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Charter School Bond Issuance: a Complete History

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Charter School Bond Issuance: a Complete History Local Initiatives Support Corporation Charter School Bond Issuance: A Complete History June 2011 CHARTER SCHOOL BOND IssUANCE: A COMPLETE HISTORY Written By Elise Balboni Wendy Berry Charles Wolfson June 2011 Published By The Educational Facilities Financing Center of Local Initiatives Support Corporation www.lisc.org/effc This publication and related resources are available at http://www.lisc.org/effc/bondhistory LOCAL INITIATIVES SUPPORT CORPORATION EDUCATIONAL FACILITIES FINANCING CENTER Local Initiatives Support Corporation (LISC) is dedicated to helping The Educational Facilities Financing Center (EFFC) at LISC supports community residents transform distressed neighborhoods into healthy and quality public charter schools in distressed neighborhoods. LISC founded sustainable communities of choice and opportunity — good places to work, the EFFC in 2003 to intensify its national effort in educational facilities do business and raise children. LISC mobilizes corporate, government and financing. The EFFC pools low-interest loan and grant funds and leverages philanthropic support to provide local community-based organizations with: them for investment in charter school facilities in order to create new or renovated school facilities for underserved children, families and ■■loans, grants and equity investments neighborhoods nationally. Since making its first charter school grant in ■■local, statewide and national policy support 1997, LISC has provided over $100 million in grants, loans and guarantees for approximately 140 schools across the country. The EFFC fosters long- ■■technical and management assistance term sustainability of the charter sector by identifying replicable financing mechanisms and sharing best practices and data through publications such LISC is a national organization with a community focus. Our program staff as the Landscape series and this report. The EFFC is supported by the Bill are based in every city and many of the rural areas where LISC-supported & Melinda Gates Foundation, The Goldman Sachs Group, Inc., JPMorgan community development takes shape. In collaboration with local community Chase Bank, Prudential Financial, the U.S. Department of Education and the groups, LISC staff help identify priorities and challenges, delivering the Walton Family Foundation. most appropriate support to meet local needs. LISC is Building Sustainable Communities by achieving five goals: The EFFC assembled a National Advisory Board to provide oversight and leadership of its strategic mission, resource development, public ■■Expanding Investment in Housing and Other Real Estate policy activity and other issues relevant to the attainment of its mission. ■■Increasing Family Income and Wealth The Advisory Board is comprised of representatives of the community development, education, finance and philanthropic communities. ■■Stimulating Economic Development ■■Improving Access to Quality Education ■■Supporting Healthy Environments and Lifestyles Since 1980, LISC has marshaled $11.1 billion from thousands of investors, lenders and donors. In urban and rural communities nationwide, LISC has helped to finance the construction or rehabilitation of 277,000 affordable homes and 44 million square feet of retail, community and educational space — totaling $33.9 billion in development. For more information about LISC, visit www.lisc.org. EFFC ADVISORY BOARD ACKNOWLEDGEMENTS JIM GRIFFIN We want to acknowledge the people who contributed to our research for President this study. In particular, we would like to express our gratitude to Thomas Colorado League of Charter Schools (Chairman) Carroll, Foundation for Education Reform & Accountability; Jeff Cohen, Jefferies & Company; Allison Consoletti, Center for Education Reform; MARGARET ANADU Howard Cure, Evercore Wealth Management; Thomas Jacobs, formerly Vice President, Urban Investment Group of Jefferies & Company; and John Snider, Megan Wienand and William The Goldman Sachs Group, Inc. Wildman, RBC Capital Markets. JOHN KINGHORN We would like to extend special thanks to the Bill & Melinda Gates Vice President Foundation for its support for this research, but acknowledge that the Prudential Social Investments findings and conclusions presented in this report are those of the authors CARMEN MALDONADO alone and do not necessarily reflect the opinions of the foundation or the Director of Real Estate individuals acknowledged above. KIPP: Knowledge is Power Program Finally, we would like to thank our EFFC colleagues Ariel Behr, Reena Bhatia SAMIR K. PATEL and Kathy Olsen for their editing prowess. Managing Director Tremblant Capital Group MICHAEL RUBINGER President and Chief Executive Officer LISC ANNE STOEHR Program Officer Walton Family Foundation (ex officio) TODD ZIEBARTH Vice President, State Advocacy and Support National Alliance for Public Charter Schools CHARTER SCHOOL BOND IssUANCE: A COMPLETE HISTORY TABLE OF CONTENTS EXECUTIVE SUMMARY ............................................................................................................................................................................................................................................1 MeTHODOLOGY .........................................................................................................................................................................................................................................................3 INTRODUCTION .........................................................................................................................................................................................................................................................5 Need for Facility Financing ......................................................................................................................................................................................................................................5 Advantages of the Tax-Exempt Bond Market .......................................................................................................................................................................................................5 Projected Growth in Demand ..................................................................................................................................................................................................................................5 Factors Affecting Borrowing Costs .........................................................................................................................................................................................................................5 IssUANCE TRENDS ..................................................................................................................................................................................................................................................6 Growth in Bond Issuance .........................................................................................................................................................................................................................................6 Rated versus Unrated Issuance ..............................................................................................................................................................................................................................6 Pricing ..........................................................................................................................................................................................................................................................................8 Costs of Issuance ......................................................................................................................................................................................................................................................9 All-In Cost ...................................................................................................................................................................................................................................................................9 FACTORS AffeCTING BORROWING COSTS ....................................................................................................................................................................................................10 Rating ........................................................................................................................................................................................................................................................................10 Coupon Type ............................................................................................................................................................................................................................................................13 Credit Enhancement Type .....................................................................................................................................................................................................................................14 Use of Proceeds ......................................................................................................................................................................................................................................................15
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