.290 Mat/Ref Unenhanced Not Rated - - 7/1/2042 5.850% 5.850% 6.67% 1.50% Lawson Adams Traditional Academy (Choice Academies Inc. 98 10/11/2012 AZ Phoenix Industrial Development Authority 15.945 Out Unenhanced S&P BB+ BB+ 9/1/2042 5.625% 5.500% 3.72% 2.00% Ziegler Project) 99 11/29/2012 AZ Phoenix Collegiate Academy Phoenix Industrial Development Authority 5.300 Out Unenhanced S&P BB+ BB+ 7/1/2042 5.625% 5.625% 6.77% 2.50% RBC Capital Markets Zions First National 100 11/30/2012 AZ Great Hearts Academies (Glendale Project) Phoenix Industrial Development Authority 12.585 Out Unenhanced Not Rated - - 7/1/2043 6.750% 4.250% 3.67% 0.78% Bank 101 12/19/2012 AZ Arizona Agribusiness and Equine Center Yavapai County Industrial Development Authority 8.885 Out Unenhanced S&P BB+ BB+ 3/1/2042 5.125% 5.250% 4.81% 1.75% Baird 102 1/24/2013 AZ Edkey Pima County Industrial Development Authority 44.365 Out Unenhanced S&P BB+ BB+ 7/1/2048 6.000% 6.100% 3.04% 2.00% Lawson 103 2/6/2013 AZ BASIS Schools (Ahwatukee Project) Phoenix Industrial Development Authority 8.835 Out Unenhanced Not Rated - - 7/1/2043 6.750% 6.750% 3.27% 1.50% RBC Capital Markets 104 2/19/2013 AZ Eagle South Mountain Charter Phoenix Industrial Development Authority 10.250 Out Unenhanced S&P BBB- BB+ 7/1/2043 5.000% 4.990% 3.70% 1.75% RBC Capital Markets 105 3/28/2013 AZ Legacy Traditional School Florence Industrial Development Authority 36.910 Out Unenhanced S&P BB BB 7/1/2043 6.000% 6.080% 2.95% 1.40% Piper Jaffray 106 5/9/2013 AZ BASIS Schools (Mesa Project) Phoenix Industrial Development Authority 7.815 Out Unenhanced Not Rated - - 7/1/2043 6.500% 6.500% 3.72% 1.50% RBC Capital Markets 107 5/23/2013 AZ BASIS Schools Pima County Industrial Development Authority 9.130 Out Unenhanced Not Rated - - 7/1/2043 7.250% 7.250% 3.23% 1.50% RBC Capital Markets 108 5/30/2013 AZ Starshine Academy Pima County Industrial Development Authority 12.700 Out Unenhanced Not Rated - - 7/1/2048 7.000% 7.000% 15.35% 1.95% Lawson 109 11/22/2013 AZ Great Hearts Academies Phoenix Industrial Development Authority 39.425 Mat/Ref Unenhanced Not Rated - - 11/2/2019 3.350% 3.350% Na Na Na 110 12/4/2013 AZ Leading Edge Academy Pima County Industrial Development Authority 3.150 Out Unenhanced Not Rated - - 12/1/2043 7.750% 7.980% 11.84% 3.00% Dougherty 111 12/19/2013 AZ BASIS Schools (Oro Vly Primary Project) Phoenix Industrial Development Authority 8.305 Out Unenhanced Not Rated - - 7/1/2044 7.625% 7.625% 3.65% 1.50% RBC Capital Markets 112 12/19/2013 AZ Candeo Schools Phoenix Industrial Development Authority 11.000 Out Unenhanced S&P BB+ BB+ 7/1/2044 6.875% 6.875% 3.41% 1.50% RBC Capital Markets APPENDIX C: CHARTER SCHOOL BOND ISSUANCE Par Amount Credit Rating Initial Current Lead Manager or Ser # Dated Date State School Issuer ($ millions) Status Enhancer Agency Rating Rating Maturity Coupon Yield COI UD Placement Agent 113 12/23/2013 AZ Telesis Prep Academy Florence Industrial Development Authority 5.355 Out Unenhanced S&P BB BB 1/1/2019 7.500% 7.980% 6.90% 2.25% Piper Jaffray 114 1/30/2014 AZ Edkey Pima County Industrial Development Authority 17.920 Out Unenhanced S&P BB+ BB+ 7/1/2049 7.375% 7.500% 6.82% 4.25% Lawson 115 1/30/2014 AZ Noah Webster Schools (Pima Project) Pima County Industrial Development Authority 10.880 Out Unenhanced S&P BBB- BBB- 12/15/2043 7.000% 7.125% 4.74% 2.00% Baird 116 2/7/2014 AZ BASIS Schools (Prescott Project) Phoenix Industrial Development Authority 9.020 Out Unenhanced Not Rated - - 7/1/2044 7.500% 7.500% 3.48% 1.50% RBC 117 2/20/2014 AZ San Tan Montessori School Pima County Industrial Development Authority 12.915 Out Unenhanced Not Rated - - 2/1/2044 9.000% 9.000% 6.90% 3.00% Dougherty 118 2/21/2014 AZ BASIS Schools Phoenix Industrial Development Authority 9.590 Out Unenhanced Not Rated - - 7/1/2044 7.500% 7.500% 3.34% 1.50% RBC Capital Markets 119 3/14/2014 AZ Arizona Charter Academy Phoenix Industrial Development Authority 11.500 Out Unenhanced Not Rated - - 11/1/2045 6.750% 6.750% Na Na Piper Jaffray 120 3/25/2014 AZ Val Vista Academy Pima County Industrial Development Authority 7.250 Out Unenhanced Not Rated - - 11/1/2045 6.750% 6.750% Na Na Piper Jaffray 121 3/28/2014 AZ Lead Charter School Pima County Industrial Development Authority 8.520 Out Unenhanced Not Rated - - 3/1/2044 8.750% 8.750% 6.03% 2.50% Dougherty 122 5/1/2014 AZ Legacy Traditional Schools Phoenix Industrial Development Authority 73.000 Out Unenhanced Not Rated - - 7/1/2044 6.750% 6.850% 2.36% 1.40% Piper Jaffrey 123 5/29/2014 AZ Desert Heights Charter School Pima County Industrial Development Authority 15.000 Out Unenhanced Not Rated - - 5/1/2044 7.250% 7.450% 4.55% 2.50% Dougherty 124 6/30/2014 AZ Odyssey Preparatory Academy Pima County Industrial Development Authority 14.310 Out Unenhanced Not Rated - - 6/1/2049 7.125% 7.283% 7.96% 4.80% Lawson 125 10/15/2014 AZ Hillcrest Academy Pima County Industrial Development Authority 10.500 Out Unenhanced Not Rated - - 10/1/2019 6.350% 6.350% 5.44% 2.00% Lawson 126 10/23/2014 AZ Great Hearts Academies Phoenix Industrial Development Authority 80.080 Out Unenhanced S&P BB+ BB+ 7/1/2044 5.000% 4.920% 2.15% 1.15% Baird 127 11/20/2014 AZ La Paloma Academy Pima County Industrial Development Authority 16.880 Out Unenhanced Not Rated - - 7/1/2039 6.500% 6.500% 4.73% 2.25% RBC Capital Markets 128 12/18/2014 AZ PLC Arts Academy at Scottsdale Pima County Industrial Development Authority 4.205 Out Unenhanced Not Rated - - 12/1/2049 6.500% 6.500% 10.89% 4.50% Herbert J. Sims 129 12/24/2014 AZ Desert View Academy Yuma County Industrial Development Authority 13.775 Out Unenhanced Not Rated - - 11/15/2045 7.000% 7.000% 3.01% 1.50% D.A. Davidson California Statewide Communities Development Prager, McCarthy 130 5/15/2001 CA Aspire Public Schools (Oakland, Lodi) 17.560 Mat/Ref Unenhanced Not Rated - - 8/1/2031 7.250% 7.250% 2.79% 1.07% Authority & Sealy California Statewide Communities Development Prager, McCarthy 131 11/7/2001 CA Escondido Charter High School 8.600 Mat/Ref Unenhanced Not Rated - - 8/1/2036 7.500% 7.500% 4.81% 2.50% Authority & Sealy California Statewide Communities Development Prager, McCarthy 132 12/5/2002 CA Aspire Public Schools (Lodi) 11.945 Mat/Ref Unenhanced Not Rated - - 8/1/2032 7.250% 7.250% 3.43% 1.04% Authority & Sealy Escondido Charter High School, American Heritage 133 6/21/2006 CA California Municipal Finance Authority 25.500 Out Unenhanced S&P BBB- BB- 6/1/2036 5.250% 5.120% 4.17% 2.00% Ziegler Foundation California Statewide Communities Development 134 5/23/2007 CA Aspire and Huntington Park Alliance 15.750 Out Unenhanced Not Rated - - 7/1/2042 5.250% 5.250% 5.38% 3.00% RBC Capital Markets Authority 135 4/29/2008 CA High Tech High (Media Arts) California Municipal Finance Authority 4.440 Out Unenhanced Fitch BB+ BB+ 7/1/2048 6.125% 6.200% 1.99% 1.98% RBC Capital Markets 136 4/29/2008 CA High Tech High (Chula Vista) California Municipal Finance Authority 19.075 Out Unenhanced Fitch BB+ BB 7/1/2048 6.125% 6.300% 4.83% 2.93% RBC Capital Markets 137 8/14/2008 CA Orange County Educational Arts Academy California Municipal Finance Authority 10.515 Out Unenhanced Not Rated - - 10/1/2039 7.000% 7.030% 6.48% 2.25% Wachovia 138 5/13/2009 CA King Chavez Academies California Municipal Finance Authority 8.895 Out Unenhanced S&P BBB- BB+ 10/1/2039 8.750% 8.750% Na Na Baird PCSD California Statewide Communities Development 139 4/1/2010 CA Aspire Public Schools 93.295 Out Guaranty Pool Fitch BBB BB 7/1/2046 6.125% 6.350% 2.13% 1.25% RBC Capital Markets Authority I LLC1 49 Appendix C: Charter School Bond Issuance 50 Appendix C: Charter School Bond Issuance
APPENDIX C: CHARTER SCHOOL BOND ISSUANCE Par Amount Credit Rating Initial Current Lead Manager or Ser # Dated Date State School Issuer ($ millions) Status Enhancer Agency Rating Rating Maturity Coupon Yield COI UD Placement Agent 140 9/22/2010 CA Literacy First Charter School California Municipal Finance Authority 3.725 Out Unenhanced S&P BBB- BBB- 9/1/2030 6.000% 5.850% 10.68% 3.50% Ziegler California Statewide Communities Development 141 6/22/2011 CA The Rocklin Academy 10.400 Out Unenhanced S&P BB+ BB+ 6/1/2041 8.250% 8.250% 4.96% 2.00% Piper Jaffray Authority Animo Inglewood Charter High School California Statewide Communities Development 142 7/20/2011 CA 8.260 Out Unenhanced Fitch BBB- BBB- 8/1/2041 7.250% 7.250% 8.85% 2.00% Baird (Green Dot) Authority California Statewide Communities Development 143 8/25/2011 CA Alliance for College-Ready Public Schools 22.565 Out Unenhanced Fitch BBB BBB- 7/1/2046 7.000% 7.250% 3.95% 2.00% RBC Capital Markets Authority California Statewide Communities Development 144 9/8/2011 CA Rocketship Four - Mosaic Elementary School 10.115 Out Unenhanced Not Rated - - 12/1/2041 8.500% 8.500% 5.93% 3.00% De La Rosa Authority California Statewide Communities Development 145 2/13/2012 CA Alliance for College-Ready Public Schools 8.455 Out Unenhanced S&P BBB- BBB- 7/1/2047 6.375% 6.375% 7.92% 2.00% RBC Capital Markets Authority 146 5/31/2012 CA Santa Rosa Academy California Municipal Finance Authority 24.035 Out Unenhanced S&P BB BB 7/1/2042 6.000% 6.125% 3.23% 1.50% Ziegler 147 9/19/2012 CA High Desert Partnership in Academic Excellence California Municipal Finance Authority 5.640 Out Union Bank Fitch A/F1 A/F1 4/1/2042 NA NA 8.92% 3.55% Gates Capital 148 9/25/2012 CA Rocketship Seven - Alma Academy California Municipal Finance Authority 9.460 Out Unenhanced Not Rated - - 6/1/2043 6.250% 6.250% 5.38% 2.40% De La Rosa Westhoff, Cone & 149 10/4/2012 CA Tri Valley Learning Corporation California School Finance Authority 27.500 Out Unenhanced Not Rated - - 6/1/2047 7.000% 7.000% 2.00% 1.65% Holmstedt 150 10/24/2012 CA New Designs Charter School California School Finance Authority 19.865 Out Unenhanced S&P BBB- BB+ 6/1/2042 5.500% 5.500% 5.43% 2.33% Baird California Statewide Communities Development 151 11/21/2012 CA Albert Einstein Academy for Letters, Arts & Sciences 6.395 Out Unenhanced Not Rated - - 11/1/2042 6.250% 6.250% 6.60% 2.75% Piper Jaffray Authority 152 12/6/2012 CA Partnerships to UPLIFT Communities California Municipal Finance Authority 26.540 Out Unenhanced S&P BB+ BB+ 8/1/2047 5.300% 5.300% 5.00% 2.00% Baird 153 2/7/2013 CA Coastal Academy Charter School California School Finance Authority 14.155 Out Unenhanced S&P BBB- BBB- 10/1/2042 5.000% 5.070% 4.09% 1.75% RBC Capital Markets 154 8/8/2013 CA Value Schools California School Finance Authority 12.870 Out Unenhanced S&P BB+ BB+ 7/1/2048 7.000% 7.000% 4.73% 2.00% RBC Capital Markets 155 9/12/2013 CA Classical Academies California School Finance Authority 25.175 Out Unenhanced S&P BB+ BB+ 10/1/2043 7.375% 7.375% 4.67% 2.00% RBC Capital Markets 156 10/16/2013 CA ICEF (View Park High School) California School Finance Authority 10.225 Out Unenhanced S&P BB BB 10/1/2048 7.125% 7.150% 4.96% 0.87% Ziegler 157 10/24/2013 CA Alliance for College-Ready Public Schools California School Finance Authority 15.775 Out Unenhanced S&P BBB- BBB- 7/1/2048 6.400% 6.400% 3.79% 1.31% RBC Capital Markets 158 12/12/2013 CA Albert Einstein Academies California Municipal Finance Authority 15.605 Out Unenhanced S&P BB BB 8/1/2043 7.125% 7.125% 4.68% 1.82% Baird 159 2/10/2014 CA Rocketship Education California Municipal Finance Authority 32.855 Out Unenhanced Not Rated - - 6/1/2043 7.250% 7.250% 4.38% 2.40% De La Rosa 160 3/12/2014 CA Partnerships to Uplift Communities California School Finance Authority 26.030 Out Unenhanced S&P BB BB 8/1/2044 6.750% 6.750% 4.30% 1.83% Baird 161 5/14/2014 CA Kingsburg Elementary Charter School District Kingsburg Elementary Charter School District 2.200 Out Unenhanced S&P A A 5/1/2034 4.500% 4.600% 6.66% 2.02% O’Connor 162 6/25/2014 CA KIPP LA California School Finance Authority 28.725 Out Unenhanced S&P BB+ BB+ 7/1/2044 5.125% 5.125% 3.25% 1.20% Baird 163 6/26/2014 CA Magnolia Science Academy-1 (Reseda) California School Finance Authority 6.020 Out Unenhanced S&P BB BB 7/1/2044 6.250% 6.250% 7.62% 2.00% RBC Capital Markets 164 8/12/2014 CA New Designs Charter School (Watts) California School Finance Authority 7.380 Out Unenhanced S&P BB+ BB+ 6/1/2044 6.000% 6.000% 5.45% 2.00% Baird 165 8/20/2014 CA Alta Public Schools California School Finance Authority 7.600 Out Unenhanced Not Rated - - 11/1/2045 6.750% 6.750% 6.77% 2.25% Piper Jaffray 166 9/30/2014 CA Sycamore Academy California Municipal Finance Authority 9.405 Out Unenhanced Not Rated - - 7/1/2044 5.625% 5.730% 5.94% 2.50% BB&T Capital Markets APPENDIX C: CHARTER SCHOOL BOND ISSUANCE Par Amount Credit Rating Initial Current Lead Manager or Ser # Dated Date State School Issuer ($ millions) Status Enhancer Agency Rating Rating Maturity Coupon Yield COI UD Placement Agent 167 10/3/2014 CA ICEF (View Park Elementary and Middle Schools) California School Finance Authority 19.810 Out Unenhanced Not Rated - - 10/1/2049 6.000% 6.000% 3.86% 2.00% Ziegler 168 10/7/2014 CA Urban Discovery Academy California Municipal Finance Authority 10.500 Out Unenhanced S&P BB BB 8/1/2049 6.125% 6.125% 5.35% 2.00% Baird 169 10/10/2014 CA John Adams Academies California Municipal Finance Authority 8.980 Out Unenhanced S&P BBB- RW 10/1/2044 5.000% 4.950% 4.64% 1.75% Piper Jaffray 170 10/30/2014 CA Vista Charter Middle School California Municipal Finance Authority 7.075 Out Unenhanced S&P BB BB 7/1/2044 6.000% 6.080% 7.19% 2.50% BB&T Capital Markets 171 7/8/1999 CO Liberty Common School Colorado Educational and Cultural Facilities Authority 3.666 Mat/Ref Unenhanced Not Rated - - 8/15/2019 6.950% 6.950% 3.42% Na Kirkpatrick Pettis 172 8/5/1999 CO DCS Montessori School Colorado Educational and Cultural Facilities Authority 7.235 Mat/Ref Unenhanced Not Rated - - 7/15/2024 6.500% Na 7.44% 4.17% Bigelow 173 9/29/1999 CO The Renaissance School Colorado Educational and Cultural Facilities Authority 3.690 Mat/Ref Unenhanced S&P BBB- - 6/1/2029 6.750% 6.750% 3.98% 1.70% Kirkpatrick Pettis Western Municipal 174 10/1/1999 CO Jefferson Academy Colorado Educational and Cultural Facilities Authority 2.600 Mat/Ref Unenhanced S&P BBB- - 6/1/2025 6.700% 6.700% 5.77% 1.63% Securities 175 11/3/1999 CO Core Knowledge Charter School Colorado Educational and Cultural Facilities Authority 3.330 Mat/Ref Unenhanced S&P BBB - 11/1/2029 7.000% 7.000% 4.61% 1.98% Kirkpatrick Pettis 176 2/15/2000 CO Crown Pointe Academy of Westminster Colorado Educational and Cultural Facilities Authority 0.965 Mat/Ref Unenhanced Not Rated - - 7/15/2025 7.250% 7.250% 7.39% 1.90% Bigelow 177 6/8/2000 CO Compass Montessori Charter School Colorado Educational and Cultural Facilities Authority 2.015 Mat/Ref Unenhanced Not Rated - - 7/15/2031 7.750% 7.750% Na Na Bigelow 178 6/29/2000 CO Elbert County Charter School Colorado Educational and Cultural Facilities Authority 0.695 Mat/Ref Unenhanced Not Rated - - 6/1/2010 7.500% 7.500% Na Na Kirkpatrick Pettis Fitch BBB- 179 10/1/2000 CO Bromley East Charter School Colorado Educational and Cultural Facilities Authority 12.955 Mat/Ref Unenhanced - 9/15/2030 7.250% 7.500% 3.04% 2.00% Kirkpatrick Pettis Moody’s Baa3 180 11/1/2000 CO Academy Charter School Colorado Educational and Cultural Facilities Authority 7.560 Mat/Ref Unenhanced S&P BBB - 12/15/2030 7.125% 7.350% 2.97% 1.60% Hanifen, Imhoff Western Municipal 181 11/1/2000 CO Jefferson Academy Colorado Educational and Cultural Facilities Authority 0.565 Mat/Ref Unenhanced Not Rated - - 12/1/2002 7.000% Na 10.48% 2.65% Securities 182 11/28/2000 CO The Classical Academy Colorado Educational and Cultural Facilities Authority 19.600 Mat/Ref Unenhanced Moody’s Baa3 - 12/1/2030 7.250% 7.625% 2.67% 1.75% Kirkpatrick Pettis 183 12/12/2000 CO Elbert County Charter School (Legacy Academy) Colorado Educational and Cultural Facilities Authority 1.005 Mat/Ref Unenhanced Not Rated - - 6/1/2010 8.000% 8.000% Na Na Kirkpatrick Pettis 184 3/13/2001 CO Lincoln Academy Charter School Colorado Educational and Cultural Facilities Authority 2.430 Mat/Ref Unenhanced Not Rated - - 3/1/2026 8.375% Na Na Na Kirkpatrick Pettis 185 6/7/2001 CO Cherry Creek Academy Colorado Educational and Cultural Facilities Authority 4.155 Mat/Ref Unenhanced Moody’s Baa2 - 4/1/2030 6.000% 6.250% 4.42% 1.40% Kirkpatrick Pettis 186 8/15/2001 CO Peak to Peak Charter School Colorado Educational and Cultural Facilities Authority 18.800 Mat/Ref Unenhanced Moody’s Ba2 - 8/15/2031 7.625% 8.000% 2.62% 1.75% Kirkpatrick Pettis 187 9/15/2001 CO University Lab School Colorado Educational and Cultural Facilities Authority 17.630 Mat/Ref Unenhanced Moody’s Baa3 - 6/1/2031 6.250% 6.300% 2.43% 1.60% Kirkpatrick Pettis 188 10/1/2001 CO Frontier Academy Colorado Educational and Cultural Facilities Authority 15.830 Mat/Ref Unenhanced Moody’s Ba1 - 6/1/2031 7.375% 7.500% 2.57% 1.60% Kirkpatrick Pettis Moody’s Baa3 189 12/1/2001 CO Pinnacle Charter School Colorado Educational and Cultural Facilities Authority 12.355 Mat/Ref Unenhanced - 12/1/2021 6.000% 6.250% 3.23% 1.75% Stifel Nicolaus S&P BBB 190 1/15/2002 CO Collegiate Academy of Colorado Colorado Educational and Cultural Facilities Authority 6.780 Mat/Ref Unenhanced Moody’s Ba1 - 12/15/2031 7.500% 7.625% 3.84% 2.00% Stifel Nicolaus 191 1/15/2002 CO Littleton Academy Charter School Colorado Educational and Cultural Facilities Authority 4.450 Mat/Ref Unenhanced S&P BBB - 1/15/2031 6.125% 6.300% 3.73% 1.40% Kirkpatrick Pettis 192 3/1/2002 CO Compass Montessori Secondary School Colorado Educational and Cultural Facilities Authority 5.645 Mat/Ref Unenhanced Not Rated - - 2/15/2032 8.000% 8.000% 3.08% 1.75% Kirkpatrick Pettis Fitch BB+ 193 3/1/2002 CO Platte River Academy Colorado Educational and Cultural Facilities Authority 6.875 Mat/Ref Unenhanced - 3/1/2032 7.250% 7.500% 3.69% 1.75% Kirkpatrick Pettis Moody’s Ba1 194 3/15/2002 CO DCS Montessori Charter School Colorado Educational and Cultural Facilities Authority 9.795 Mat/Ref Unenhanced S&P BBB - 7/15/2032 6.125% 6.350% 2.49% 1.40% Kirkpatrick Pettis 51 Appendix C: Charter School Bond Issuance 52 Appendix C: Charter School Bond Issuance
APPENDIX C: CHARTER SCHOOL BOND ISSUANCE Par Amount Credit Rating Initial Current Lead Manager or Ser # Dated Date State School Issuer ($ millions) Status Enhancer Agency Rating Rating Maturity Coupon Yield COI UD Placement Agent 195 5/1/2002 CO Montessori Peaks Academy Colorado Educational and Cultural Facilities Authority 5.860 Mat/Ref Unenhanced Not Rated - - 5/1/2032 8.000% 8.350% 3.35% 1.88% Kirkpatrick Pettis 196 10/1/2002 CO Belle Creek Charter School Colorado Educational and Cultural Facilities Authority 8.630 Mat/Ref Unenhanced Not Rated - - 3/15/2032 7.625% 7.750% 3.77% 1.85% Kirkpatrick Pettis 197 11/1/2002 CO Stargate Charter School Colorado Educational and Cultural Facilities Authority 6.795 Mat/Ref Unenhanced S&P BBB- - 5/1/2033 6.125% 6.250% 3.46% 1.40% Kirkpatrick Pettis 198 5/22/2003 CO Cheyenne Mountain Charter Academy Colorado Educational and Cultural Facilities Authority 2.215 Mat/Ref Unenhanced S&P BBB- - 6/15/2033 6.000% 6.100% 5.51% 1.25% A.G. Edwards 199 5/22/2003 CO Jefferson Academy Colorado Educational and Cultural Facilities Authority 3.310 Mat/Ref Unenhanced S&P BBB- - 6/15/2033 6.000% 6.100% 5.10% 1.25% A.G. Edwards XL Capital Fitch AAA 200 10/1/2003 CO Pinnacle Charter School Colorado Educational and Cultural Facilities Authority 22.305 Mat/Ref State of Moody’s Aaa - 6/1/2033 5.000% 5.100% 3.26% 1.35% Kirkpatrick Pettis Colorado S&P AAA XL Capital Moody’s Aaa 201 10/1/2003 CO The Classical Academy Colorado Educational and Cultural Facilities Authority 39.595 Mat/Ref State of - 12/1/2033 5.000% 5.150% 2.71% 0.95% Kirkpatrick Pettis S&P AAA Colorado 202 10/22/2003 CO Pioneer Charter School Colorado Educational and Cultural Facilities Authority 4.990 Default Unenhanced Not Rated - - 10/15/2033 7.750% 7.875% 3.30% 1.75% Kirkpatrick Pettis 203 11/1/2003 CO Leadership Preparatory Academy Colorado Educational and Cultural Facilities Authority 2.120 Mat/Ref Unenhanced Not Rated - - 5/1/2027 7.875% 8.000% 4.39% 1.65% Kirkpatrick Pettis 204 12/1/2003 CO Excel Academy Charter School Colorado Educational and Cultural Facilities Authority 6.830 Mat/Ref Unenhanced Not Rated - - 12/1/2033 7.500% 7.750% 3.26% 1.70% Kirkpatrick Pettis Defaulted Denver Arts & Technology Academy (now Cesar Chavez 205 12/3/2003 CO Colorado Educational and Cultural Facilities Authority 8.415 and Unenhanced Not Rated - - 5/1/2034 8.000% 8.000% 3.09% 1.75% Kirkpatrick Pettis Academy Denver) Refunded XL Capital Moody’s Aaa 206 12/15/2003 CO Liberty Common School Colorado Educational and Cultural Facilities Authority 7.190 Mat/Ref State of - 12/1/2033 5.125% 4.780% 3.62% 1.00% Kirkpatrick Pettis S&P AAA Colorado Zions First 207 1/30/2004 CO Challenge to Excellence Charter School Colorado Educational and Cultural Facilities Authority 6.950 Mat/Ref Moody’s A2/VMIG 1 - 6/1/2034 VR VR 8.27% 1.00% Stifel Nicolaus National Bank XL Capital Moody’s Aaa RW 208 4/1/2004 CO Core Knowledge Charter School (Parker) Colorado Educational and Cultural Facilities Authority 4.805 Out State of 11/1/2034 5.125% 4.550% 4.42% 1.00% Kirkpatrick Pettis S&P AAA A Colorado XL Capital Fitch AAA 209 4/15/2004 CO Peak to Peak Charter School Colorado Educational and Cultural Facilities Authority 23.300 Mat/Ref State of Moody’s Aaa - 8/15/2034 5.250% 5.000% 2.92% 1.00% Kirkpatrick Pettis Colorado S&P AAA XL Capital Fitch AAA B- 210 5/1/2004 CO The Academy of Charter Schools Colorado Educational and Cultural Facilities Authority 20.765 Out State of Moody’s Aaa RW 5/1/2036 5.500% 5.200% 3.23% 1.00% Kirkpatrick Pettis Colorado S&P AAA A XL Capital Fitch AAA RW 211 5/15/2004 CO Collegiate Academy of Colorado Colorado Educational and Cultural Facilities Authority 8.195 Out State of Moody’s Aaa RW 6/15/2031 5.000% 5.110% 4.39% 1.00% Stifel Nicolaus Colorado S&P AAA A XL Capital Fitch AAA RW 212 8/1/2004 CO University Lab School Colorado Educational and Cultural Facilities Authority 20.525 Out State of Moody’s Aaa Ba2 6/1/2033 5.000% 5.050% 2.55% 0.75% Kirkpatrick Pettis Colorado S&P AAA A James Irwin Charter High School, James Irwin Charter Zions First 213 9/2/2004 CO Colorado Educational and Cultural Facilities Authority 9.700 Mat/Ref Moody’s A2/VMIG 1 - 9/1/2034 VR VR 10.48% 1.25% A.G. Edwards Middle School National Bank APPENDIX C: CHARTER SCHOOL BOND ISSUANCE Par Amount Credit Rating Initial Current Lead Manager or Ser # Dated Date State School Issuer ($ millions) Status Enhancer Agency Rating Rating Maturity Coupon Yield COI UD Placement Agent XL Capital Fitch AAA 214 9/15/2004 CO Aurora Academy Colorado Educational and Cultural Facilities Authority 7.275 Mat/Ref State of Moody’s Aaa - 2/15/2034 5.250% 4.920% 4.08% 1.00% Kirkpatrick Pettis Colorado S&P AAA 215 10/1/2004 CO Denver School of Science and Technology Colorado Educational and Cultural Facilities Authority 1.500 Mat/Ref Unenhanced Not Rated - - 12/1/2013 5.000% 5.050% 6.50% 1.50% Kirkpatrick Pettis 216 11/1/2004 CO Elbert County Charter School (Legacy Academy) Colorado Educational and Cultural Facilities Authority 6.015 Out Unenhanced Not Rated - - 3/1/2035 7.375% 7.450% 3.56% 1.75% Kirkpatrick Pettis XL Capital Fitch AAA RW 217 11/10/2004 CO Platte River Academy Colorado Educational and Cultural Facilities Authority 8.025 Out State of Moody’s Aaa RW 3/1/2034 4.750% 4.910% 4.84% 0.75% A.G. Edwards Colorado S&P AAA A XL Capital Fitch AAA RW Kirkpatrick Pettis, D.A. 218 5/15/2005 CO Woodrow Wilson Academy Colorado Educational and Cultural Facilities Authority 6.275 Out State of Moody’s Aaa RW 12/1/2034 5.250% 4.460% 4.25% 1.00% Davidson Colorado S&P AAA A XL Capital Fitch AAA RW Kirkpatrick Pettis, D.A. 219 6/1/2005 CO Bromley East Charter School Colorado Educational and Cultural Facilities Authority 14.370 Out State of Moody’s Aaa RW 9/1/2032 5.250% 4.400% 3.14% 1.00% Davidson Colorado S&P AAA A XL Capital Fitch AAA 220 6/7/2005 CO Lincoln Academy Charter School Colorado Educational and Cultural Facilities Authority 2.470 Mat/Ref State of Moody’s Aaa - 3/1/2026 5.125% 4.380% 4.71% 0.75% Wells Fargo Colorado S&P AAA Kirkpatrick Pettis, D.A. 221 8/15/2005 CO Knowledge Quest Academy Colorado Educational and Cultural Facilities Authority 5.840 Out Unenhanced Not Rated - - 5/1/2036 6.500% 6.500% 3.32% 1.90% Davidson XL Capital Fitch AAA RW Kirkpatrick Pettis, D.A. 222 8/30/2005 CO Excel Academy Charter School Colorado Educational and Cultural Facilities Authority 7.610 Out State of Moody’s Aaa RW 12/1/2033 5.500% 4.828% 3.93% 1.00% Davidson Colorado S&P AAA A XL Capital Fitch AAA RW Kirkpatrick Pettis, D.A. 223 8/30/2005 CO Ridgeview Classical Schools Colorado Educational and Cultural Facilities Authority 8.185 Out State of Moody’s Aaa RW 8/15/2035 5.500% 4.859% 3.81% 1.00% Davidson Colorado S&P AAA A Northern Colorado Academy of Arts and Knowledge (T.R. 224 5/23/2006 CO Colorado Educational and Cultural Facilities Authority 5.965 Out Unenhanced Not Rated - - 5/1/2036 7.000% 7.000% Na Na D.A. Davidson Paul Academy) 225 6/23/2006 CO Banning Lewis Ranch Academy Colorado Educational and Cultural Facilities Authority 8.000 Out Unenhanced Not Rated - - 12/15/2035 6.125% 6.125% 3.33% 1.80% D.A. Davidson State of 226 9/12/2006 CO Academy Charter School Colorado Educational and Cultural Facilities Authority 7.985 Out S&P A A 12/15/2036 4.750% 4.861% 4.36% 1.50% A.G. Edwards Colorado CIFG 227 9/27/2006 CO Cheyenne Mountain Charter Academy Colorado Educational and Cultural Facilities Authority 11.670 Out State of S&P AAA AA 6/15/2036 4.500% 4.585% 4.86% 1.10% A.G. Edwards Colorado CIFG Moody’s Aaa A3 228 10/4/2006 CO Frontier Academy Colorado Educational and Cultural Facilities Authority 17.750 Out State of 6/1/2031 4.500% 4.650% 2.95% 0.75% Wells Fargo S&P AAA AA Colorado CIFG Moody’s Aaa RW 229 11/28/2006 CO Stargate Charter School Colorado Educational and Cultural Facilities Authority 9.805 Out State of 11/1/2038 4.500% 4.590% 3.87% 1.00% D.A. Davidson S&P AAA AA Colorado 230 12/7/2006 CO Montessori Peaks Academy Colorado Educational and Cultural Facilities Authority 7.575 Out Unenhanced Not Rated - - 5/1/2036 5.500% 5.500% 2.62% 1.25% D.A. Davidson 231 12/11/2006 CO Brighton Charter School Colorado Educational and Cultural Facilities Authority 10.195 Default Unenhanced Not Rated - - 11/1/2036 6.000% 6.000% 2.53% 1.45% D.A. Davidson 53 Appendix C: Charter School Bond Issuance 54 Appendix C: Charter School Bond Issuance
APPENDIX C: CHARTER SCHOOL BOND ISSUANCE Par Amount Credit Rating Initial Current Lead Manager or Ser # Dated Date State School Issuer ($ millions) Status Enhancer Agency Rating Rating Maturity Coupon Yield COI UD Placement Agent CIFG 232 12/19/2006 CO Littleton Academy Charter School Colorado Educational and Cultural Facilities Authority 5.235 Out State of S&P AAA A 1/15/2036 4.375% 4.520% 4.83% 0.90% Stifel Nicolaus Colorado 233 12/20/2006 CO Carbon Valley Academy Colorado Educational and Cultural Facilities Authority 5.305 Out Unenhanced Not Rated - - 12/1/2036 5.625% 5.625% 2.96% 1.45% D.A. Davidson 234 12/20/2006 CO Compass Montessori Secondary School (Golden) Colorado Educational and Cultural Facilities Authority 6.380 Out Unenhanced Not Rated - - 2/15/2036 5.625% 5.625% 3.36% 1.65% D.A. Davidson 235 3/28/2007 CO Union Colony Charter School Colorado Educational and Cultural Facilities Authority 4.815 Out Unenhanced Not Rated - - 12/1/2037 5.750% 5.400% 3.53% 1.65% D.A. Davidson Challenges, Choices and Images Literacy and Technology 236 4/18/2007 CO Colorado Educational and Cultural Facilities Authority 18.430 Default Unenhanced Not Rated - - 5/1/2037 6.250% 6.250% 2.86% 1.75% D.A. Davidson Center CIFG 237 4/24/2007 CO Cesar Chavez Academy Colorado Educational and Cultural Facilities Authority 15.570 Out State of S&P AAA AA 8/1/2037 4.500% 4.630% 3.62% 1.08% D.A. Davidson Colorado CIFG 238 6/14/2007 CO Belle Creek Charter School Colorado Educational and Cultural Facilities Authority 9.300 Out State of S&P AAA AA 3/15/2037 4.625% 4.750% 4.57% 1.00% A.G. Edwards Colorado CIFG 239 7/2/2007 CO James Irwin Educational Foundation Colorado Educational and Cultural Facilities Authority 20.900 Out State of S&P AAA AA 8/1/2037 5.000% 4.800% 4.29% 1.00% A.G. Edwards Colorado 240 7/5/2007 CO Windsor Charter Academy Colorado Educational and Cultural Facilities Authority 6.905 Out Unenhanced S&P BB+ BBB- 5/1/2037 5.700% 5.700% 2.91% 1.60% D.A. Davidson 241 7/31/2007 CO Northeast Academy Charter School Colorado Educational and Cultural Facilities Authority 5.210 Default Unenhanced Not Rated - - 5/15/2037 5.750% 5.750% 3.02% 1.50% D.A. Davidson 242 7/31/2007 CO James Madison Charter Academy Colorado Educational and Cultural Facilities Authority 2.040 Out Unenhanced Not Rated - - 5/1/2037 7.500% Na Na Na D.A. Davidson CIFG Moody’s Aaa RW 243 8/23/2007 CO Challenge to Excellence Charter School Colorado Educational and Cultural Facilities Authority 7.545 Out State of 6/1/2037 5.000% 4.900% 4.58% 1.25% Stifel Nicolaus S&P AAA AA Colorado 244 9/28/2007 CO Monument Academy Charter School Colorado Educational and Cultural Facilities Authority 12.270 Mat/Ref Unenhanced S&P BB - 10/1/2037 6.000% 6.000% 2.57% 1.50% D.A. Davidson State of 245 12/27/2007 CO Cheyenne Mountain Charter Academy Colorado Educational and Cultural Facilities Authority 10.605 Out S&P A A 6/15/2038 5.375% 5.250% 2.92% 1.10% Wachovia Colorado 246 1/25/2008 CO Pikes Peak School of Expeditionary Learning Colorado Educational and Cultural Facilities Authority 6.500 Out Unenhanced Not Rated - - 6/1/2038 6.625% 6.625% Na Na Gates Capital 247 2/20/2008 CO Community Leadership Academy Colorado Educational and Cultural Facilities Authority 8.810 Out Unenhanced S&P - BB 7/1/2038 6.500% 6.500% 3.49% 1.50% Wachovia 248 4/8/2008 CO New Vision Charter School Colorado Educational and Cultural Facilities Authority 4.810 Out Unenhanced Not Rated - - 4/1/2040 6.750% 6.750% 3.85% 1.50% D.A. Davidson 249 8/18/2008 CO Flagstaff Academy Colorado Educational and Cultural Facilities Authority 13.505 Out Unenhanced Not Rated - - 8/1/2038 7.000% 7.000% 2.63% 1.45% D.A. Davidson State of 250 8/26/2008 CO Academy of Charter Schools Colorado Educational and Cultural Facilities Authority 6.145 Out S&P A A 5/1/2040 5.625% 5.830% 2.64% 1.00% D.A. Davidson Colorado 251 9/24/2008 CO Monument Academy Colorado Educational and Cultural Facilities Authority 1.610 Mat/Ref Unenhanced Not Rated - - 10/1/2039 7.250% 7.250% 5.48% 1.50% D.A. Davidson State of 252 10/30/2008 CO The Classical Academy Colorado Educational and Cultural Facilities Authority 14.025 Mat/Ref S&P A - 12/1/2038 7.400% 7.400% 2.14% 0.95% D.A. Davidson Colorado 253 11/13/2008 CO North Star Academy Colorado Educational and Cultural Facilities Authority 10.975 Out Unenhanced Not Rated - - 11/1/2039 8.250% 8.250% 2.93% 1.65% D.A. Davidson APPENDIX C: CHARTER SCHOOL BOND ISSUANCE Par Amount Credit Rating Initial Current Lead Manager or Ser # Dated Date State School Issuer ($ millions) Status Enhancer Agency Rating Rating Maturity Coupon Yield COI UD Placement Agent State of 254 11/18/2008 CO Twin Peaks Charter Academy Colorado Educational and Cultural Facilities Authority 14.235 Mat/Ref S&P A - 11/15/2038 7.000% 7.000% 2.14% 1.00% D.A. Davidson Colorado State of Fitch BBB+ BBB 255 12/2/2008 CO American Academy Colorado Educational and Cultural Facilities Authority 17.030 Out 12/1/2040 8.000% 7.750% 2.27% 1.25% D.A. Davidson Colorado S&P A RW State of 256 10/1/2009 CO Crowne Point Academy of Westminster Colorado Educational and Cultural Facilities Authority 7.755 Out Fitch A BBB 7/15/2039 5.000% 5.250% 4.38% 2.00% D.A. Davidson Colorado State of 257 1/13/2010 CO Pinnacle Charter School Colorado Educational and Cultural Facilities Authority 12.985 Out Fitch A BBB 12/1/2039 5.125% 5.510% 2.90% 1.50% D.A. Davidson Colorado State of 258 2/25/2010 CO Colorado Springs Charter Academy Colorado Educational and Cultural Facilities Authority 7.355 Out S&P A A 7/1/2040 5.500% 5.750% 4.65% 1.75% Gates Capital Colorado State of 259 2/25/2010 CO High Point Academy Colorado Educational and Cultural Facilities Authority 11.930 Out S&P A A 3/1/2040 6.250% 5.300% 2.99% 1.50% D.A. Davidson Colorado State of 260 7/7/2010 CO Free Horizon Montessori School Colorado Educational and Cultural Facilities Authority 6.550 Out S&P A RW 6/15/2040 6.125% 5.500% 4.24% 2.00% D.A. Davidson Colorado State of 261 10/22/2010 CO Core Knowledge Charter School (Parker) Colorado Educational and Cultural Facilities Authority 2.435 Out S&P A BBB- 11/1/2040 6.000% 5.250% 4.86% 1.35% D.A. Davidson Colorado 262 11/19/2010 CO Caprock Academy Colorado Educational and Cultural Facilities Authority 9.865 Out Unenhanced Not Rated - - 6/1/2045 7.000% 7.100% 3.86% 1.50% Baird State of Fitch Not Rated B- 263 11/23/2010 CO The Academy of Charter Schools Colorado Educational and Cultural Facilities Authority 10.060 Out 11/1/2040 6.250% 6.250% 3.06% 1.45% D.A. Davidson Colorado S&P A RW State of 264 12/16/2010 CO Rocky Mountain Academy of Evergreen Colorado Educational and Cultural Facilities Authority 5.085 Out S&P A A 11/1/2040 6.450% 6.900% 5.33% 2.00% Stern, Agee & Leach Colorado 265 1/11/2011 CO Highline Academy Charter School Public Finance Authority 8.375 Out Unenhanced S&P BBB- BBB- 12/15/2040 7.375% 7.375% 3.22% 1.92% D.A. Davidson 266 1/24/2011 CO Global Village Academy Public Finance Authority 8.365 Out Unenhanced S&P BB+ RW 12/15/2040 7.500% 7.500% 3.99% 2.00% D.A. Davidson State of 267 4/8/2011 CO Twin Peaks Charter Academy Colorado Educational and Cultural Facilities Authority 2.515 Out S&P A A 3/15/2043 6.500% 6.500% 3.75% 1.50% D.A. Davidson Colorado 268 4/8/2011 CO Twin Peaks Charter Academy Colorado Educational and Cultural Facilities Authority 2.260 Out Unenhanced S&P BBB- BBB- 3/15/2035 7.500% 7.500% 3.75% 1.50% D.A. Davidson 269 12/29/2011 CO Liberty Common Middle High School Colorado Educational and Cultural Facilities Authority 5.500 Out Unenhanced Not Rated - - 12/15/2015 5.500% 5.500% 2.53% 1.00% D.A. Davidson 270 2/29/2012 CO Union Colony Charter School Colorado Educational and Cultural Facilities Authority 7.260 Out Unenhanced Not Rated - - 3/1/2016 5.650% 5.650% 2.54% 1.20% D.A. Davidson 271 3/30/2012 CO Cherry Creek Academy Colorado Educational and Cultural Facilities Authority 3.460 Out Unenhanced Moody’s Baa2 Baa2 4/1/2030 4.750% 4.840% 3.78% 1.40% D.A. Davidson 272 4/12/2012 CO Jefferson Academy Colorado Educational and Cultural Facilities Authority 15.900 Out Unenhanced Not Rated - - 6/15/2017 5.650% 5.650% 1.99% 1.15% D.A. Davidson 273 6/14/2012 CO Stem School Colorado Educational and Cultural Facilities Authority 9.905 Mat/Ref Unenhanced Not Rated - - 6/15/2017 5.700% 5.700% 2.61% 1.25% D.A. Davidson 274 6/29/2012 CO Skyview Academy Colorado Educational and Cultural Facilities Authority 25.650 Mat/Ref Unenhanced Not Rated - - 7/1/2017 5.600% 5.600% 1.80% 1.20% D.A. Davidson 275 7/13/2012 CO Westgate Academy Colorado Educational and Cultural Facilities Authority 8.600 Out Unenhanced Not Rated - - 7/1/2017 5.750% 5.750% 2.70% 1.25% D.A. Davidson State of 276 7/17/2012 CO DCS Montessori Charter School Colorado Educational and Cultural Facilities Authority 9.420 Out S&P A A 7/15/2037 5.000% 4.810% 2.16% 1.00% D.A. Davidson Colorado 277 10/15/2012 CO Mountain Phoenix Community School Colorado Educational and Cultural Facilities Authority 6.370 Out Unenhanced Not Rated - - 10/1/2042 7.000% 7.000% 4.37% 2.50% Oppenheimer 55 Appendix C: Charter School Bond Issuance 56 Appendix C: Charter School Bond Issuance
APPENDIX C: CHARTER SCHOOL BOND ISSUANCE Par Amount Credit Rating Initial Current Lead Manager or Ser # Dated Date State School Issuer ($ millions) Status Enhancer Agency Rating Rating Maturity Coupon Yield COI UD Placement Agent 278 12/17/2012 CO University Laboratory School Colorado Educational and Cultural Facilities Authority 10.980 Out Unenhanced Not Rated - - 12/15/2017 5.400% 5.400% 2.30% 0.70% D.A. Davidson 279 12/18/2012 CO American Academy (Parker Facility) Colorado Educational and Cultural Facilities Authority 20.000 Out Unenhanced Not Rated - - 12/15/2017 5.700% 5.700% 2.23% 1.00% D.A. Davidson 280 1/31/2013 CO Littleton Preparatory Charter School Colorado Educational and Cultural Facilities Authority 7.340 Out Unenhanced S&P BBB- BB+ 12/1/2042 5.000% 4.980% 3.32% 1.35% D.A. Davidson State of 281 3/5/2013 CO Pinnacle Charter School Colorado Educational and Cultural Facilities Authority 17.685 Out S&P A A 6/1/2033 4.000% 4.060% 1.62% 0.80% George K. Baum Colorado State of 282 4/30/2013 CO Lincoln Academy Colorado Educational and Cultural Facilities Authority 7.655 Out S&P A A 3/1/2043 5.000% 4.740% 2.77% 0.80% D.A. Davidson Colorado 283 6/26/2013 CO Aurora Academy Colorado Educational and Cultural Facilities Authority 6.246 Out Unenhanced Not Rated - - 2/15/2034 3.210% 3.210% 2.53% Na Na 284 7/3/2013 CO Cesar Chavez Academy Colorado Educational and Cultural Facilities Authority 6.450 Out Unenhanced Not Rated - - 7/1/2043 7.000% 7.000% 6.71% 2.50% Ziegler 285 8/23/2013 CO Stem School Colorado Educational and Cultural Facilities Authority 3.855 Mat/Ref Unenhanced Not Rated - - 6/15/2018 5.800% 5.800% 3.87% 1.04% D.A. Davidson 286 8/29/2013 CO Community Leadership Academy Colorado Educational and Cultural Facilities Authority 16.065 Out Unenhanced S&P BB BB 8/1/2048 7.450% 7.450% 4.36% 2.00% Baird 287 10/7/2013 CO Prospect Ridge Academy Colorado Educational and Cultural Facilities Authority 13.275 Out Unenhanced Not Rated - - 8/15/2018 5.800% 5.800% 2.48% 1.10% D.A. Davidson 288 10/17/2013 CO Rocky Mountain Classical Academy Colorado Educational and Cultural Facilities Authority 28.050 Out Unenhanced S&P B+ B+ 9/1/2048 8.125% 8.250% 3.56% 1.97% BB&T Capital Markets State of 289 3/31/2014 CO Liberty Common Colorado Educational and Cultural Facilities Authority 15.150 Out S&P A A 1/15/2044 5.000% 5.140% 2.37% 1.00% D.A. Davidson Colorado 290 3/31/2014 CO Liberty Common Colorado Educational and Cultural Facilities Authority 1.640 Out Unenhanced Not Rated - - 1/15/2044 5.625% 5.840% 2.37% 0.82% D.A. Davidson 291 3/31/2014 CO Vanguard Classical School (Ability Connection Colorado) Colorado Educational and Cultural Facilities Authority 32.365 Out Unenhanced Not Rated - - 4/1/2019 5.850% 5.850% 2.02% 1.25% D.A. Davidson 292 7/7/2014 CO Swallows Charter Academy Colorado Educational and Cultural Facilities Authority 3.680 Out Unenhanced Not Rated - - 11/15/2019 5.700% 5.700% 4.29% 1.25% D.A. Davidson State of 293 7/15/2014 CO Peak to Peak Charter School Colorado Educational and Cultural Facilities Authority 17.880 Out S&P A A 8/15/2034 5.000% 4.680% 2.18% 0.90% D.A. Davidson Colorado 294 7/23/2014 CO Skyview Academy Colorado Educational and Cultural Facilities Authority 29.120 Out Unenhanced S&P BB+ BB+ 7/1/2049 5.500% 5.500% 3.57% 2.00% Baird State of 295 8/28/2014 CO Twin Peaks Charter Academy Colorado Educational and Cultural Facilities Authority 21.990 Out S&P A A 11/15/2044 4.125% 4.250% 2.44% 1.10% D.A. Davidson Colorado State of 296 9/16/2014 CO The Classical Academy Colorado Educational and Cultural Facilities Authority 36.595 Out S&P A A 12/1/2039 4.000% 4.130% 1.40% 0.60% D.A. Davidson Colorado State of 297 10/8/2014 CO Independence Academy Colorado Educational and Cultural Facilities Authority 5.740 Out S&P A A 9/1/2044 4.150% 4.293% 5.98% 2.00% Baird Colorado 298 11/20/2014 CO Science Technology Engineering and Math (STEM) School Colorado Educational and Cultural Facilities Authority 14.670 Out Unenhanced S&P BB+ BB+ 11/1/2049 5.125% 5.180% 3.00% 1.62% BB&T Capital Markets State of 299 12/19/2014 CO Monument Academy Charter School Colorado Educational and Cultural Facilities Authority 14.265 Out S&P A A 10/1/2039 4.000% 4.080% 2.62% 1.00% D.A. Davidson Colorado 300 12/30/2014 CO Global Village Academy Public Finance Authority 6.870 Out Unenhanced Not Rated - - 12/15/2044 6.620% 6.620% 3.84% 1.00% D.A. Davidson 301 5/30/2002 DC IDEA Public Schools District of Columbia 2.600 Mat/Ref Unenhanced Moody’s A1/VMIG 1 - 1/1/2023 Na Na Na Na Allfirst Bank 302 12/16/2002 DC Arts & Technology Academy District of Columbia 3.900 Mat/Ref Unenhanced Not Rated - - 12/1/2027 VR VR Na Na Allfirst Bank 303 11/1/2003 DC Friendship Public Charter School District of Columbia 44.880 Out ACA S&P A BBB 6/1/2033 5.250% 5.450% 8.19% 1.11% Citigroup APPENDIX C: CHARTER SCHOOL BOND ISSUANCE Par Amount Credit Rating Initial Current Lead Manager or Ser # Dated Date State School Issuer ($ millions) Status Enhancer Agency Rating Rating Maturity Coupon Yield COI UD Placement Agent Bank of Aa1/ Banc of America 304 11/18/2004 DC Howard Road Academy Public Charter School District of Columbia 6.295 Mat/Ref Moody’s - 12/1/2024 VR VR Na 0.64% America VMIG 1 Securities Bank of Aa1/ Banc of America 305 6/7/2005 DC St. Coletta Special Education Public Charter School District of Columbia 16.600 Mat/Ref Moody’s - 5/1/2035 VR VR Na 0.39% America VMIG 1 Securities M&T Capital 306 6/15/2005 DC D.C. Preparatory Academy District of Columbia 5.500 Out S&P A/A-1 A/A-1 6/1/2032 VR VR Na 0.71% M&T Capital Markets Markets 307 12/28/2006 DC Friendship Public Charter School District of Columbia 15.000 Out ACA S&P A BBB 6/1/2035 5.000% 4.470% 4.91% 1.10% Citigroup 308 5/24/2007 DC Community Academy Public Charter School District of Columbia 25.000 Out ACA S&P A CCC 5/1/2037 4.875% 4.875% Na Na Cornerstone Capital 309 6/26/2007 DC D.C. Preparatory Academy DIstrict of Columbia 9.580 Out Unenhanced Not Rated - - 11/1/2033 VR VR Na Na Na 310 5/15/2008 DC KIPP DC DIstrict of Columbia 28.200 Mat/Ref Unenhanced S&P A/A-1 - 5/1/2039 VR VR Na Na M&T Capital Markets 311 3/2/2011 DC Cesar Chavez Public Charter Schools District of Columbia 27.210 Out Unenhanced S&P BBB- BBB- 11/15/2040 7.875% 8.000% 3.25% 1.25% PNC 312 10/30/2012 DC Friendship Public Charter School District of Columbia 35.780 Out Unenhanced S&P BBB BBB 6/1/2042 5.000% 4.650% 3.44% 1.15% Baird 313 8/1/2013 DC KIPP DC District of Columbia 63.070 Out Unenhanced S&P BBB+ BBB+ 7/1/2048 6.000% 6.000% 2.91% 1.20% Baird Aa3/ 314 11/8/2002 DE Charter School Kent County 4.385 Mat/Ref Wells Fargo Moody’s - 11/1/2022 VR VR Na Na Na VMIG1 315 10/31/2006 DE Newark Charter School New Castle County 14.905 Out Unenhanced S&P BBB- BBB 9/1/2036 5.000% 4.950% 4.17% 1.75% A.G. Edwards 316 8/27/2008 DE Delaware Military Academy Pima County Industrial Development Authority 12.200 Mat/Ref PNC Bank S&P AA/A-1+ - 9/1/2038 VR VR 5.80% 1.00% PNC Aa3/ A2/ 317 12/18/2008 DE Providence Creek Academy Charter School Kent County 13.150 Out PNC Bank Moody’s 10/1/2038 VR VR 5.04% 0.75% PNC VMIG 1 VMIG 1 318 8/31/2010 DE Delaware College Preparatory Academy Wilmington 3.610 Default Unenhanced Not Rated - - 8/1/2035 7.625% 7.625% 9.70% 3.50% Gates Capital 319 5/26/2011 DE Charter School, Inc. (dba Campus Community School) Kent County 3.930 Out Unenhanced S&P BBB- BBB- 5/1/2037 7.375% 7.473% 7.34% 2.25% RBC Capital Markets 320 6/22/2012 DE Newark Charter School Delaware Economic Development Authority 18.295 Out Unenhanced S&P BBB BBB 9/1/2042 5.000% 4.875% 5.20% 2.00% Baird 321 12/1/2014 DE Delaware Military Academy Delaware Economic Development Authority 13.640 Out Unenhanced S&P BBB- BBB- 9/1/2049 5.000% 4.875% 4.33% 1.29% Baird Fitch AAA 322 2/1/2000 FL Four Corners Charter School Osceola County School Board 17.080 Mat/Ref MBIA - 8/1/2024 6.000% 6.050% 2.78% 0.80% Paine Webber Moody’s Aaa 323 8/15/2000 FL Florida State University Schools City of Tallahassee 23.330 Mat/Ref MBIA Moody’s Aaa - 8/1/2026 5.375% 5.510% 2.36% 0.85% Salomon Smith Barney Museum of Science and Industry Foundation, Back to Bank of Banc of America 324 5/3/2001 FL Hillsborough County 1.770 Mat/Ref Fitch AA/F1+ - 8/1/2016 VR VR Na 0.70% Basics Charter School America Securities Fitch AAA RW Prager, McCarthy 325 11/1/2001 FL P.M. Wells Charter Academy Osceola County 9.425 Out MBIA Moody’s Aaa RW 8/1/2031 5.000% 5.070% 4.60% 1.25% & Sealy S&P AAA AA- Fitch AAA 326 11/15/2001 FL Pembroke Pines Charter Schools City of Pembroke Pines 31.910 Mat/Ref MBIA - 7/1/2031 5.000% 5.160% 2.02% 0.72% William R. Hough Moody’s Aaa Fitch AAA RW Prager, McCarthy 327 2/1/2002 FL Canoe Creek Charter School Osceola County 9.860 Out MBIA Moody’s Aaa A3 8/1/2032 5.125% 5.200% 4.71% 1.25% & Sealy S&P AAA AA- 57 Appendix C: Charter School Bond Issuance 58 Appendix C: Charter School Bond Issuance
APPENDIX C: CHARTER SCHOOL BOND ISSUANCE Par Amount Credit Rating Initial Current Lead Manager or Ser # Dated Date State School Issuer ($ millions) Status Enhancer Agency Rating Rating Maturity Coupon Yield COI UD Placement Agent Fitch AAA 328 3/15/2002 FL Pembroke Pines Charter Schools City of Pembroke Pines 20.060 Mat/Ref MBIA - 7/1/2031 5.250% 5.400% 2.13% 0.71% William R. Hough Moody’s Aaa 329 12/10/2002 FL Oakland Avenue Charter School Town of Oakland 8.125 Mat/Ref Unenhanced Not Rated - - 12/1/2032 6.950% 6.950% Na Na Commerce Capital 330 10/29/2003 FL Oakland Charter School Town of Oakland 0.455 Mat/Ref Unenhanced Not Rated - - 12/1/2015 6.950% 6.950% Na Na Commerce Capital 331 4/15/2004 FL Bellalago Charter School Bellalago Educational Facilities Benefit District 14.345 Mat/Ref Unenhanced Not Rated - - 5/1/2033 6.000% 6.000% 2.98% 1.20% Prager &Sealy Columbus 332 7/26/2004 FL Bay Haven Charter Academy Bay County 11.600 Mat/Ref S&P A+/A-1 - 7/1/2027 VR VR 2.00% 0.90% Merchant Capital Bank & Trust 333 10/1/2004 FL Bellalago Charter School Bellalago Educational Facilities Benefit District 13.720 Mat/Ref Unenhanced Not Rated - - 5/1/2034 5.800% 5.827% 2.44% 1.20% Prager &Sealy Wachovia 334 2/17/2005 FL Sarasota Military Academy Sarasota County 2.000 Mat/Ref Not Rated - - 2/1/2025 VR VR Na 1.00% Wachovia Bank Fitch AAA RW MBIA 335 4/19/2005 FL Four Corners Charter School Osceola County School Board 12.095 Out Moody’s Aaa A3 8/1/2024 4.500% 4.670% 2.50% 0.55% Citigroup School District S&P AAA AA- Kirkpatrick Pettis, D.A. 336 12/14/2005 FL G Star School of the Arts Palm Beach County 4.955 Out Unenhanced S&P BB B+ 5/15/2035 6.750% 6.750% Na Na Davidson 337 4/3/2006 FL Patriot Charter School Palm Bay City 21.100 Default Unenhanced Not Rated - - 7/1/2036 7.000% 7.000% 6.66% 2.50% Gates Capital 338 9/28/2006 FL Palm Bay Academy Charter School Florida Development Finance Corporation 5.920 Default Unenhanced S&P BB- - 5/15/2036 6.000% 6.000% 9.30% 2.50% D.A. Davidson MBIA 339 1/31/2007 FL Treasure Coast University Charter School St. Lucie County School Board 21.865 Out Moody’s Aaa Aa3 8/15/2032 4.500% 4.610% 2.42% 0.67% Prager, Sealy School District 340 4/3/2007 FL Lee Charter Foundation (Gateway Charter School) Lee County 82.165 Out Unenhanced S&P BB RW 6/15/2037 5.375% 5.240% 3.48% 1.15% Wachovia 341 5/25/2007 FL Terrace Community Middle School Hillsborough County 6.215 Out Unenhanced S&P BBB- BB+ 5/15/2037 5.125% 5.570% 6.35% 1.50% D.A. Davidson 342 8/30/2007 FL Learning Gate Community School Florida Development Finance Corporation 7.475 Out Unenhanced S&P BBB- BB 2/15/2037 6.000% 6.050% 6.25% 1.50% D.A. Davidson 343 9/27/2007 FL Palm Bay Academy Charter School Florida Development Finance Corporation 6.260 Default Unenhanced S&P BB- - 5/15/2037 6.125% 6.125% 5.97% 1.50% D.A. Davidson Royal Bank of Fitch AAA 344 3/25/2008 FL Pembroke Pines Charter Schools City of Pembroke Pines 64.095 Mat/Ref Canada/ - 7/1/2038 VR VR 2.57% 0.32% RBC Capital Markets Moody’s Aaa Assured 345 9/30/2008 FL Sculptor Charter School Florida Development Finance Corporation 4.960 Out Unenhanced S&P BBB- BBB- 10/1/2038 7.250% 7.250% 6.94% 2.50% D.A. Davidson 346 6/28/2010 FL Sarasota School of Arts and Sciences Sarasota County 11.040 Out Unenhanced S&P BBB- BBB- 7/1/2040 6.500% 6.650% 3.99% 1.75% PNC 347 9/14/2010 FL Bay Haven Charter Academy Bay County 11.755 Out Unenhanced S&P BBB BBB- 9/1/2040 6.000% 5.800% 2.32% 1.25% Merchant Capital 348 10/20/2010 FL Renaissance Charter School Florida Development Finance Corporation 68.200 Out Unenhanced Fitch BBB BB+ 9/15/2040 6.000% 6.000% 3.27% 1.88% Ziegler 349 10/28/2010 FL Miami Community Charter School Capital Trust Agency 7.700 Out Unenhanced Not Rated - - 10/15/2040 7.000% 7.000% 9.43% 2.25% Piper Jaffray 350 12/10/2010 FL Choices in Learning Charter School Seminole County 9.900 Out Unenhanced S&P BBB- BBB- 11/15/2041 7.375% 6.800% 5.32% 1.75% PNC Moody’s Aa3 Aa3 351 3/17/2011 FL City of Cape Coral’s Charter Schools City of Cape Coral 17.690 Out Cape Coral 7/1/2040 6.000% 6.120% 1.11% 0.53% PNC Fitch A+ A+ 352 6/30/2011 FL Renaissance Charter School Florida Development Finance Corporation 89.235 Out Unenhanced Fitch BB+ BB- 6/15/2041 7.625% 7.750% 2.87% 1.88% Ziegler APPENDIX C: CHARTER SCHOOL BOND ISSUANCE Par Amount Credit Rating Initial Current Lead Manager or Ser # Dated Date State School Issuer ($ millions) Status Enhancer Agency Rating Rating Maturity Coupon Yield COI UD Placement Agent 353 10/13/2011 FL Pinellas Preparatory Academy Pinellas County Educational Facilities Authority 8.880 Out Unenhanced Fitch BBB- BB 9/15/2041 7.125% 7.125% 4.32% 1.75% PNC 354 11/30/2011 FL Bay Area Charter Foundation Florida Development Finance Corporation 37.990 Out Unenhanced Not Rated - - 6/15/2042 7.750% 7.900% 3.75% 1.88% Ziegler 355 2/16/2012 FL Sculptor Charter School Florida Development Finance Corporation 0.720 Out Unenhanced S&P BBB- BBB- 10/1/2041 7.250% 7.250% 16.67% 3.47% FMSbonds 356 6/29/2012 FL Charter Schools of Boynton Beach City of Boynton Beach 9.000 Default Unenhanced S&P BBB- - 6/1/2042 6.800% 7.250% 4.14% 2.00% PiperJaffray 357 8/27/2012 FL Lee County Community Charter School Lee County 22.805 Out Unenhanced S&P BB BB 6/15/2042 5.750% 5.750% 4.24% 1.88% Ziegler 358 10/25/2012 FL Cornerstone Charter Academy City of Belle Isle 9.625 Out Unenhanced S&P BB+ BB+ 10/1/2042 6.000% 6.000% 4.52% 1.75% Ziegler 359 11/28/2012 FL Renaissance Charter School Florida Development Finance Corporation 59.320 Out Unenhanced Not Rated - - 6/15/2043 6.125% 6.250% 2.93% 2.66% Ziegler 360 4/25/2013 FL Bay Haven Charter Academy Bay County 20.265 Out Unenhanced S&P BBB- BBB- 9/1/2048 5.000% 5.150% 3.86% 1.23% BB&T Capital Markets 361 8/1/2013 FL Oakland Charter School Town of Oakland 6.695 Out Unenhanced Not Rated - - 12/1/2027 3.300% 3.300% Na Na Na 362 11/1/2013 FL Renaissance Charter School Florida Development Finance Corporation 80.525 Out Unenhanced Not Rated - - 6/15/2044 8.500% 8.620% 2.49% 2.44% BB&T Capital Markets School District 363 5/28/2014 FL Bellalago Charter School Bellalago Educational Facilities Benefit District 23.150 Out Moody’s A3 A3 5/1/2034 4.600% 4.730% 2.00% 0.98% MBS Capital Markets Appropriation 364 6/26/2014 FL Palm Beach Maritime Academy Public Finance Authority 24.640 Out Unenhanced Not Rated - - 5/1/2040 7.000% 7.000% 4.47% 3.00% Hapoalim Securities 365 7/8/2014 FL Henderson Hammock Charter School Florida Development Finance Corporation 14.630 Out Unenhanced Not Rated - - 6/1/2044 7.200% 7.200% 3.45% 1.38% BB&T Capital Markets 366 7/31/2014 FL Pinecrest Academy Miami-Dade County 24.930 Out Unenhanced S&P BBB- BBB- 9/15/2044 5.250% 5.270% 2.78% 1.20% PNC 367 8/5/2014 FL Downtown Doral Charter Elementary School Florida Development Finance Corporation 21.825 Out Unenhanced Not Rated - - 7/1/2044 6.500% 6.500% 3.21% 1.40% MBS Capital Markets 368 10/16/2014 FL Miami Arts Charter School Florida Development Finance Corporation 34.710 Out Unenhanced Not Rated - - 6/15/2044 6.000% 6.160% 5.40% 1.50% BB&T Capital Markets 369 10/30/2014 FL Renaissance Charter School Florida Development Finance Corporation 53.175 Out Unenhanced Not Rated - - 6/15/2044 6.125% 6.305% 8.04% 0.77% BB&T Capital Markets Assured Moody’s Aa2 Aa2 370 3/19/2009 GA Lake Oconee Academy Greene County Development Authority 17.205 Out Guaranty 2/1/2029 4.500% 4.650% 3.42% 0.90% Morgan Keegan S&P AAA AA School District 371 5/10/2011 GA Kennesaw Charter School Public Finance Authority 17.450 Out Unenhanced Not Rated - - 2/1/2041 8.000% 8.088% 3.12% 1.85% D.A. Davidson Joint Development Authority of DeKalb, Newton and 372 8/30/2011 GA DeKalb Academy of Technology & the Environment 7.215 Out Unenhanced S&P BBB- BBB- 7/1/2041 7.500% 7.500% 5.29% 1.85% D.A. Davidson Gwinnett Counties 373 11/3/2011 GA Fulton Science Academy Alpharetta Development Authority 18.930 Default Unenhanced Fitch BBB - 7/1/2041 6.500% 6.750% 3.45% 1.50% Merchant Capital 374 6/29/2012 GA Learning Center Foundation of Central Cobb Cobb County Development Authority 15.760 Out Unenhanced Not Rated - - 7/1/2042 7.625% 7.625% 4.53% 2.50% RBC Capital Markets 375 4/11/2013 GA Amana Academy Fulton County Development Authority 8.665 Out Unenhanced Not Rated - - 4/1/2043 6.500% 6.500% 6.45% 2.25% Dougherty 376 11/25/2013 GA Brighten Academy Douglas County Development Authority 10.500 Out Unenhanced Not Rated - - 10/1/2043 7.000% 7.125% 3.37% 1.10% D.A. Davidson 377 6/5/2014 GA Coweta Charter Academy Senoia Development Authority 12.485 Out Unenhanced Not Rated - - 6/1/2044 7.125% 7.125% 5.27% 1.25% BB&T Capital Markets 378 9/12/2014 GA Ivy Prep Academy DeKalb County Development Authority 13.785 Out Unenhanced Not Rated - - 7/1/2045 7.500% 7.500% 2.79% 1.25% Baird 379 6/1/2002 ID Nampa Classical Academy Idaho Housing & Finance Association 2.485 Mat/Ref Wells Fargo Moody’s Aa1 - 6/1/2017 4.800% 4.800% 6.55% 2.50% Wells Fargo Miller Johnson 380 8/1/2005 ID Pocatello Community Charter School Idaho Housing & Finance Association 2.480 Mat/Ref Unenhanced Not Rated - - 8/1/2025 6.750% 6.750% 6.13% 2.50% Steichen Kinnard 59 Appendix C: Charter School Bond Issuance 60 Appendix C: Charter School Bond Issuance
APPENDIX C: CHARTER SCHOOL BOND ISSUANCE Par Amount Credit Rating Initial Current Lead Manager or Ser # Dated Date State School Issuer ($ millions) Status Enhancer Agency Rating Rating Maturity Coupon Yield COI UD Placement Agent Bank of Banc of America 381 3/8/2007 ID Hidden Springs Charter School Idaho Housing & Finance Association 5.805 Mat/Ref Moody’s Aa1/VMIG 1 - 3/1/2037 VR VR Na 0.80% America Securities 382 2/26/2008 ID Idaho Arts Charter School Idaho Housing & Finance Association 7.320 Out Unenhanced S&P BB+ BBB- 12/1/2038 6.500% 6.500% 4.74% 2.00% Wachovia 383 5/29/2008 ID Liberty Charter School Idaho Housing & Finance Association 4.005 Out Unenhanced S&P BBB BBB- 6/1/2038 6.000% 6.000% 5.99% 2.00% Wachovia 384 7/23/2008 ID Victory Charter School Idaho Housing & Finance Association 3.965 Out Unenhanced S&P BBB- BBB- 7/1/2038 6.125% 6.190% 5.82% 2.00% Wachovia Defaulted 385 3/10/2009 ID North Star Charter School Idaho Housing & Finance Association 11.775 and Unenhanced S&P BB - 7/1/2039 9.500% 9.500% 4.47% 1.75% Baird Refunded 386 7/8/2009 ID Victory Charter School Idaho Housing & Finance Association 0.855 Out Unenhanced S&P BBB- BBB- 7/1/2039 8.250% 8.300% 12.32% 2.00% Baird 387 9/21/2010 ID Compass Public Charter School Idaho Housing & Finance Association 5.155 Out Unenhanced S&P BBB- BB+ 7/1/2045 6.250% 5.950% 6.31% 2.00% Baird 388 5/2/2012 ID Idaho Arts Charter School Idaho Housing & Finance Association 2.175 Out Unenhanced S&P BBB- BBB- 12/1/2042 6.000% 6.125% 7.38% 1.66% Baird 389 2/19/2013 ID Legacy Public Charter School Idaho Housing and Finance Association 2.975 Out Unenhanced Not Rated - - 5/1/2043 6.250% 6.250% 6.00% 1.75% Baird 390 5/30/2014 ID North Star Charter School Idaho Housing and Finance Association 12.143 Out Unenhanced Not Rated - - 7/1/2048 6.750% 6.750% 1.06% Na Baird First National 391 6/24/1999 IL Noble Street Charter School City of Chicago 2.500 Mat/Ref Bank of Not Rated - - 6/1/2024 VR VR 2.00% 1.50% Banc One Chicago Chicago Charter School Foundation (Chicago International 392 6/1/2002 IL Illinois Finance Authority 16.050 Mat/Ref Unenhanced S&P BBB - 12/1/2032 6.250% 6.520% 4.14% 1.50% Kirkpatrick Pettis Charter School Basil) Aa3/ A2/ 393 7/17/2003 IL Perspectives Charter School Illinois Finance Authority 5.500 Out Harris Trust Moody’s 7/1/2033 VR VR Na Na Loop Capital VMIG 1 VMIG 1 Aa3/ 394 9/16/2003 IL Learn Charter School Illinois Finance Authority 5.000 Mat/Ref Harris Trust Moody’s - 9/1/2033 VR VR Na Na Harris Trust VMIG 1 395 8/30/2006 IL UNO Charter School Network Illinois Finance Authority 7.220 Mat/Ref ACA S&P A - 9/1/2031 5.000% 4.820% 12.73% 2.07% RBC Capital Markets 396 8/30/2006 IL Noble Network of Charter Schools Illinois Finance Authority 11.525 Out ACA S&P A RW 9/1/2031 5.000% 4.820% 11.31% 1.84% RBC Capital Markets Cambridge Lakes Learning Center (Cambridge Lakes 397 1/23/2007 IL Pingree Grove Village 10.565 Out Unenhanced Not Rated - - 6/1/2036 6.000% 6.000% 2.90% 1.50% William Blair Charter School) Chicago Charter School Foundation (Chicago International 398 2/8/2007 IL Illinois Finance Authority 49.475 Out Unenhanced S&P BBB BBB 12/1/2026 5.000% 4.740% 2.09% 1.15% D.A. Davidson Charter School Northtown Academy) 399 5/31/2007 IL Noble Network of Charter Schools (Golder College Prep) Illinois Finance Authority 13.885 Out ACA S&P A BBB 9/1/2032 5.000% 4.810% 10.48% 1.77% RBC Capital Markets UNO Charter School Network (Officer Donald J. Marquez 400 7/18/2007 IL Illinois Finance Authority 16.000 Mat/Ref ACA S&P A - 9/1/2032 5.375% 5.000% 10.65% 1.73% RBC Capital Markets Charter School) Marshall & Aa3/ BMO Capital Markets 401 9/18/2008 IL Prairie Crossing Charter School Illinois Finance Authority 9.440 Mat/Ref Moody’s - 9/1/2038 VR VR 5.27% 2.00% Ilsley Bank VMIG 1 GKST 402 4/1/2009 IL Namaste Charter School Illinois Finance Authority 4.000 Out Unenhanced Not Rated - - 4/5/2025 VR VR Na Na MB Financial Bank 403 7/13/2011 IL Cambridge Lakes Learning Center Pingree Grove Village 6.400 Out Unenhanced Not Rated - - 6/1/2041 8.500% 8.500% 2.82% 1.50% William Blair 404 10/26/2011 IL UNO Charter School Network Illinois Finance Authority 37.505 Out Unenhanced S&P BBB- BBB- 10/1/2041 7.125% 7.125% 3.75% 1.20% Baird APPENDIX C: CHARTER SCHOOL BOND ISSUANCE Par Amount Credit Rating Initial Current Lead Manager or Ser # Dated Date State School Issuer ($ millions) Status Enhancer Agency Rating Rating Maturity Coupon Yield COI UD Placement Agent 405 10/24/2013 IL Noble Network of Charter Schools Illinois Finance Authority 20.000 Out Unenhanced S&P BBB BBB 9/1/2039 6.125% 6.250% 2.87% 1.10% Ziegler BMO Capital Markets 406 2/11/2009 IN Lighthouse Academies (Monument, Gary, West Gary) Indiana Finance Authority 15.435 Mat/Ref Harris Bank S&P A+/A-1 - 2/1/2039 VR VR Na 0.50% GKST 407 7/1/2009 IN Irvington Community School Indiana Finance Authority 8.145 Out Unenhanced S&P BBB- BB- 7/1/2039 9.000% 8.400% 6.29% 2.00% Baird 408 12/22/2009 IN Thea Bowman Leadership Academy Indiana Finance Authority 19.355 Out IFF2 S&P BBB- BB- 10/1/2039 7.000% 7.000% 4.12% 2.25% RBC Capital Markets 409 2/28/2013 IN 21st Century Charter School Indiana Finance Authority 13.500 Out Unenhanced S&P BB- BB- 3/1/2043 6.250% 6.250% 6.05% 2.40% Baird 410 8/28/2013 IN CFM Indianapolis Indiana Finance Authority 17.250 Out Unenhanced S&P BB BB- 7/1/2043 7.250% 7.250% 3.45% 2.00% RBC Capital Markets 411 8/28/2013 IN CFM NW Indiana Indiana Finance Authority 20.525 Out Unenhanced S&P BB BB- 7/1/2043 7.250% 7.250% 3.22% 2.00% RBC Capital Markets 412 6/21/2011 LA Belle Chasse Academy Louisiana Public Facilities Authority 20.725 Out Unenhanced Fitch BBB BBB 5/1/2041 6.750% 6.790% 3.81% 2.00% Ziegler 413 12/15/2011 LA Lake Charles Charter Academy Louisiana Public Facilities Authority 15.515 Out Unenhanced Not Rated - - 12/15/2041 8.000% 8.250% 3.79% 2.00% Ziegler 414 12/27/2013 LA Southwest Lousiana Charter Academy Louisiana Public Facilities Authority 17.480 Out Unenhanced Not Rated - - 12/15/2043 8.375% 8.500% 2.97% 1.05% BB&T Capital Markets 415 6/23/1999 MA Boston Renaissance Charter Public School Massachusetts Development Finance Agency (MDFA) 20.275 Mat/Ref BankBoston Not Rated - - 7/1/2024 VR VR 4.06% 0.77% Tucker Anthony 416 8/29/2001 MA Boston Renaissance Charter Public School Massachusetts Development Finance Agency 24.700 Mat/Ref Fleet Bank Not Rated - - 6/1/2024 VR VR 0.66% 0.14% Tucker Anthony 417 12/30/2003 MA Neighborhood House Charter School Massachusetts Development Finance Agency 7.100 Mat/Ref Fleet Bank S&P A+/A-1 - 1/1/2034 VR VR 2.83% 0.86% RBC Dain Rauscher Sovereign 418 3/17/2005 MA Mystic Valley Regional Charter School Massachusetts Development Finance Agency 3.310 Mat/Ref S&P AA+/A-1+ - 6/15/2008 VR VR 7.45% 2.00% RBC Dain Rauscher Bank 419 7/12/2006 MA Academy of the Pacific Rim Massachusetts Development Finance Agency 11.775 Out ACA S&P A RW 6/1/2031 5.125% 5.125% 12.54% 2.00% Dougherty Aa2/ 420 6/19/2008 MA Abby Kelley Foster Charter Public School Massachusetts Development Finance Agency 35.000 Mat/Ref TD Banknorth Moody’s - 9/1/2038 VR VR 2.30% 0.40% RBC Capital Markets VMIG 1 421 6/30/2009 MA SABIS International Charter School Massachusetts Development Finance Agency 33.755 Out Unenhanced S&P BBB BBB 4/15/2039 8.000% 7.650% 3.33% 1.48% PNC 422 3/15/2010 MA Lowell Middlesex Academy Charter School Massachusetts Development Finance Agency 2.610 Out Unenhanced Not Rated - - Na Na Na Na Na Na 423 9/23/2010 MA Dorchester Collegiate Academy Charter School Massachusetts Development Finance Agency 1.080 Out Unenhanced Not Rated - - Na Na Na Na Na Boston Private Bank 424 11/30/2010 MA Foxborough Regional Charter School Massachusetts Development Finance Agency 26.600 Out Unenhanced S&P BBB BBB 7/1/2042 7.000% 7.000% 2.00% 0.62% Morgan Keegan 425 10/6/2011 MA Excel Academy Charter School Massachusetts Development Finance Agency 5.000 Out Unenhanced Not Rated - - Na Na Na Na Na Na 426 6/26/2012 MA Innovation Academy Charter School Massachusetts Development Finance Agency 10.200 Out Unenhanced Not Rated - - Na Na Na Na Na Na 427 8/28/2012 MA Innovation Academy Charter School Massachusetts Development Finance Agency 4.500 Out Unenhanced Not Rated - - Na Na Na Na Na Na 428 12/17/2012 MA River Valley Charter School Massachusetts Development Finance Agency 4.580 Out Unenhanced Not Rated - - Na Na Na Na Na Na 429 6/3/2013 MA Abby Kelley Foster Charter Public School Massachusetts Development Finance Agency 29.480 Out MDFA Not Rated - - Na Na Na Na Na Na 430 12/18/2013 MA Rising Tide Charter Public School Massachusetts Development Finance Agency 5.650 Out MDFA Not Rated - - Na Na Na Na Na Na Charter Schools Development Corporation (Pioneer Charter 431 2/26/2014 MA Massachusetts Development Finance Agency 2.800 Out MDFA Not Rated - - Na Na Na Na Na Na School for Science Project) 432 7/1/2014 MA Holyoke Community Charter School Massachusetts Development Finance Agency 8.400 Out Unenhanced Not Rated - - Na Na Na Na Na Na 433 7/15/2014 MA Pioneer Valley Performing Arts Charter Public School Massachusetts Development Finance Agency 4.260 Out Unenhanced Not Rated - - Na Na Na Na Na Na 61 Appendix C: Charter School Bond Issuance 62 Appendix C: Charter School Bond Issuance
APPENDIX C: CHARTER SCHOOL BOND ISSUANCE Par Amount Credit Rating Initial Current Lead Manager or Ser # Dated Date State School Issuer ($ millions) Status Enhancer Agency Rating Rating Maturity Coupon Yield COI UD Placement Agent 434 8/17/2014 MA Marblehead Community Charter Public School Massachusetts Development Finance Agency 4.250 Out Unenhanced Not Rated - - 11/1/2045 6.750% 6.750% Na Na Piper Jaffray 435 9/10/2014 MA Phoenix Public Charter Academy High School Massachusetts Development Finance Agency 3.100 Out Unenhanced Not Rated - - 7/1/2045 7.500% 7.500% Na Na Baird Maryland Health & Higher Educational Facilities Fitch BBB BB+ 436 3/16/2010 MD Patterson Park Public Charter School 13.665 Out Unenhanced 7/1/2045 6.125% 6.200% 6.24% 2.25% RBC Capital Markets Authority S&P BBB- BBB- Maryland Health & Higher Educational Facilities 437 12/19/2013 MD City Neighborhood Schools 10.990 Out Unenhanced Not Rated - - 7/1/2044 6.750% 6.900% 4.09% 1.35% M&T Securities Authority Miller Johnson & 438 9/1/1998 MI Concord Academy, Petosky Concord Academy, Petosky 1.335 Mat/Ref Unenhanced Not Rated - - 9/1/2018 7.000% 7.000% 9.74% 5.00% Kuehn Miller Johnson & 439 9/1/1998 MI Summit Academy Summit Academy 4.110 Mat/Ref Unenhanced Not Rated - - 9/1/2018 7.000% 7.000% 8.58% 5.00% Kuehn Miller Johnson & 440 10/1/1998 MI Concord Academy, Boyne Concord Academy, Boyne 2.175 Mat/Ref Unenhanced Not Rated - - 10/1/2019 7.000% 7.000% 9.17% 5.00% Kuehn Miller Johnson & 441 2/1/1999 MI Traverse Bay Community School Traverse Bay Community School 2.160 Mat/Ref Unenhanced Not Rated - - 2/1/2025 7.000% 7.000% 8.58% 4.50% Kuehn Miller Johnson & 442 4/1/1999 MI Countryside Charter School Countryside Charter School 2.780 Mat/Ref Unenhanced Not Rated - - 4/1/2029 7.000% 7.000% 7.16% 5.00% Kuehn Miller Johnson & 443 5/1/1999 MI West Michigan Academy of Arts and Academics West Michigan Academy of Arts and Academics 3.165 Mat/Ref Unenhanced Not Rated - - 5/1/2029 7.000% 7.000% 9.39% 5.00% Kuehn Miller Johnson & 444 6/1/1999 MI Mosaica Academy of Saginaw (dba Saginaw Prep) Mosaica Academy of Saginaw dba Saginaw Prep 4.035 Mat/Ref Unenhanced Not Rated - - 6/1/2029 7.000% 7.000% 5.79% 4.00% Kuehn Miller Johnson & 445 6/1/1999 MI Pansophia Academy Pansophia Academy 2.405 Out Unenhanced Not Rated - - 6/1/2029 7.000% 7.000% 8.28% 5.00% Kuehn Miller, Johnson & 446 8/1/1999 MI Capitol Area Academy Capitol Area Academy 3.280 Default Unenhanced Not Rated - - 8/1/2029 7.250% 7.250% 6.99% 3.99% Kuehn Miller Johnson & 447 8/1/1999 MI Island City Academy Island City Academy 1.755 Out Unenhanced Not Rated - - 8/1/2029 7.250% 7.250% 7.95% 5.01% Kuehn Miller Johnson & 448 10/1/1999 MI Center Academy Center Academy 3.960 Default Unenhanced Not Rated - - 10/1/2029 7.500% 7.500% 7.16% 4.00% Kuehn Miller Johnson & 449 2/1/2000 MI Black River Public School Black River Public School 5.770 Mat/Ref Unenhanced Moody’s Baa3 - 2/1/2030 7.250% 7.500% 5.73% 4.00% Kuehn Miller Johnson & 450 2/1/2000 MI Grand Blanc Academy Grand Blanc Academy 5.605 Out Unenhanced Not Rated - - 2/1/2030 7.750% 8.000% 6.14% 4.00% Kuehn Miller Johnson & 451 5/1/2000 MI The Learning Center Academy The Learning Center Academy 1.825 Mat/Ref Unenhanced Not Rated - - 5/1/2030 7.625% 8.001% 9.60% 4.00% Kuehn Miller Johnson & 452 6/1/2000 MI Sankofa Shule Sankofa Shule 2.555 Default Unenhanced Moody’s Ba1 - 6/1/2030 8.000% 8.250% 7.77% 4.50% Kuehn Miller Johnson & 453 6/1/2000 MI Countryside Charter School Countryside Charter School 1.920 Mat/Ref Unenhanced Not Rated - - 4/1/2029 8.000% 8.375% 7.25% 3.50% Kuehn APPENDIX C: CHARTER SCHOOL BOND ISSUANCE Par Amount Credit Rating Initial Current Lead Manager or Ser # Dated Date State School Issuer ($ millions) Status Enhancer Agency Rating Rating Maturity Coupon Yield COI UD Placement Agent Miller Johnson & 454 6/1/2000 MI Nataki Talibah Schoolhouse of Detroit Nataki Talibah Schoolhouse of Detroit 5.665 Mat/Ref Unenhanced Not Rated - - 6/1/2030 8.250% 8.500% 8.08% 4.50% Kuehn Miller Johnson & 455 9/1/2000 MI Plymouth Educational Center Charter School Plymouth Educational Center Charter School 2.540 Mat/Ref Unenhanced Not Rated - - 7/1/2020 12.500% 12.500% 9.69% 6.00% Kuehn Miller Johnson & 456 9/1/2000 MI George Washington Carver Academy George Washington Carver Academy 7.100 Out Unenhanced Not Rated - - 9/1/2030 8.125% 8.375% 5.37% 4.00% Kuehn Miller Johnson & 457 12/1/2000 MI Concord Academy, Petosky Concord Academy, Petosky 3.690 Mat/Ref Unenhanced Not Rated - - 12/1/2030 8.375% 8.500% 6.18% 4.00% Kuehn Miller Johnson & 458 12/1/2000 MI Summit Academy North Summit Academy North 3.590 Mat/Ref Unenhanced Not Rated - - 7/1/2030 8.375% 8.500% 8.32% 5.00% Kuehn Miller Johnson 459 1/1/2001 MI Summit Academy North Summit Academy North 8.955 Mat/Ref Unenhanced Moody’s Baa3 - 7/1/2030 7.375% 7.500% 5.55% 3.00% Steichen Kinnard Miller Johnson 460 4/1/2001 MI Marshall Academy Marshall Academy 3.785 Mat/Ref Unenhanced Not Rated - - 4/1/2031 8.750% 9.000% 6.72% 4.34% Steichen Kinnard Miller Johnson 461 4/1/2001 MI Michigan Early Elementary Center (Cole Academy) Michigan Early Elementary Center 2.440 Mat/Ref Unenhanced Not Rated - - 4/1/2031 8.125% 8.375% 9.28% 4.50% Steichen Kinnard Defaulted 462 5/16/2001 MI Detroit Academy of Arts & Sciences Michigan Municipal Bond Authority 30.900 and Unenhanced Moody’s Ba1 - 10/1/2031 8.000% 8.000% 4.01% 2.00% J.P. Morgan Refunded 463 5/16/2001 MI YMCA Service Learning Academy Michigan Municipal Bond Authority 12.100 Mat/Ref Unenhanced Moody’s Ba1 - 10/1/2031 7.750% 7.750% 5.27% 2.00% J.P. Morgan Miller Johnson 464 6/1/2001 MI Sauk Trail Academy (Hillsdale Preparatory School) Sauk Trail Academy 2.480 Default Unenhanced Not Rated - - 6/1/2031 8.125% 8.375% 8.08% 4.00% Steichen Kinnard Miller Johnson 465 6/1/2001 MI Landmark Academy Landmark Academy 3.465 Mat/Ref Unenhanced Not Rated - - 6/1/2031 8.375% 8.500% 6.93% 4.00% Steichen Kinnard Miller Johnson 466 6/1/2001 MI Pansophia Academy Pansophia Academy 0.685 Out Unenhanced Not Rated - - 6/1/2021 7.750% 8.000% 15.66% 4.00% Steichen Kinnard Miller Johnson 467 8/1/2001 MI Concord Academy, Antrim Concord Academy, Antrim 2.810 Default Unenhanced Not Rated - - 8/1/2031 8.000% 8.250% 7.10% 4.50% Steichen Kinnard Miller Johnson 468 9/1/2001 MI Summit Academy North Summit Academy North 1.050 Mat/Ref Unenhanced Not Rated - - 7/1/2030 8.750% 8.750% 13.01% 5.00% Steichen Kinnard Miller Johnson 469 10/1/2001 MI Discovery Elementary School Discovery Elementary School 1.820 Default Unenhanced Not Rated - - 10/1/2031 8.125% 8.375% 10.59% 5.00% Steichen Kinnard Miller Johnson 470 11/1/2001 MI Huron Academy Huron Academy 1.235 Out Unenhanced Not Rated - - 11/1/2016 7.000% 7.250% 11.74% 4.00% Steichen Kinnard Miller Johnson 471 2/1/2002 MI New Beginnings Academy New Beginnings Academy 2.395 Out Unenhanced Not Rated - - 2/1/2032 8.000% 8.250% 8.30% 5.00% Steichen Kinnard Miller Johnson 472 4/1/2002 MI The Learning Center Academy The Learning Center Academy 0.500 Mat/Ref Unenhanced Not Rated - - 5/1/2023 7.500% 7.700% 14.11% 5.00% Steichen Kinnard 63 Appendix C: Charter School Bond Issuance 64 Appendix C: Charter School Bond Issuance
APPENDIX C: CHARTER SCHOOL BOND ISSUANCE Par Amount Credit Rating Initial Current Lead Manager or Ser # Dated Date State School Issuer ($ millions) Status Enhancer Agency Rating Rating Maturity Coupon Yield COI UD Placement Agent Miller Johnson 473 5/1/2002 MI Benton Harbor Charter School Benton Harbor Charter School 6.710 Out Unenhanced Not Rated - - 5/1/2032 8.000% 8.250% 6.34% 4.00% Steichen Kinnard Miller Johnson 474 6/1/2002 MI Huron Academy Huron Academy 1.720 Out Unenhanced Not Rated - - 11/1/2016 7.000% 7.250% 9.21% 4.00% Steichen Kinnard Miller Johnson 475 12/1/2002 MI Grand Traverse Academy Grand Traverse Academy 9.110 Mat/Ref Unenhanced Not Rated - - 12/1/2032 7.750% 8.000% 6.84% 5.00% Steichen Kinnard Miller Johnson 476 12/1/2002 MI Summit Academy North Summit Academy North 2.300 Mat/Ref Unenhanced Not Rated - - 7/1/2030 8.750% 9.000% 13.29% 6.00% Steichen Kinnard 477 2/1/2003 MI Cesar Chavez Academy Cesar Chavez Academy 9.875 Mat/Ref Unenhanced Not Rated - - 2/1/2033 8.000% 8.000% 6.85% 4.00% Herbert J. Sims 478 3/1/2003 MI Star International Academy Star International Academy 12.375 Mat/Ref Unenhanced Not Rated - - 3/1/2033 8.000% 8.000% 7.71% 5.00% Herbert J. Sims 479 6/1/2003 MI Allen Academy Allen Academy 9.500 Mat/Ref Unenhanced Not Rated - - 6/1/2033 8.000% 8.000% 8.12% 5.00% Herbert J. Sims Miller Johnson 480 7/1/2003 MI Concord Academy, Boyne Concord Academy - Boyne 0.645 Mat/Ref Unenhanced Not Rated - - 10/1/2019 8.125% 8.375% 18.24% 5.00% Steichen Kinnard 481 10/1/2003 MI Bay County Public School Academy Bay County Public School Academy 3.280 Out Unenhanced Not Rated - - 10/1/2033 10.250% 10.500% 12.07% 5.00% Herbert J. Sims 482 12/1/2003 MI Kalamazoo Advantage Academy Kalamazoo Advantage Academy, Inc. 5.555 Default Unenhanced Not Rated - - 12/1/2033 8.000% 8.000% 7.70% 4.00% Herbert J. Sims Fifth Third 483 12/10/2003 MI West Michigan Academy of Environmental Science Michigan Public Educational Facilities Authority 2.615 Mat/Ref Not Rated - - 12/1/2018 VR VR 5.07% 0.75% Fifth Third Securities Bank 484 3/1/2004 MI Allen Academy Allen Academy 3.500 Mat/Ref Unenhanced Not Rated - - 6/1/2033 8.000% 8.000% 11.85% 5.00% Herbert J. Sims 485 3/1/2004 MI Allen Academy Allen Academy 1.915 Mat/Ref Unenhanced Not Rated - - 6/1/2023 9.000% 9.250% 5.44% 5.00% Herbert J. Sims 486 4/1/2004 MI Gaudior Academy Gaudior Academy 3.075 Default Unenhanced Not Rated - - 4/1/2034 7.250% 7.500% 9.91% 5.00% Herbert J. Sims 487 6/1/2004 MI Star International Academy Star International Academy 2.540 Mat/Ref Unenhanced Not Rated - - 3/1/2033 7.000% 7.250% 9.57% 4.00% Herbert J. Sims 488 7/1/2004 MI William C. Abney Academy William C. Abney Academy 3.620 Mat/Ref Unenhanced Not Rated - - 7/1/2019 6.750% 7.000% 9.09% 5.00% Herbert J. Sims Fifth Third 489 10/28/2004 MI Holly Academy Michigan Public Educational Facilities Authority 3.800 Mat/Ref Not Rated - - 10/1/2034 VR VR 5.13% 1.00% Fifth Third Securities Bank 490 12/1/2004 MI Merritt Academy Merritt Academy 3.010 Out Unenhanced Not Rated - - 12/1/2024 7.250% 7.250% 10.30% 5.00% Herbert J. Sims 491 6/1/2005 MI Cesar Chavez Academy Cesar Chavez Academy 6.115 Mat/Ref Unenhanced Not Rated - - 2/1/2033 6.500% 6.500% 8.08% 4.00% Herbert J. Sims 492 6/1/2005 MI Landmark Academy Landmark Academy 2.080 Mat/Ref Unenhanced Not Rated - - 6/1/2031 7.000% 7.000% 12.57% 5.00% Herbert J. Sims 493 8/9/2005 MI Chandler Park Academy Chandler Park Academy 7.420 Out Unenhanced S&P BBB- BBB 11/1/2035 5.125% 5.230% 6.78% 1.75% A.G. Edwards
494 8/16/2005 MI Detroit Community High School Detroit Community High School 11.865 Out Unenhanced S&P BB B- 11/1/2035 5.750% 5.820% 5.20% 1.75% A.G. Edwards
495 9/1/2005 MI Trillium Academy Trillium Academy 7.200 Out Unenhanced Not Rated - - 9/1/2035 6.300% 6.300% 7.41% 4.50% Herbert J. Sims 496 9/20/2005 MI Summit Academy North Summit Academy North 26.595 Out Unenhanced S&P BB+ BB 11/1/2035 5.500% 5.560% 4.93% 1.75% A.G. Edwards 497 10/1/2005 MI Charyl Stockwell Academy Charyl Stockwell Academy 12.805 Out Unenhanced Not Rated - - 10/1/2035 5.900% 5.900% 5.28% 3.75% Herbert J. Sims 498 10/1/2005 MI Marshall Academy Marshall Academy 4.230 Out Unenhanced Not Rated - - 10/1/2035 6.300% 6.300% 9.79% 4.00% Herbert J. Sims APPENDIX C: CHARTER SCHOOL BOND ISSUANCE Par Amount Credit Rating Initial Current Lead Manager or Ser # Dated Date State School Issuer ($ millions) Status Enhancer Agency Rating Rating Maturity Coupon Yield COI UD Placement Agent Fifth Third 499 11/1/2005 MI Woodland Park Academy Michigan Public Educational Facilities Authority 3.750 Out Not Rated - - 10/1/2035 VR VR 5.59% 1.00% Fifth Third Securities Bank 500 12/1/2005 MI Allen Academy Allen Academy 2.000 Mat/Ref Unenhanced Not Rated - - 6/1/2033 9.000% 9.000% 15.50% 5.00% Herbert J. Sims 501 12/6/2005 MI Plymouth Educational Center Charter School Plymouth Educational Center Charter School 13.850 Out Unenhanced S&P BBB- B- 11/1/2035 5.625% 5.500% 5.44% 1.75% A.G. Edwards 502 12/13/2005 MI Old Redford Academy Michigan Public Educational Facilities Authority 11.100 Out Unenhanced S&P BBB- BB 12/1/2035 6.000% 6.000% 4.10% 2.00% National City 503 12/20/2005 MI Summit Academy Summit Academy 6.855 Out Unenhanced S&P BB+ BB 11/1/2035 6.375% 6.530% 8.94% 1.75% A.G. Edwards 504 2/1/2006 MI Grattan Academy Grattan Academy 3.800 Out Unenhanced Not Rated - - 2/1/2036 6.500% 6.500% 7.80% 4.00% Herbert J. Sims 505 2/14/2006 MI Michigan Technical Academy Michigan Public Educational Facilities Authority 6.950 Mat/Ref Unenhanced S&P BB - 2/1/2036 6.500% 6.670% 4.31% 2.00% National City 506 5/1/2006 MI Walden Green Montessori Michigan Public Educational Facilities Authority 4.370 Out Unenhanced Not Rated - - 4/1/2036 5.625% 6.050% 6.90% 4.00% Fifth Third Securities Fifth Third 507 6/13/2006 MI Arts Academy in the Woods Michigan Public Educational Facilities Authority 1.855 Out Not Rated - - 5/1/2026 VR VR 8.12% 1.80% Fifth Third Securities Bank 508 7/25/2006 MI Black River Public School Michigan Public Educational Facilities Authority 8.885 Mat/Ref Unenhanced Not Rated - - 9/1/2030 5.800% 5.720% 3.50% 1.75% Fifth Third Securities 509 9/1/2006 MI Merritt Academy Merritt Academy 5.315 Out Unenhanced Not Rated - - 12/1/2036 6.250% 6.250% 7.94% 4.00% Herbert J. Sims 510 11/1/2006 MI Dr. Charles Drew Academy Dr. Charles Drew Academy 6.190 Default Unenhanced Not Rated - - 11/1/2036 5.700% 5.700% 7.91% 4.00% Herbert J. Sims 511 12/1/2006 MI Crescent Academy Crescent Academy 7.090 Default Unenhanced Not Rated - - 12/1/2036 5.750% 5.750% 8.04% 4.00% Herbert J. Sims 512 1/24/2007 MI Conner Creek Academy East Conner Creek Academy East 16.215 Out Unenhanced S&P BB+ B+ 11/1/2036 5.250% 5.170% 3.77% 2.00% A.G. Edwards 513 3/13/2007 MI Byron Center Charter School Byron Center Charter School 3.145 Out Unenhanced Not Rated - - 3/1/2037 5.600% 5.397% 9.01% 5.00% Lake Forest Securities 514 3/13/2007 MI Grand Traverse Academy Grand Traverse Academy 16.200 Out Unenhanced S&P BBB- BB+ 11/1/2036 5.000% 4.810% 4.79% 2.00% A.G. Edwards 515 6/1/2007 MI David Ellis Academy (West) Michigan Public Educational Facilities Authority 14.370 Out Unenhanced Not Rated - - 6/1/2037 5.875% 5.950% Na Na Na 516 6/12/2007 MI Richfield Public School Academy Michigan Public Educational Facilities Authority 6.435 Out Unenhanced S&P BBB- BBB- 9/1/2036 5.000% 5.125% 5.54% 1.75% A.G. Edwards 517 6/19/2007 MI Crossroads Charter Academy Crossroads Charter Academy 5.590 Out Unenhanced S&P BBB- BB+ 6/1/2035 5.250% 5.490% 6.14% 3.35% Lake Forest Securities 518 6/21/2007 MI Concord Academy, Boyne Concord Academy, Boyne 2.800 Out Unenhanced Not Rated - - 11/1/2036 5.600% 5.600% Na Na Gates Capital 519 7/1/2007 MI Landmark Academy Landmark Academy 1.960 Mat/Ref Unenhanced Not Rated - - 6/1/2012 6.000% 6.000% 11.91% 4.00% Herbert J. Sims 520 8/1/2007 MI Star International Academy Star International Academy 5.850 Mat/Ref Unenhanced S&P BB+ - 3/1/2037 6.125% 6.125% 6.73% 3.75% Herbert J. Sims 521 9/27/2007 MI Bradford Academy Michigan Public Educational Facilities Authority 17.300 Default Unenhanced Not Rated - - 9/1/2037 6.500% 6.500% 2.80% 1.49% Herbert J. Sims 522 10/2/2007 MI International Academy of Flint International Academy of Flint 17.175 Out Unenhanced S&P BBB- BBB- 10/1/2037 5.750% 5.750% 3.33% 1.76% Fifth Third Securities 523 11/1/2007 MI Trillium Academy Trillium Academy 5.065 Out Unenhanced Not Rated - - 9/1/2035 6.500% 6.500% 7.42% 3.50% Herbert J. Sims 524 11/20/2007 MI Nataki Talibah Schoolhouse of Detroit Michigan Public Educational Facilities Authority 6.415 Default Unenhanced Not Rated - - 10/1/2030 6.500% 6.500% 5.29% 2.80% Fifth Third Securities 525 12/20/2007 MI American Montessori Academy Michigan Public Educational Facilities Authority 3.900 Out Unenhanced Not Rated - - 12/1/2037 6.500% 6.500% 7.69% 2.80% Fifth Third Securities 526 6/19/2008 MI Advanced Technology Academy Advanced Technology Academy 13.455 Out Unenhanced S&P BBB- BBB- 11/1/2037 6.000% 6.140% 3.64% 1.50% Wachovia Fifth Third 527 7/17/2008 MI Michigan Technical Academy Michigan Public Educational Facilities Authority 3.885 Mat/Ref S&P AA-/A-1+ - 2/1/2038 VR VR 10.39% 2.00% Fifth Third Securities Bank 528 7/31/2008 MI Crescent Academy Michigan Public Educational Facilities Authority 3.200 Out Unenhanced Not Rated - - 10/1/2036 7.000% 7.000% 8.89% 2.50% Fifth Third Securities 65 Appendix C: Charter School Bond Issuance 66 Appendix C: Charter School Bond Issuance
APPENDIX C: CHARTER SCHOOL BOND ISSUANCE Par Amount Credit Rating Initial Current Lead Manager or Ser # Dated Date State School Issuer ($ millions) Status Enhancer Agency Rating Rating Maturity Coupon Yield COI UD Placement Agent 529 8/1/2008 MI Chandler Park Academy Michigan Public Educational Facilities Authority 8.465 Out Unenhanced S&P BBB BBB 11/1/2035 6.500% 6.500% 3.98% 1.65% Fifth Third Securities 530 6/9/2009 MI Bradford Academy Michigan Public Educational Facilities Authority 10.720 Default Unenhanced S&P BBB- - 9/1/2039 8.750% 8.750% 5.11% 2.50% Fifth Third Securities 531 1/21/2010 MI Landmark Academy Michigan Public Educational Facilities Authority 15.290 Out Unenhanced S&P BBB- BB+ 12/1/2039 7.000% 7.000% 4.57% 2.06% Piper Jaffray 532 1/28/2010 MI Madison Academy Michigan Public Educational Facilities Authority 7.110 Out Unenhanced Not Rated - - 12/1/2039 8.625% 8.625% 6.86% 2.50% Piper Jaffray 533 3/19/2010 MI New Branches School Michigan Public Educational Facilities Authority 2.410 Out Unenhanced S&P BBB- BB- 5/1/2035 7.625% 7.625% 7.79% 1.80% Stifel Nicolaus 534 4/27/2010 MI Oakland International Academy Michigan Public Educational Facilities Authority 3.005 Out Unenhanced S&P BBB- BBB- 2/1/2030 7.850% 7.850% 7.58% 2.00% Stifel Nicolaus 535 4/28/2010 MI Dr. Joseph F. Pollack Academic Center of Excellence Michigan Public Educational Facilities Authority 8.390 Out Unenhanced S&P BB+ BB 4/1/2040 8.000% 8.125% 5.67% 2.25% Piper Jaffray 536 7/2/2010 MI Madison Academy Michigan Finance Authority 3.845 Out Unenhanced Not Rated - - 12/1/2039 8.250% 8.250% 8.25% 2.50% Piper Jaffray 537 9/17/2010 MI Will Carleton Charter School Academy Will Carleton Charter School Academy 2.200 Out Unenhanced Not Rated - - 8/1/2035 8.000% 8.250% 4.74% 2.50% Stifel Nicolaus 538 9/29/2010 MI Hanley International Academy Michigan Finance Authority 5.785 Out Unenhanced S&P BBB- BBB- 9/1/2040 6.125% 6.125% 5.88% 2.52% Piper Jaffray 539 11/17/2010 MI Old Redford Academy Michigan Finance Authority 14.285 Out Unenhanced Not Rated - - 12/1/2040 6.500% 6.200% 4.43% 2.20% Baird 540 11/30/2010 MI Universal Learning Academy Michigan Finance Authority 10.435 Out Unenhanced S&P BBB- BBB- 11/1/2040 7.500% 7.500% 3.90% 1.75% Piper Jaffray 541 4/21/2011 MI Hope Academy Michigan Finance Authority 8.885 Out Unenhanced Fitch BBB- BB- 4/1/2041 8.125% 8.125% 5.82% 2.00% Baird 542 4/27/2011 MI Holly Academy Michigan Finance Authority 5.750 Out Unenhanced S&P BBB- BBB- 10/1/2040 8.000% 8.000% 5.42% 2.50% Fifth Third Securities 543 6/6/2011 MI Summit Academy North Summit Academy North 5.825 Out Unenhanced S&P BB+ BB 5/1/2041 8.000% 8.000% 5.57% 2.00% Piper Jaffray 544 8/9/2011 MI Voyageur Academy Michigan Finance Authority 17.935 Out Unenhanced S&P BB B- 7/15/2041 8.000% 8.250% 3.99% 2.00% Piper Jaffray 545 11/22/2011 MI Creative Montessori Academy Michigan Finance Authority 4.995 Out Unenhanced S&P BBB- BBB- 5/1/2031 7.000% 7.000% 4.29% 1.75% Fifth Third Securities 546 12/13/2011 MI Detroit Service Learning Academy Michigan Finance Authority 11.425 Out Unenhanced S&P BBB- BB- 10/1/2036 7.000% 7.100% 3.96% 2.00% Piper Jaffray 547 1/19/2012 MI Michigan Technical Academy Michigan Finance Authority 16.130 Out Unenhanced Not Rated - - 10/1/2041 7.450% 7.450% 3.88% 3.00% Baird 548 4/30/2012 MI Concord Academy (Petoskey) Michigan Finance Authority 3.040 Out Unenhanced Not Rated - - 12/1/2030 6.875% 6.875% 5.89% 2.24% Fifth Third Securities 549 6/28/2012 MI Cesar Chavez Academy Michigan Finance Authority 15.155 Out Unenhanced S&P BBB- BB+ 2/1/2033 5.750% 5.750% 3.83% 2.00% Piper Jaffray 550 8/15/2012 MI Renaissance Public School Academy Renaissance Public School Academy 4.015 Out Unenhanced S&P BBB- BBB- 5/1/2037 6.000% 6.000% 5.63% 1.81% Fifth Third Securities 551 8/30/2012 MI Star International Academy Star International Academy 14.590 Out Unenhanced S&P BBB BBB 3/1/2033 5.000% 5.000% 2.84% 1.70% Piper Jaffray 552 10/18/2012 MI Saginaw Preparatory Academy Michigan Finance Authority 3.260 Out Unenhanced S&P BBB- BBB- 6/1/2029 5.000% 5.000% 7.34% 2.00% Piper Jaffray 553 12/11/2012 MI Crossroads Charter Academy Crossroads Charter Academy 2.555 Out Unenhanced S&P BBB- BB+ 6/1/2042 5.200% 5.405% 8.90% 5.00% Lake Forest Securities 554 2/1/2013 MI Cole Academy Cole Academy 2.495 Out Unenhanced Not Rated - - 4/1/2031 5.625% 5.919% 6.14% 2.61% Lake Forest Securities Defaulted 555 3/6/2013 MI Detroit West Preparatory Academy Detroit West Prepatory Academy 5.875 and Unenhanced S&P BB- - 3/1/2018 10.000% 10.000% 6.35% 2.00% Piper Jaffray Refunded 556 3/8/2013 MI Allen Academy Allen Academy 17.250 Out Unenhanced S&P BB+ BB+ 6/1/2033 6.000% 6.180% 3.88% 2.00% Piper Jaffray 557 4/18/2013 MI West Michigan Academy of Arts and Academics West Michigan Academy of Arts & Academics 4.960 Out Unenhanced Not Rated - - 4/1/2043 5.625% 5.856% 4.62% 2.50% Lake Forest Securities 558 12/12/2013 MI Universal Academy Universal Academy 10.455 Out Unenhanced S&P BBB- BBB- 12/1/2040 7.625% 7.625% 6.89% 2.00% Piper Jaffray APPENDIX C: CHARTER SCHOOL BOND ISSUANCE Par Amount Credit Rating Initial Current Lead Manager or Ser # Dated Date State School Issuer ($ millions) Status Enhancer Agency Rating Rating Maturity Coupon Yield COI UD Placement Agent 559 12/31/2013 MI Detroit Academy of Arts and Sciences Detroit Academy of Arts and Sciences 14.880 Out Unenhanced Not Rated - - 10/1/2043 6.000% 6.000% 2.81% Na Baird 560 7/28/2014 MI Detroit Service Learning Academy Detroit Service Learning Academy 6.075 Out Unenhanced S&P BB- BB- 3/1/2018 7.250% 7.250% Na Na Na 561 12/29/1998 MN Community of Peace Academy St. Paul Housing & Redevelopment Authority 3.570 Mat/Ref Unenhanced Not Rated - - 11/1/2029 6.100% Na 5.85% Na Na 562 6/3/1999 MN Higher Ground Academy St. Paul Housing & Redevelopment Authority 6.400 Mat/Ref Unenhanced Not Rated - - 11/1/2028 5.500% 5.500% 5.71% 2.50% John G. Kinnard Acorn Dual Language Community Academy (now Achieve 563 6/15/1999 MN St. Paul Housing & Redevelopment Authority 2.000 Mat/Ref Unenhanced Not Rated - - 11/1/2024 6.600% 6.600% 8.83% 3.00% John G. Kinnard Language) 564 12/1/1999 MN Village School of Northfield City of Northfield 1.320 Default Unenhanced Not Rated - - 12/1/2024 7.500% 7.500% 12.43% 3.40% John G. Kinnard 565 12/1/1999 MN Bluffview Montessori School Winona Port Authority 3.500 Mat/Ref Unenhanced Not Rated - - 12/1/2024 8.000% 8.000% 6.99% 2.50% John G. Kinnard 566 1/1/2000 MN New Spirit Schools St. Paul Housing & Redevelopment Authority 6.500 Mat/Ref Unenhanced Not Rated - - 12/1/2002 9.000% 9.000% 5.53% 2.25% John G. Kinnard 567 3/1/2000 MN Minnesota Business Academy St. Paul Housing & Redevelopment Authority 8.275 Mat/Ref Unenhanced Not Rated - - 3/1/2030 8.000% Na 5.43% 2.50% John G. Kinnard 568 6/1/2000 MN El Colegio Charter School City of Minneapolis 2.515 Mat/Ref Unenhanced Not Rated - - 12/1/2003 8.250% 8.250% 8.78% 2.80% John G. Kinnard Miller Johnson 569 5/1/2001 MN Community of Peace Academy St. Paul Housing & Redevelopment Authority 11.045 Mat/Ref Unenhanced Moody’s Baa3 - 12/1/2030 7.875% 7.875% 6.15% 3.50% Steichen Kinnard 570 6/1/2002 MN Math & Science Academy City of Woodbury 4.530 Mat/Ref Unenhanced Not Rated - - 12/1/2031 7.500% 7.500% 5.96% 3.50% Dougherty 571 11/1/2002 MN New Spirit Schools (St. Paul City School) St. Paul Housing & Redevelopment Authority 6.895 Out Unenhanced Not Rated - - 12/1/2031 7.500% 7.500% 5.67% 3.00% Dougherty 572 11/1/2003 MN Achieve Language Academy St. Paul Housing & Redevelopment Authority 6.840 Mat/Ref Unenhanced Not Rated - - 12/1/2032 7.000% 7.000% 6.66% 3.00% Dougherty 573 3/1/2004 MN PACT Charter School City of Ramsey 11.575 Mat/Ref Unenhanced Not Rated - - 12/1/2033 6.750% 6.750% 5.50% 3.00% Dougherty 574 5/1/2004 MN Hope Community Academy St Paul Housing & Redevelopment Authority 6.600 Out Unenhanced Not Rated - - 12/1/2033 6.750% 6.750% 6.43% 3.00% Dougherty 575 6/1/2004 MN Higher Ground Academy St. Paul Housing & Redevelopment Authority 8.135 Mat/Ref Unenhanced Not Rated - - 12/1/2033 6.875% 6.875% 6.69% 3.75% Dougherty 576 12/1/2004 MN Agricultural and Food Sciences Academy City of Vadnais Heights 8.900 Default Unenhanced Not Rated - - 12/1/2034 6.600% 6.750% 6.73% 4.00% Dougherty 577 7/1/2005 MN Minnesota Business Academy St. Paul Housing & Redevelopment Authority 6.580 Default Unenhanced Not Rated - - 1/1/2035 6.750% 6.750% 7.13% 4.00% Dougherty 578 10/1/2005 MN Hope Community Academy St. Paul Housing & Redevelopment Authority 5.750 Out Unenhanced Not Rated - - 12/1/2033 6.250% 6.250% 7.81% 4.00% Dougherty Defaulted Seed Daycare (Harvest Preparatory Charter School, Hmong Miller Johnson 579 1/25/2006 MN City of Minneapolis 7.000 and US Bank Not Rated - - 1/1/2026 6.500% 6.500% 8.33% 2.65% Academy) Steichen Kinnard Refunded 580 5/1/2006 MN Lakes International Language Academy Pine City 8.200 Mat/Ref Unenhanced Not Rated - - 5/1/2035 6.250% 6.250% 6.80% 4.00% Dougherty 581 9/1/2006 MN Hmong College Prep Academy St. Paul Housing & Redevelopment Authority 8.975 Out Unenhanced Not Rated - - 9/1/2036 6.000% 5.900% 7.36% 4.00% Dougherty 582 11/28/2006 MN Community of Peace Academy St. Paul Housing & Redevelopment Authority 17.245 Out Unenhanced S&P BBB- BBB- 12/1/2036 5.000% 4.780% 4.99% 3.25% Dougherty 583 11/1/2007 MN Kaleidoscope Charter School City of Falcon Heights 8.610 Mat/Ref Unenhanced Not Rated - - 11/1/2037 6.000% 6.050% 6.95% 4.00% Dougherty 584 11/15/2007 MN Bluffview Montessori School Winona Port Authority 5.055 Out Unenhanced Not Rated - - 11/1/2037 6.150% 6.150% 6.78% 3.25% Dougherty 585 8/1/2008 MN St. Croix Preparatory Academy Baytown Township 21.725 Out Unenhanced Not Rated - - 8/1/2038 7.000% 7.050% 4.43% 3.00% Dougherty 586 3/1/2009 MN Prairie Seeds Academy City of Brooklyn Park 15.770 Out Unenhanced Not Rated - - 3/1/2039 9.250% 9.250% 5.89% 4.00% Dougherty 587 7/1/2009 MN Higher Ground Academy St. Paul Housing & Redevelopment Authority 4.300 Mat/Ref Unenhanced Not Rated - - 12/1/2038 8.500% 8.500% 6.60% 3.50% Dougherty 67 Appendix C: Charter School Bond Issuance 68 Appendix C: Charter School Bond Issuance
APPENDIX C: CHARTER SCHOOL BOND ISSUANCE Par Amount Credit Rating Initial Current Lead Manager or Ser # Dated Date State School Issuer ($ millions) Status Enhancer Agency Rating Rating Maturity Coupon Yield COI UD Placement Agent 588 11/10/2010 MN Duluth Edison Charter Schools Duluth Housing & Redevelopment Authority 18.400 Out Unenhanced S&P BBB- BBB- 11/1/2040 5.875% 6.000% 4.89% 2.25% Dougherty 589 10/18/2011 MN Nova Classical Academy St. Paul Housing & Redevelopment Authority 17.540 Out Unenhanced S&P BBB- BBB- 9/1/2042 6.625% 6.650% 3.11% 1.75% Piper Jaffray 590 12/29/2011 MN World Learner School City of Chaska 3.415 Out Unenhanced S&P BB+ BB+ 12/1/2043 8.000% 8.000% 6.44% 2.50% Dougherty 591 8/16/2012 MN St. Croix Prep Academy Baytown Township 5.000 Out Unenhanced S&P BB BB 8/1/2042 5.750% 5.750% 6.00% 2.00% Dougherty 592 10/11/2012 MN Hmong College Prep Academy St. Paul Housing and Redevelopment Authority 17.600 Out Unenhanced S&P BB+ BB+ 9/1/2043 5.500% 5.500% 5.00% 1.70% PiperJaffray 593 11/29/2012 MN Minnesota Math and Science Academy City of Woodbury 9.950 Out Unenhanced S&P BBB- BBB- 12/1/2043 5.000% 4.750% 3.66% 1.75% PiperJaffray 594 12/11/2012 MN Spectrum High School Anoka County 11.300 Out Unenhanced S&P BBB- BBB- 6/1/2043 5.000% 4.700% 3.65% 1.75% PiperJaffray 595 3/20/2013 MN Saint Paul Conservatory for Performing Arts St. Paul Housing & Redevelopment Authority 9.000 Out Unenhanced S&P BBB- BBB- 3/1/2043 4.625% 4.700% 4.71% 2.00% Dougherty 596 5/21/2013 MN Twin Cities German Immersion Charter School St. Paul Housing & Redevelopment Authority 8.545 Out Unenhanced S&P BB+ BB+ 7/1/2044 5.000% 4.950% 4.87% 1.69% Piper Jaffray 597 6/1/2013 MN Higher Ground Academy St. Paul Housing & Redevelopment Authority 13.480 Out Unenhanced S&P BBB- BBB- 12/1/2038 5.125% 5.220% 3.61% 2.00% Dougherty 598 6/20/2013 MN Eagle Ridge Academy City of Deephaven 9.245 Out Unenhanced S&P BBB- BBB- 7/1/2048 5.125% 5.350% 4.93% 1.69% Piper Jaffray 599 6/25/2013 MN Yinghua Academy City of Minneapolis 14.135 Out Unenhanced S&P BB BB 7/1/2048 6.125% 5.950% 3.65% 1.80% Piper Jaffray 600 11/20/2013 MN PACT Charter School City of Ramsey 11.000 Out Unenhanced S&P BBB- BBB- 12/1/2033 5.500% 5.500% 3.88% 1.85% Dougherty Lakes International Language Academy (LILA Building 601 2/25/2014 MN City of Forest Lake 17.265 Out Unenhanced S&P BBB- BBB- 8/1/2044 5.750% 5.750% 4.01% 2.00% Dougherty Company) 602 3/12/2014 MN Seed Daycare/Harvest Prep City of Minneapolis 6.775 Out Unenhanced Not Rated - - 3/1/2031 7.000% 7.000% 6.05% 2.90% Dougherty 603 6/5/2014 MN Spectrum High School Anoka County 4.085 Out Unenhanced S&P BBB- BBB- 6/1/2047 5.000% 5.250% 6.57% 2.25% Piper Jaffray 604 9/10/2014 MN Kaleidoscope Charter School City of Otsego 16.000 Out Unenhanced S&P BB+ BB+ 9/1/2044 5.000% 5.120% 4.08% 2.00% Dougherty 605 9/16/2014 MN Noble Academy City of Hugo 20.985 Out Unenhanced S&P BBB- BBB- 7/1/2044 5.000% 4.820% 4.26% 1.75% Piper Jaffray 606 11/12/2014 MN Cologne Academy City of Cologne 13.960 Out Unenhanced S&P BBB- BBB- 7/1/2045 5.000% 4.720% 4.16% 1.75% Piper Jaffray Fitch A 607 11/15/2002 MO St. Louis Charter School Missouri Health & Educational Facilities Authority 6.130 Mat/Ref ACA - 3/1/2023 5.100% 5.250% 16.93% 2.75% Morgan Keegan S&P A Aa1/ Banc of America 608 1/30/2003 MO Academie Lafayette Missouri Health & Educational Facilities Authority 2.550 Mat/Ref Unenhanced Moody’s - 2/1/2028 VR VR Na Na VMIG 1 Securities 609 8/1/2006 MO Allen Village School Kansas City Industrial Development Authority 4.770 Mat/Ref Unenhanced Not Rated - - 8/1/2036 6.250% 6.250% Na Na Na 610 1/1/2007 MO Derrick Thomas Academy Charter School Kansas City Industrial Development Authority 10.615 Default Unenhanced Not Rated - - 1/1/2037 5.875% 5.875% 6.65% 3.50% Herbert J. Sims 611 2/14/2007 MO Confluence Academy St. Louis Industrial Development Authority 23.705 Out Unenhanced Not Rated - - 6/15/2032 5.350% 5.350% 3.87% 2.25% Stifel Nicolaus 612 10/31/2014 MO Allen Village School Kansas City Industrial Development Authority 4.855 Out Unenhanced S&P BBB- BBB- 8/1/2034 4.000% 4.140% 5.81% 2.50% Crew Wachovia 613 7/18/2007 NC Magellan Charter School North Carolina Capital Facilities Finance Agency 5.000 Mat/Ref S&P AA/A-1+ - 6/1/2027 VR VR 2.00% 1.00% Wachovia Bank 614 8/17/2007 NC Woods Charter School Virginia Small Business Financing Authority 9.870 Out Unenhanced Not Rated - - 8/1/2037 6.950% Na Na Na Na Wachovia 615 8/23/2007 NC Union Academy North Carolina Capital Facilities Finance Agency 6.175 Mat/Ref S&P AA/A-1+ - 12/1/2029 VR VR 4.25% 1.25% Ziegler Bank APPENDIX C: CHARTER SCHOOL BOND ISSUANCE Par Amount Credit Rating Initial Current Lead Manager or Ser # Dated Date State School Issuer ($ millions) Status Enhancer Agency Rating Rating Maturity Coupon Yield COI UD Placement Agent Wachovia 616 5/16/2008 NC Lake Norman Charter School North Carolina Capital Facilities Finance Agency 20.000 Mat/Ref S&P AA/A-1 - 7/1/2033 VR VR 1.28% 0.35% Wachovia Bank Bank Branch Aa2/ Zions First National 617 3/18/2010 NC Sterling Montessori Academy & Charter School North Carolina Capital Facilities Finance Agency 10.610 Mat/Ref Banking and Moody’s - 3/1/2031 VR VR 4.52% 1.00% VMIG 1 Bank Trust Co. 618 6/21/2011 NC Thomas Jefferson Classical Academy Public Finance Authority 9.990 Out Unenhanced S&P BBB- BBB- 7/1/2042 7.125% 7.200% 3.97% 1.75% RBC Capital Markets 619 10/9/2012 NC Voyager Foundation Public Finance Authority 16.165 Out Unenhanced Not Rated - - 10/1/2042 6.200% 6.200% 3.05% 1.60% D.A. Davidson 620 8/16/2013 NC Carolina International School Public Finance Authority 12.245 Out Unenhanced S&P BB+ BB+ 8/1/2048 7.200% 7.200% 3.83% 2.02% RBC Capital Markets 621 11/6/2014 NC Lake Lure Classical Academy Public Finance Authority 9.000 Out Unenhanced Not Rated - - 8/1/2044 7.000% 7.000% 6.91% 1.22% BB&T Capital Markets 622 11/19/2014 NC Voyager Foundation Public Finance Authority 9.865 Out Unenhanced S&P BB+ BB+ 10/1/2045 5.125% 5.030% 3.79% 1.00% D.A. Davidson Rutgers 623 10/2/2003 NJ Leap Academy University Charter School Delaware River Port Authority 8.500 Out Moody’s Aa3 Aa3 9/1/2028 4.750% 4.900% 2.01% Na Wachovia University 624 10/30/2007 NJ Teaneck Community Charter School Bergen County Improvement Authority 9.900 Out Unenhanced Not Rated - - 9/1/2037 6.750% 6.750% 4.04% 2.35% Gates Capital 625 12/24/2009 NJ Greater Brunswick Regional Charter School New Jersey Redevelopment Authority 6.550 Mat/Ref Unenhanced Not Rated - - Na VR VR Na Na Sun National Trust 626 5/20/2010 NJ Central Jersey Arts Charter School New Jersey Redevelopment Authority 8.200 Out Unenhanced Not Rated - - 5/1/2035 7.750% 7.750% 4.94% 0.60% Powell Capital 627 4/12/2012 NJ Paterson Charter School for Science and Technology New Jersey Economic Development Authority 11.945 Out Unenhanced S&P BBB- BB+ 7/1/2044 6.100% 6.100% 4.59% 1.53% RBC Capital Markets 628 9/28/2012 NJ Paterson Charter School New Jersey Economic Development Authority 18.055 Out Unenhanced S&P BBB- BB+ 7/1/2044 5.300% 5.270% 3.32% 1.52% RBC Capital Markets 629 2/28/2013 NJ Lady Liberty Academy New Jersey Economic Development Authority 10.010 Out Unenhanced S&P BB+ B 8/1/2047 5.750% 5.750% 5.05% 1.72% RBC Capital Markets 630 11/26/2013 NJ Team Academy Charter School New Jersey Economic Development Authority 20.885 Out Unenhanced S&P BBB BBB 10/1/2043 6.000% 6.110% 2.97% 1.81% M&T Securities 631 8/29/2014 NJ Greater Brunswick Charter School New Jersey Economic Development Authority 8.090 Out Unenhanced S&P BB BB 8/1/2049 6.000% 6.000% 4.26% 1.71% RBC Capital Markets 632 9/29/2014 NJ Leap Academy University Charter School New Jersey Economic Development Authority 10.000 Out Unenhanced S&P BB- BB- 10/1/2049 6.300% 6.300% 5.27% 1.70% RBC Capital Markets Kirkpatrick Pettis, D.A. 633 1/15/2006 NM Academy for Technology and the Classics Santa Fe County 6.735 Default Unenhanced Not Rated - - 1/15/2036 6.625% 6.625% 4.74% 1.70% Davidson 634 10/4/2012 NM Horizon Academy West Charter School Public Finance Authority 6.715 Out Unenhanced Not Rated - - 9/1/2045 6.000% 6.000% 6.10% 2.75% Dougherty 635 12/19/2012 NM Cottonwood Classical Prep School Public Finance Authority 10.610 Out Unenhanced Not Rated - - 12/1/2042 6.250% 6.250% 4.70% 2.47% Dougherty 636 6/20/2008 NV Coral Academy of Science Pima County Industrial Development Authority 7.690 Out Unenhanced Not Rated - - 12/1/2038 7.250% 7.250% 5.51% 2.00% Wells Fargo 637 6/29/2012 NV Explore Knowledge Foundation Public Finance Authority 9.140 Out Unenhanced S&P BBB- BBB- 7/15/2042 6.000% 6.125% 5.09% 2.50% D.A. Davidson 638 5/14/2014 NV Coral Academy of Science Public Finance Authority 9.260 Out Unenhanced S&P BBB- BBB- 7/1/2044 5.625% 5.700% 5.29% 1.75% RBC Capital Markets Miller Johnson 639 1/1/2002 NY Central New York Charter School for Math and Science Onondaga County Industrial Development Agency 6.600 Default Unenhanced Not Rated - - 1/1/2032 8.500% 8.500% 8.01% 4.00% Steichen Kinnard 640 5/1/2005 NY New Covenant Charter School Albany Industrial Development Agency 16.605 Default Unenhanced Not Rated - - 5/1/2035 7.000% 7.375% 8.13% 3.75% Herbert J. Sims 641 6/1/2005 NY Charter School for Applied Technologies Erie County Industrial Development Agency 21.940 Out Unenhanced S&P - BBB- 6/1/2035 6.875% 7.150% 7.56% 3.74% Herbert J. Sims 642 3/30/2007 NY Brighter Choice Charter Schools Albany Industrial Development Agency 18.490 Out Unenhanced Fitch BBB- B+ 4/1/2037 5.000% 4.840% 3.78% 1.44% First Albany 643 10/1/2007 NY Global Concepts Charter School Erie County Industrial Development Agency 8.275 Out Unenhanced S&P - BBB- 10/1/2037 6.250% 6.250% 6.72% 2.50% Herbert J. Sims 69 Appendix C: Charter School Bond Issuance 70 Appendix C: Charter School Bond Issuance
APPENDIX C: CHARTER SCHOOL BOND ISSUANCE Par Amount Credit Rating Initial Current Lead Manager or Ser # Dated Date State School Issuer ($ millions) Status Enhancer Agency Rating Rating Maturity Coupon Yield COI UD Placement Agent 644 11/19/2010 NY Charter School of Educational Excellence Yonkers Economic Development Corporation 12.445 Out Unenhanced S&P BB+ BB 10/15/2040 6.250% 6.250% 6.81% 1.65% Baird Buffalo and Erie County Industrial Land Development 645 2/17/2011 NY Enterprise Charter School 7.345 Out Unenhanced Fitch BBB B 12/1/2040 7.500% 7.750% 5.79% 1.50% M&T Securities Corporation Siebert Brandford 646 3/30/2011 NY The Academy Charter School Hempstead Local Development Corporation 10.740 Out Unenhanced Not Rated - - 2/1/2041 8.250% 8.500% 4.41% 2.14% Shank 647 3/29/2012 NY Brighter Choice Charter Middle Schools Phoenix Industrial Development Authority 15.140 Out Unenhanced Fitch BB+ B+ 7/1/2042 7.500% 7.500% 6.29% 1.55% Jefferies 648 12/14/2012 NY KIPP Tech Valley Charter School Phoenix Industrial Development Authority 8.400 Out Unenhanced Not Rated - - 12/1/2037 7.000% 7.000% 5.10% 1.35% Jefferies 649 3/21/2013 NY International Leadership Charter School Build NYC Resource Corporation 17.750 Out Unenhanced Not Rated - - 7/1/2043 6.000% 6.000% 3.52% 1.75% TD Securities 650 4/24/2013 NY Bronx Charter School for Excellence Build NYC Resource Corporation 24.000 Out Unenhanced S&P BBB- BBB- 4/1/2043 5.500% 4.250% 5.45% 1.70% Piper Jaffray 651 6/11/2013 NY South Bronx Charter School Build NYC Resource Corporation 22.270 Out Unenhanced S&P BB+ BB+ 4/15/2043 5.000% 5.000% 4.49% 1.60% Baird 652 9/3/2013 NY Riverhead Charter School Riverhead Industrial Development Authority 21.105 Out Unenhanced S&P BBB- BBB- 8/1/2048 7.000% 7.140% 3.66% 0.74% Roosevelt & Cross 653 12/23/2013 NY Academy Charter School Hempstead Local Development Authority 13.515 Out Unenhanced Not Rated - - 2/1/2044 7.650% 7.650% 5.75% 1.75% Baird Program 654 12/19/2007 OH Toledo School for the Arts Toledo-Lucas County Port Authority 3.750 Out Reserve Letter Fitch BBB+ RW 5/15/2028 5.500% 5.500% 4.67% 2.00% Baird of Credit 655 1/1/2008 OH Constellation Schools Pima County Industrial Development Authority 24.595 Mat/Ref Unenhanced Not Rated - - 1/1/2038 7.000% 7.000% 7.80% 3.75% Dougherty 656 7/20/2012 OH Cornerstone Academy Columbus-Franklin County Finance Authority 10.140 Out Unenhanced Not Rated - - 7/1/2042 8.500% 8.685% 7.02% 2.25% Piper Jaffray 657 4/10/2014 OH Constellation Schools Cleveland-Cayahoga County 30.790 Out Unenhanced Not Rated - - 1/1/2044 6.750% 6.800% 4.36% 1.75% Piper Jaffrey 658 12/12/2007 OR Trillium Charter School Oregon Facilities Authority 3.395 Out Unenhanced Not Rated - - 11/1/2037 7.000% 7.000% 6.01% 2.50% Wells Fargo 659 11/9/2001 PA MaST Community Charter School Philadelphia Authority for Industrial Development 5.525 Mat/Ref Unenhanced Not Rated - - 11/1/2021 VR VR Na Na Na 660 6/15/2002 PA Community Academy of Philadelphia Philadelphia Authority for Industrial Development 13.795 Mat/Ref ACA S&P A - 6/1/2032 6.000% 6.120% 14.05% 0.75% Advest 661 6/15/2002 PA Community Academy of Philadelphia Philadelphia Authority for Industrial Development 3.250 Mat/Ref Unenhanced Not Rated - - 6/15/2032 8.500% 8.500% 2.20% 0.75% Advest 662 10/15/2004 PA Collegium Charter School Chester County Industrial Development Authority 16.000 Mat/Ref ACA S&P A - 4/15/2031 5.500% 5.100% 9.63% 2.00% Dolphin & Bradbury 663 12/30/2004 PA Propel Schools (Homestead) Allegheny County Industrial Development Authority 4.250 Mat/Ref Unenhanced Not Rated - - 12/15/2029 7.500% 7.750% 4.42% 2.50% Kirkpatrick Pettis Westhoff, Cone & 664 7/21/2005 PA Leadership Learning Partners Charter School Philadelphia Authority for Industrial Development 10.700 Default Unenhanced S&P BBB- - 7/1/2036 5.375% 5.442% 3.75% 1.35% Holmstedt 665 11/1/2005 PA Renaissance Academy Chester County Industrial Development Authority 9.220 Mat/Ref Unenhanced Not Rated - - 10/1/2015 5.625% 5.625% 5.98% 3.00% Herbert J. Sims Boenning & 666 4/15/2006 PA Richard Allen Preparatory School Philadelphia Authority for Industrial Development 5.790 Out Unenhanced S&P BB+ BB+ 5/1/2033 6.250% 6.250% 6.29% 1.60% Scattergood Municipal Capital 667 12/14/2006 PA Franklin Towne Charter High School Philadelphia Authority for Industrial Development 11.525 Mat/Ref Unenhanced S&P BBB - 1/1/2032 5.375% 4.800% 5.65% 3.00% Markets Group 668 4/17/2007 PA School Lane Charter School Bucks County Industrial Development Authority 11.300 Out Unenhanced S&P BBB BBB- 3/15/2037 5.000% 5.000% 3.97% 1.75% PNC 669 7/18/2007 PA Russell Byers Charter School Philadelphia Authority for Industrial Development 7.810 Out Unenhanced S&P BBB- BBB- 5/1/2037 5.250% 5.290% 4.51% 1.79% PNC 670 9/5/2007 PA First Philadelphia Charter School For Literacy Philadelphia Authority for Industrial Development 17.000 Mat/Ref Unenhanced S&P BBB- - 8/15/2037 5.850% 5.930% 2.82% 1.50% PNC APPENDIX C: CHARTER SCHOOL BOND ISSUANCE Par Amount Credit Rating Initial Current Lead Manager or Ser # Dated Date State School Issuer ($ millions) Status Enhancer Agency Rating Rating Maturity Coupon Yield COI UD Placement Agent 671 9/27/2007 PA Independence Charter School Philadelphia Authority for Industrial Development 18.000 Out Unenhanced S&P BBB- BBB- 9/15/2037 5.500% 5.500% 3.08% 1.67% PNC 672 12/28/2007 PA Avon Grove Charter School Chester County Industrial Development Authority 20.900 Out Unenhanced S&P BB+ BBB- 12/15/2037 6.375% 6.450% 2.82% 1.50% PNC 673 2/25/2010 PA MaST Community Charter School Philadelphia Authority for Industrial Development 15.880 Out Unenhanced S&P BBB+ BBB+ 8/1/2035 6.000% 6.050% 3.22% 1.50% PNC BB+ BBB- Propel Schools 674 8/5/2010 PA Allegheny County Industrial Development Authority 14.140 Out Unenhanced S&P BBB- BBB- 8/15/2035 6.750% 6.820% 3.39% 1.45% PNC (Montour, McKeesport, East) BBB- BBB- 675 10/19/2010 PA Chester Community Charter School Delaware County Industrial Development Authority 57.395 Out Unenhanced Fitch BBB BB 8/15/2040 6.125% 5.850% 2.89% 1.66% D.A. Davidson 676 11/9/2010 PA Global Leadership Academy Charter School Philadelphia Authority for Industrial Development 13.875 Out Unenhanced S&P BBB- BBB- 11/15/2040 6.375% 5.970% 3.65% 1.75% PNC 677 5/6/2011 PA West Philadelphia Achievement Charter Elementary School Philadelphia Authority for Industrial Development 7.850 Out Unenhanced S&P BBB- BB+ 5/1/2041 8.000% 8.000% 3.69% 1.50% Janney 678 12/16/2011 PA Mariana Bracetti Academy Philadelphia Authority for Industrial Development 24.740 Out Unenhanced S&P BBB- BB 12/15/2041 7.625% 7.750% 3.11% 1.75% PNC 679 3/6/2012 PA Discovery Charter School Philadelphia Authority for Industrial Development 13.445 Out Unenhanced S&P BBB- BB+ 4/1/2042 6.250% 6.400% 2.97% 1.50% Janney 680 3/15/2012 PA New Foundations School Philadelphia Authority for Industrial Development 14.000 Out Unenhanced S&P BB+ BB+ 12/15/2041 6.625% 6.625% 4.02% 1.75% PNC 681 10/11/2012 PA Green Woods Charter School Philadelphia Authority for Industrial Development 18.500 Out Unenhanced S&P BB BB 6/15/2042 5.750% 5.850% 3.19% 1.50% M&T Securities 682 11/13/2012 PA Collegium Charter School Chester County Industrial Development Authority 38.125 Out Unenhanced S&P BBB- BBB- 10/15/2042 5.375% 5.500% 2.48% 1.50% PNC 683 3/21/2013 PA Architecture & Design Charter High School Philadelphia Authority for Industrial Development 8.540 Out Unenhanced S&P BBB- BBB- 3/15/2043 6.125% 6.125% 4.68% 1.75% PNC 684 5/30/2013 PA Propel Schools Allegheny County Industrial Development Authority 11.345 Out Unenhanced S&P BB+ BB+ 7/15/2038 6.000% 6.070% 3.31% 0.83% PNC 685 6/28/2013 PA Philadelphia Performing Arts Charter School Philadelphia Authority for Industrial Development 55.500 Out Unenhanced S&P BB- BB- 6/15/2043 6.750% 6.625% 2.29% 0.60% George K. Baum 686 7/10/2013 PA Tacony Academy Charter School Philadelphia Authority for Industrial Development 15.000 Out Unenhanced S&P BB+ BB+ 6/15/2043 7.000% 7.000% 3.57% 1.50% George K. Baum 687 12/20/2013 PA Neuva Esperanza Inc. (Academy Charter School Project) Philadelphia Authority for Industrial Development 32.000 Out Unenhanced Not Rated - - 12/1/2043 8.200% 8.200% 3.60% 1.75% BB&T Capital Markets 688 2/27/2014 PA First Philadelphia Preparatory Charter School Philadelphia Authority for Industrial Development 41.195 Out Unenhanced S&P BB BB 6/15/2043 7.250% 7.250% 2.59% 1.50% George K. Baum 689 2/27/2014 PA Tacony Academy Charter School Philadelphia Authority for Industrial Development 16.300 Out Unenhanced S&P BB+ BB+ 6/15/2043 7.375% 7.125% 3.77% 1.50% George K. Baum 690 12/16/2014 PA Renaissance Academy Charter School Chester County Industrial Development Authority 25.010 Out Unenhanced S&P BBB- BBB- 10/1/2044 5.000% 4.625% 2.69% 1.05% Baird Banc of America 691 10/1/2004 RI The Groden Center (Kingston Hill Academy) Rhode Island Health & Education Building Corporation 3.050 Out Citizens Bank S&P AA- A- 10/1/2029 4.875% 5.000% 2.54% 0.55% Securities Banc of America 692 9/20/2007 RI CVS Highlander Charter School Rhode Island Health & Education Building Corporation 7.000 Out Citizens Bank S&P AA-/A-1+ A-/A-2 9/1/2037 VR VR 2.71% 0.40% Securities Aa2/ A3/ SunTrust Robinson 693 7/10/2008 SC Brashier Charter South Carolina Jobs-Economic Development Authority 8.410 Out SunTrust Bank Moody’s 12/1/2038 VR VR Na 0.46% VMIG 1 VMIG 2 Humphrey 694 7/12/2013 SC Langston Charter Middle School South Carolina Jobs-Economic Development Authority 5.200 Out Unenhanced Not Rated - - Na Na Na Na Na Na 695 2/18/2014 SC York Preparatory Academy South Carolina Jobs-Economic Development Authority 34.500 Out Unenhanced Not Rated - - 11/1/2045 7.250% 7.250% 2.41% 1.25% D.A. Davidson 696 4/30/2014 SC Midland Valley Preparatory School South Carolina Jobs-Economic Development Authority 5.530 Out Unenhanced Not Rated - - 11/15/2045 7.750% 7.750% 4.90% 1.40% D.A. Davidson 697 1/1/2000 TX North Hills Preparatory (Uplift) Fate Higher Educational Facilities Corporation 6.000 Mat/Ref Unenhanced Moody’s Baa3 - 12/1/2025 7.750% 7.750% 2.00% Na Coastal Securities 698 9/1/2001 TX Southwest Preparatory School Danbury Higher Education Authority, Inc. 2.255 Mat/Ref Unenhanced Not Rated - - 2/15/2021 7.500% 7.500% Na Na Na 71 Appendix C: Charter School Bond Issuance 72 Appendix C: Charter School Bond Issuance
APPENDIX C: CHARTER SCHOOL BOND ISSUANCE Par Amount Credit Rating Initial Current Lead Manager or Ser # Dated Date State School Issuer ($ millions) Status Enhancer Agency Rating Rating Maturity Coupon Yield COI UD Placement Agent Miller Johnson 699 2/1/2002 TX West Houston Charter Alliance (Katy Creative Arts) Danbury Higher Education Authority, Inc. 2.830 Default Unenhanced Not Rated - - 2/1/2032 7.875% 8.250% 10.21% 5.00% Steichen Kinnard 700 2/15/2002 TX George Gervin Academy Danbury Higher Education Authority, Inc. 5.145 Out ACA S&P A RW 2/15/2022 5.750% 6.000% 15.44% 3.75% Coastal Securities 701 6/1/2003 TX Southwest Preparatory School Danbury Higher Education Authority, Inc. 1.675 Mat/Ref Unenhanced Not Rated - - 2/15/2021 7.250% 7.500% 14.23% 6.17% Coastal Securities 702 3/4/2004 TX A.W. Brown Fellowship Charter School Heart of Texas Education Finance Corporation 4.450 Mat/Ref ACA S&P A - 2/15/2032 5.000% 5.100% 13.31% 2.78% William R. Hough 703 10/1/2004 TX Arlington Classics Academy Danbury Higher Education Authority, Inc. 3.460 Mat/Ref Unenhanced Not Rated - - 2/15/2029 7.250% 7.500% 8.83% 4.35% Coastal Securities Texas Public Finance Authority 704 12/1/2004 TX School of Excellence in Education 9.070 Out Unenhanced S&P BB BB+ 12/1/2034 7.000% 7.100% 3.22% 2.00% Kirkpatrick Pettis Charter School Finance Corporation 705 2/17/2005 TX A.W. Brown Fellowship Charter School Orchard Higher Education Finance Corporation 6.250 Mat/Ref ACA S&P A - 2/15/2032 5.000% 5.090% 12.32% 3.49% RBC Dain Rauscher Moody’s 706 10/1/2005 TX North Hills Preparatory (Uplift) Beasley Higher Education Finance Corporation 15.945 Mat/Ref ACA A - 12/1/2034 5.125% 4.750% 8.18% 2.45% Coastal Securities S&P 707 6/1/2006 TX NYOS Charter School Orchard Higher Education Finance Corp 5.080 Out ACA S&P A RW 2/15/2031 5.000% 5.100% 14.64% Na Coastal Securities 708 7/1/2006 TX Faith Family Academy Charter School Cameron Education Corporation 16.640 Out ACA S&P A BB+ 8/15/2036 5.250% 5.320% 11.26% 3.50% RBC Capital Markets 709 8/1/2006 TX A.W. Brown Fellowship Charter School Danbury Higher Education Authority, Inc. 5.140 Mat/Ref ACA S&P A - 8/15/2036 5.125% 5.150% 13.73% 2.49% RBC Capital Markets Texas Public Finance Authority 710 8/1/2006 TX KIPP Houston 35.415 Mat/Ref ACA S&P A - 2/15/2036 5.000% 4.900% 5.73% 0.74% RBC Capital Markets Charter School Finance Corporation 711 9/1/2006 TX Seashore Center School (Island Foundation) Danbury Higher Education Authority, Inc. 3.640 Mat/Ref Unenhanced Not Rated - - 2/15/2036 6.250% 6.250% 10.18% 5.10% Coastal Securities Burnham Wood Charter School, Da Vinci School for Science Texas Public Finance Authority 712 10/4/2006 TX 8.525 Out Unenhanced Not Rated - - 9/1/2036 6.250% 6.250% 3.75% 2.00% Wells Fargo and Arts Charter School Finance Corporation 713 11/1/2006 TX Southwest Winners Foundation La Vernia Higher Education Finance Corporation 9.470 Out ACA S&P A RW 2/15/2031 5.000% 4.720% 12.79% 3.49% Coastal Securities 714 12/1/2006 TX Gateway Charter Academy Heart of Texas Education Finance Corporation 10.385 Out Unenhanced Not Rated - - 2/15/2036 6.000% 6.050% Na Na Coastal Securities Harmony Schools - Cosmos Foundation (Houston, Dallas, Texas Public Finance Authority 715 5/1/2007 TX 29.995 Mat/Ref Unenhanced S&P BB+ - 2/15/2037 5.375% 5.443% 5.47% 3.97% Coastal Securities College Station, San Antonio) Charter School Finance Corporation IDEA Public Schools (Donna, Quest, Frontier, Rio Grande Texas Public Finance Authority 716 5/1/2007 TX 37.095 Mat/Ref ACA S&P A - 8/15/2037 5.000% 4.700% 4.37% 0.80% A.G. Edwards Middle, Rio Grande Upper) Charter School Finance Corporation 717 5/1/2007 TX Riverwalk Education Foundation La Vernia Higher Education Finance Corporation 7.000 Mat/Ref Unenhanced Not Rated - - 8/15/2036 5.450% 5.450% Na Na Na Texas Public Finance Authority Moody’s Baa3 RW 718 8/1/2007 TX Peak Preparatory (Uplift) 10.380 Out Unenhanced 12/1/2036 5.875% 5.940% 5.19% 1.15% A.G. Edwards Charter School Finance Corporation S&P BBB- BBB- 719 1/1/2008 TX Golden Rule Charter School Danbury Higher Education Authority, Inc. 8.100 Out Unenhanced S&P BB+ BB+ 8/15/2038 6.500% 6.500% 7.63% 3.00% RBC Capital Markets 720 2/1/2008 TX Amigos Por Vida, Friends for Life Public Charter School La Vernia Higher Education Finance Corporation 10.350 Out Unenhanced Not Rated - - 2/15/2037 6.375% 6.375% 1.80% 1.25% Coastal Securities 721 5/1/2008 TX Harmony Schools - Cosmos Foundation La Vernia Higher Education Finance Corporation 31.055 Out Unenhanced Not Rated - - 2/15/2038 7.125% 7.250% 4.71% 3.21% Coastal Securities 722 2/15/2009 TX Tejano Center Community Concerns (Raul Yzaguirre School) Clifton Higher Education Finance Corporation 25.200 Out Unenhanced S&P BBB- B+ 2/15/2038 9.000% 9.250% 5.19% 2.65% Piper Jaffray 723 2/19/2009 TX Winfree Academy Charter School La Vernia Higher Education Finance Corporation 8.305 Out Unenhanced S&P BBB- BB 8/15/2038 9.000% 9.000% 6.95% 3.00% RBC Capital Markets 724 8/31/2009 TX Oak Cliff Academy (dba Trinity Basin Preparatory) Tarrant County Cultural Education Finance Corporation 5.880 Mat/Ref Unenhanced S&P BBB- - 6/1/2039 7.750% 7.750% 6.14% 1.96% Gates Capital APPENDIX C: CHARTER SCHOOL BOND ISSUANCE Par Amount Credit Rating Initial Current Lead Manager or Ser # Dated Date State School Issuer ($ millions) Status Enhancer Agency Rating Rating Maturity Coupon Yield COI UD Placement Agent Fitch BBB BB+ 725 11/19/2009 TX KIPP Houston La Vernia Higher Education Finance Corporation 66.865 Out PHILO3 8/15/2044 6.375% 6.400% 3.11% 1.38% RBC Capital Markets S&P BBB BBB IDEA Public Schools (Donna, Frontier, Quest, Mission, San 726 12/10/2009 TX City of Pharr Higher Education Finance Authority 29.625 Out Unenhanced S&P BBB BBB 8/15/2039 6.500% 6.550% 3.58% 1.56% Baird Benito, San Juan, Alamo, Pharr) Texas Public Finance Authority 727 3/25/2010 TX Nova Academy 6.375 Out Unenhanced S&P BBB BBB- 8/15/2034 6.375% 6.375% 7.20% 3.00% RBC Capital Markets Charter School Finance Corporation 728 4/8/2010 TX Uplift Education Clifton Higher Education Finance Corporation 56.835 Out Unenhanced S&P BBB- BBB- 12/1/2045 6.250% 6.400% 3.04% 1.65% Baird Texas Public Finance Authority 729 5/6/2010 TX Harmony Schools - Cosmos Foundation 50.090 Out Unenhanced S&P BBB BBB 2/15/2040 6.200% 6.200% 1.48% 1.00% Morgan Keegan Charter School Finance Corporation Texas Public Finance Authority 730 8/4/2010 TX Odyssey Academy 9.955 Out Unenhanced S&P BBB- BBB- 2/15/2040 7.125% 6.500% 7.80% 3.00% Piper Jaffray Charter School Finance Corporation Texas Public Finance Authority 731 10/20/2010 TX New Frontiers Charter School 3.620 Out Unenhanced S&P BBB BBB 8/15/2040 5.800% 5.800% 13.78% 2.52% Baird Charter School Finance Corporation Texas Public Finance Authority 732 10/22/2010 TX Evolution Academy Charter School 4.815 Out Unenhanced S&P BBB- B- 8/1/2040 6.500% 6.500% 10.13% 3.25% RBC Capital Markets Charter School Finance Corporation 733 12/7/2010 TX IDEA Public Schools San Juan Higher Education Finance Authority 33.900 Out Unenhanced S&P BBB BBB 8/15/2040 6.700% 6.700% 2.35% 1.15% Baird 734 12/21/2010 TX Arlington Classics Academy Arlington Higher Education Finance Corporation 16.405 Out Unenhanced S&P BB+ BB+ 8/15/2040 7.650% 7.650% 6.04% 3.00% Piper Jaffray 735 3/2/2011 TX Lifeschool of Dallas La Vernia Higher Education Finance Corporation 39.260 Mat/Ref Unenhanced S&P BBB- - 8/15/2041 7.500% 7.625% 2.83% 1.14% RBC Capital Markets Newark Cultural Education Facilities Finance 736 4/28/2011 TX Eagle Advantage Schools (dba Advantage Academy) 14.230 Mat/Ref Unenhanced S&P BBB- - 8/15/2041 8.500% 8.500% 4.63% 3.00% Piper Jaffray Corporation 737 5/26/2011 TX Harmony Schools - Cosmos Foundation Houston Higher Education Finance Corporation 58.930 Out Unenhanced S&P BBB BBB 5/15/2041 6.875% 6.875% 2.10% 1.00% Morgan Keegan 738 5/27/2011 TX FOCUS Learning Academy Beasley Higher Education Finance Corporation 9.460 Out Unenhanced Fitch BBB- BB+ 8/15/2041 7.750% 7.750% 7.59% 3.00% Piper Jaffray Texas Public Finance Authority, Charter School Finance 739 11/15/2011 TX Orenda Education 4.055 Out Unenhanced S&P BBB- BBB- 8/15/2041 7.250% 7.750% 1.91% 1.91% Piper Jaffray Corporation 740 12/8/2011 TX IDEA Public Schools Clifton Higher Education Finance Corporation 26.480 Out Unenhanced S&P BBB+ BBB 8/15/2041 5.750% 6.000% 2.82% 1.15% Baird 741 4/3/2012 TX Ser-Ninos Houston Higher Education Finance Corporation 4.475 Out Unenhanced S&P BBB- BBB- 8/15/2041 6.000% 6.100% 9.47% 1.20% Stifel Nicolaus 742 4/19/2012 TX Uplift Education North Texas Education Finance Corporation 80.780 Out Unenhanced S&P BBB- BBB- 12/1/2047 5.250% 5.250% 1.75% 0.94% Baird Raymond James 743 5/1/2012 TX Harmony Schools - Cosmos Foundation Houston Higher Education Finance Corporation 31.350 Out Unenhanced S&P BBB BBB 2/15/2042 5.000% 4.875% 2.90% 1.00% Morgan Keegan 744 8/1/2012 TX IDEA Public Schools Clifton Higher Education Finance Corporation 59.730 Out Unenhanced S&P BBB BBB 8/15/2042 5.000% 4.600% 2.38% 1.15% Baird 745 10/11/2012 TX A.W. Brown Fellowship Leadership Academy Newark Cultural Educational Facilities Corporation 23.065 Out Unenhanced S&P BBB- BBB- 8/15/2042 6.000% 5.150% 4.75% 2.34% RBC Capital Markets Travis County Cultural Educational Facilities Finance 746 12/1/2012 TX Wayside Schools 20.865 Out Unenhanced S&P BB+ BB+ 8/15/2042 5.250% 5.250% 3.41% 1.55% Ziegler Corporation 747 1/24/2013 TX Uplift Education Clifton Higher Education Finance Corporation 44.960 Out Unenhanced S&P BBB- BBB- 12/1/2047 4.400% 4.400% 2.40% 1.25% Baird 748 4/8/2013 TX BASIS Schools (San Antonio Project) Phoenix Industrial Development Authority 9.265 Out Unenhanced Not Rated - - 7/1/2043 6.500% 6.500% 3.48% 1.50% RBC Capital Markets 749 6/1/2013 TX John H. Wood Jr. Public Charter District, Inspire Academies Danbury Higher Education Authority 9.945 Out Unenhanced S&P BBB- BBB- 8/15/2043 6.500% 6.500% 8.81% 2.65% Oppenheimer 73 Appendix C: Charter School Bond Issuance 74 Appendix C: Charter School Bond Issuance
APPENDIX C: CHARTER SCHOOL BOND ISSUANCE Par Amount Credit Rating Initial Current Lead Manager or Ser # Dated Date State School Issuer ($ millions) Status Enhancer Agency Rating Rating Maturity Coupon Yield COI UD Placement Agent 750 6/27/2013 TX TLC Academy Tom Green County Cultural Education Authority 17.170 Out Unenhanced S&P BB+ BB 8/15/2043 7.150% 7.750% 5.42% 2.16% Oppenheimer 751 10/1/2013 TX IDEA Public Schools Clifton Higher Education Finance Corporation 63.025 Out Unenhanced S&P BBB BBB 8/15/2043 6.000% 6.000% 2.31% 1.15% Baird 752 3/1/2014 TX LTTS Charter School (dba Universal Academy) Arlington Higher Education Finance Corporation 29.440 Out Unenhanced S&P BB BB- 3/1/2044 7.125% 7.250% 4.84% 1.90% BB&T Capital Markets 753 3/18/2014 TX BASIS Schools (San Antonio North Project) Phoenix Industrial Development Authority 9.640 Out Unenhanced Not Rated - - 7/1/2044 7.500% 7.500% 3.68% 1.50% RBC Capital Markets Texas 754 4/15/2014 TX Riverwalk Education Foundation Danbury Higher Education Authority 7.730 Out Permanent S&P AAA AAA 8/15/2035 3.500% 3.700% 5.99% 0.90% Raymond James School Fund Texas 755 5/1/2014 TX Lifeschool of Dallas Arlington Higher Education Finance Corporation 92.160 Out Permanent S&P AAA AAA 8/15/2044 4.000% 4.130% 1.88% 1.24% RBC Capital Markets School Fund Texas 756 6/1/2014 TX KIPP Houston Houston Higher Education Finance Corporation 51.740 Out Permanent S&P AAA AAA 2/15/2044 4.000% 4.070% 1.97% 0.84% RBC Capital Markets School Fund Texas 757 6/24/2014 TX Eagle Advantage Schools (dba Advantage Academy) Newark Higher Education Finance Corporation 20.065 Out Permanent S&P AAA AAA 8/15/2041 4.000% 4.030% 1.90% 1.50% Oppenheimer School Fund Texas 758 7/1/2014 TX Harmony Public Schools Houston Higher Education Finance Corporation 101.555 Out Permanent S&P AAA AAA 2/15/2044 4.000% 4.070% 1.49% 0.80% Raymond James School Fund Texas 759 8/1/2014 TX Trinity Basin Preparatory Arlington Higher Education Finance Corporation 29.605 Out Permanent S&P AAA AAA 8/15/2044 4.000% 4.160% 3.55% 1.50% Piper Jaffray School Fund 760 9/10/2014 TX Uplift Education Clifton Higher Education Finance Corporation 41.750 Out Unenhanced S&P BBB- BBB- 12/1/2049 4.600% 4.600% 2.75% 1.25% Baird Texas 761 10/1/2014 TX IDEA Public Schools Clifton Higher Education Finance Corporation 90.600 Out Permanent S&P AAA AAA 8/15/2044 4.000% 4.000% 1.65% 0.95% Baird School Fund Texas Texas Public Finance Authority 762 11/1/2014 TX KIPP Austin Public Schools 38.595 Out Permanent S&P AAA AAA 8/15/2044 4.000% 4.100% 1.97% 0.79% RBC Capital Markets Charter School Finance Corporation School Fund 763 12/21/2005 UT Ranches Academy Utah County 1.440 Out Unenhanced Not Rated - - 12/21/2025 6.500% 6.500% Na Na Wells Fargo 764 11/8/2006 UT American Leadership Academy Spanish Fork City 25.170 Out Unenhanced Not Rated - - 11/15/2036 5.700% 5.700% 2.76% 1.90% D.A. Davidson 765 12/21/2006 UT Monticello Academy West Valley City 6.500 Mat/Ref KeyBank S&P A/A1 - 6/1/2036 VR VR 14.30% 1.20% KeyBanc 766 12/21/2006 UT Monticello Academy West Valley City 4.500 Mat/Ref Unenhanced Not Rated - - 6/1/2036 6.500% 6.500% Na Na KeyBanc 767 4/12/2007 UT Freedom Academy Foundation Provo City 10.750 Out Unenhanced Not Rated - - 6/15/2037 5.500% 5.500% 4.62% 2.00% Baird 768 5/3/2007 UT Monticello Academy West Valley City 11.000 Mat/Ref Unenhanced Not Rated - - 6/1/2037 6.375% 5.930% 2.42% 1.06% KeyBanc 769 5/3/2007 UT East Hollywood High School West Valley City 6.225 Out Unenhanced Not Rated - - 6/15/2037 5.625% 5.625% 6.98% 2.00% Baird 770 5/16/2007 UT The Walden School of Liberal Arts Utah County 3.975 Out Unenhanced Not Rated - - 1/15/2037 6.250% 6.250% 6.89% 1.90% D.A. Davidson 771 5/30/2007 UT Lakeview Academy Utah County 9.605 Out Unenhanced Not Rated - - 7/15/2037 5.625% 5.570% 5.18% 1.75% Piper Jaffray APPENDIX C: CHARTER SCHOOL BOND ISSUANCE Par Amount Credit Rating Initial Current Lead Manager or Ser # Dated Date State School Issuer ($ millions) Status Enhancer Agency Rating Rating Maturity Coupon Yield COI UD Placement Agent 772 5/30/2007 UT Renaissance Academy Utah County 9.645 Out Unenhanced Not Rated - - 7/15/2037 5.625% 5.570% 4.87% 1.75% Piper Jaffray 773 7/17/2007 UT Lincoln Academy Utah County 10.035 Mat/Ref Unenhanced Not Rated - - 6/15/2037 5.875% 5.875% 4.52% 2.00% Baird 774 10/30/2007 UT Ronald Wilson Reagan Academy Utah County 11.065 Out Unenhanced S&P - BB+ 2/15/2038 6.000% 6.000% 3.26% 1.90% D.A. Davidson 775 11/1/2007 UT Channing Hall Utah State Charter School Finance Authority 9.590 Out Unenhanced Not Rated - - 7/15/2037 6.000% 5.900% 5.10% 1.75% Piper Jaffray 776 11/28/2007 UT Fast Forward High School Utah State Charter School Finance Authority 3.127 Out Unenhanced Not Rated - - 11/15/2037 6.500% 6.500% Na Na Na 777 12/13/2007 UT Summit Academy Utah State Charter School Finance Authority 17.900 Out Unenhanced S&P BBB- BBB- 6/15/2038 5.800% 5.840% 2.63% 1.65% D.A. Davidson 778 1/24/2008 UT Noah Webster Academy Utah State Charter School Finance Authority 9.800 Out Unenhanced Not Rated - - 6/15/2038 6.500% 6.500% 4.90% 2.00% Baird 779 7/15/2008 UT Entheos Academy Utah State Charter School Finance Authority 5.930 Out Unenhanced Not Rated - - 8/15/2038 6.750% Na Na Na Na 780 8/19/2008 UT Rockwell Charter High School Utah State Charter School Finance Authority 14.100 Out Unenhanced Not Rated - - 8/15/2038 7.000% 7.000% 2.78% 1.65% D.A. Davidson 781 8/26/2008 UT George Washington Academy Utah State Charter School Finance Authority 9.975 Out Unenhanced Not Rated - - 7/15/2040 7.000% 7.000% 4.76% 1.50% Piper Jaffray 782 11/20/2008 UT Venture Academy Utah State Charter School Finance Authority 7.305 Mat/Ref Unenhanced Not Rated - - 11/15/2038 6.750% Na Na Na Na 783 12/18/2008 UT Legacy Preparatory Academy #1 Utah State Charter School Finance Authority 5.780 Mat/Ref Unenhanced Not Rated - - 6/15/2038 6.750% 6.750% Na Na Na 784 1/30/2009 UT Legacy Preparatory Academy #2 Utah State Charter School Finance Authority 7.800 Mat/Ref Unenhanced Not Rated - - 6/15/2039 7.250% Na Na Na Na American Preparatory Academy and 785 3/9/2009 UT Utah State Charter School Finance Authority 6.900 Mat/Ref Unenhanced Not Rated - - 3/15/2039 8.000% 8.000% 3.40% 0.72% DEPFA First Albany The School for New Americans 786 3/30/2009 UT DaVinci Academy of Science and the Arts Utah State Charter School Finance Authority 6.950 Mat/Ref Unenhanced Not Rated - - 3/15/2039 8.000% 8.000% 3.43% 0.72% DEPFA First Albany 787 6/3/2010 UT Paradigm High School Utah State Charter School Finance Authority 9.540 Out Unenhanced S&P BBB- BB- 7/15/2040 6.375% 6.500% 6.04% 2.00% Piper Jaffray 788 6/28/2010 UT North Davis Preparatory Academy Utah State Charter School Finance Authority 15.335 Out Unenhanced S&P BBB- BBB- 7/15/2040 6.375% 6.450% 4.28% 1.75% Piper Jaffray 789 9/21/2010 UT Navigator Pointe Academy Utah State Charter School Finance Authority 5.360 Out Unenhanced S&P BBB BBB 7/15/2040 5.625% 5.700% 6.53% 2.00% Piper Jaffray 790 12/21/2010 UT North Star Academy Utah State Charter School Finance Authority 7.640 Out Unenhanced S&P BBB- BBB- 7/15/2045 7.000% 7.000% 4.70% 1.75% Piper Jaffray 791 12/21/2010 UT Oquirrh Mountain Charter School Utah State Charter School Finance Authority 12.090 Out Unenhanced Not Rated - - 7/15/2041 8.000% 8.000% 4.65% 2.00% Piper Jaffray 792 12/23/2010 UT Hawthorn Academy Utah State Charter School Finance Authority 13.495 Mat/Ref Unenhanced Not Rated - - 7/15/2046 8.250% 8.500% 4.67% 2.00% Piper Jaffray 793 12/30/2010 UT Early Light Academy Utah State Charter School Finance Authority 13.330 Out Unenhanced Not Rated - - 7/15/2046 8.500% 8.500% 4.47% 1.85% Piper Jaffray 794 2/9/2011 UT George Washington Academy Utah State Charter School Finance Authority 5.890 Out Unenhanced S&P BB+ BB+ 7/15/2041 8.000% 8.000% 5.86% 2.00% Piper Jaffray 795 5/10/2011 UT Summit Academy High School Utah State Charter School Finance Authority 15.930 Out Unenhanced Not Rated - - 5/15/2041 8.500% 8.500% 2.86% 1.85% D.A. Davidson 796 6/28/2011 UT Da Vinci Academy of Science and the Arts Utah State Charter School Finance Authority 7.770 Out Unenhanced S&P BBB- BBB- 3/15/2039 7.750% 7.750% 4.03% 1.49% Zions Bank 797 8/5/2011 UT Karl G. Maeser Preparatory Academy Utah State Charter School Finance Authority 10.345 Out Unenhanced S&P BBB- BBB- 6/30/2041 7.500% 7.500% 2.15% 1.00% Zions Bank 798 3/8/2012 UT Vista at Entrada School of Performing Arts and Technology Utah State Charter School Finance Authority 13.310 Out Unenhanced S&P BB+ BB+ 7/15/2042 6.550% 6.550% 3.90% 1.00% Ziegler 799 5/17/2012 UT Salt Lake Arts Academy Utah State Charter School Finance Authority 4.610 Out Unenhanced S&P BB RW 5/15/2042 7.500% 7.500% 4.57% 2.00% D.A. Davidson 800 11/27/2012 UT Lakeview Academy Utah County 4.250 Out Unenhanced S&P BBB- BBB- 7/15/2043 5.250% 5.250% 7.73% 2.50% Piper Jaffray 801 12/12/2012 UT Ogden Preparatory Academy Utah State Charter School Finance Authority 17.810 Out State of Utah S&P AA AA 10/15/2042 3.250% 3.490% 4.07% 1.50% Baird 802 12/13/2012 UT Endeavor Hall Utah State Charter School Finance Authority 8.060 Out Unenhanced Not Rated - - 7/15/2042 6.250% 6.250% 4.08% 1.88% Piper Jaffray 75 Appendix C: Charter School Bond Issuance 76 Appendix C: Charter School Bond Issuance
APPENDIX C: CHARTER SCHOOL BOND ISSUANCE Par Amount Credit Rating Initial Current Lead Manager or Ser # Dated Date State School Issuer ($ millions) Status Enhancer Agency Rating Rating Maturity Coupon Yield COI UD Placement Agent 803 7/23/2013 UT Wasatch Peak Academy Utah State Charter School Finance Authority 5.305 Out State of Utah S&P AA AA 10/15/2043 5.000% 5.120% 8.72% 1.50% Baird 804 8/20/2013 UT Entheos Academy Utah State Charter School Finance Authority 14.025 Out Unenhanced S&P BB+ BB+ 10/15/2043 6.750% 6.125% 3.60% 1.62% Baird 805 11/6/2013 UT Providence Hall Utah State Charter School Finance Authority 25.185 Out State of Utah S&P AA AA 10/15/2048 5.000% 5.250% 3.30% 1.50% Piper Jaffray 806 11/20/2013 UT Itineris High School Utah State Charter School Finance Authority 8.285 Out Unenhanced Not Rated - - 10/15/2044 7.000% 7.000% 2.91% 1.20% D.A. Davidson 807 2/25/2014 UT Monticello Academy Utah State Charter School Finance Authority 10.670 Out State of Utah S&P AA AA 4/15/2037 4.500% 4.720% 3.19% 0.54% Citigroup 808 3/4/2014 UT Lincoln Academy Utah State Charter School Finance Authority 15.600 Out State of Utah S&P AA AA 4/15/2044 4.750% 4.860% 1.97% 0.58% D.A. Davidson 809 5/21/2014 UT Vertex I, LLC Public Finance Authority 16.795 Out Unenhanced Not Rated - - 5/1/2019 6.400% 6.500% 7.29% 1.00% D.A. Davidson 810 7/9/2014 UT Hawthorn Academy Utah State Charter School Finance Authority 17.685 Out State of Utah S&P AA AA 10/15/2046 4.250% 4.390% 5.06% 1.50% Baird 811 9/29/2014 UT Legacy Preparatory Academy Utah State Charter School Finance Authority 16.900 Out State of Utah S&P AA AA 4/15/2042 4.000% 4.140% 3.39% 0.45% D.A. Davidson 812 10/1/2014 UT Vertex I, LLC Public Finance Authority 9.970 Out Unenhanced Not Rated - - 5/1/2019 6.400% 6.500% 9.45% Na D.A. Davidson 813 11/6/2014 UT Venture Academy Utah State Charter School Finance Authority 6.435 Out State of Utah S&P AA AA 10/15/2044 5.000% 3.500% 4.54% 0.30% Wedbush 814 11/21/2014 UT Good Foundations Academy Utah State Charter School Finance Authority 5.935 Out Unenhanced Not Rated - - 11/15/2044 5.850% 5.850% 2.52% 0.30% Wedbush 815 12/15/2014 UT Early Light Academy Utah State Charter School Finance Authority 6.170 Out Unenhanced S&P BB+ BB+ 7/15/2049 5.125% 5.300% 6.11% 1.45% Piper Jaffray 816 6/28/2005 WI Milwaukee Academy of Science Milwaukee City Redevelopment Authority 12.260 Mat/Ref Unenhanced S&P BB+ - 8/1/2035 5.750% 5.930% 4.73% 2.00% A.G. Edwards 817 4/24/2007 WI Academy of Learning and Leadership Milwaukee City Redevelopment Authority 8.650 Default Unenhanced Not Rated - - 8/1/2037 5.650% 5.650% 8.70% 2.20% A.G. Edwards 818 11/19/2013 WI Milwaukee Science Education Consortium Milwaukee City Redevelopment Authority 11.685 Out Unenhanced S&P BBB- BBB- 8/1/2043 6.250% 6.250% 5.67% 1.93% Baird TOTAL 10,416.229
General Methodology & Terminology -- Issues are arranged by state in chronological ascending order. -P- ar amounts include both taxable and tax-exempt portions of an issuance, as applicable. -- “Na” means not available. -- “Status” refers to transactional status. “Out” means outstanding, “Mat/Ref” means defeased (blue shading), and “Default” means defaulted (red shading). -- Under Credit Enhancer, “ACA”, “CFIG”, “MBIA” and “XL Capital” are all municipal bond insurance companies active in the charter sector until the 2008-2010 credit crisis. -- “Fitch” is Fitch Ratings; “Moody’s” is Moody’s Investors Service; “S&P” is Standard & Poor’s. -- “Current Ratings” are those as of the first quarter of 2015. -- “RW” means Rating Withdrawn -- In the “Coupon” column, “VR” means variable rate. -- Data in the “Coupon” and “Yield” columns is for the longest bond in the offering. -- “COI” means costs of issuance and is calculated as a percentage of the par amount of the offering. -- “UD” means underwriter’s discount and is calculated as a percentage of the par amount of the offering. Footnotes: 1 “PCSD Guaranty Pool I LLC” is a credit enhancement pool raised by Pacific Charter School Development with philanthropic dollars. 2 “IFF” is a community development financial institution. 3 “PHILO” is a credit enhancement pool raised by KIPP Foundation with philanthropic dollars.
July 2015 Charter School Advisors & Local Initiatives Support Corporation
Charter School Bond Issuance: A Complete History Volume 3
501 Seventh Avenue, New York, NY 10018 212.455.9800 www.lisc.org July 2015