No summer vacation here. In June 2018, Buck Financial closed three charter school financings totaling over $100 million, and there are more on the way.
In early June, we closed a $41 million financing for Utah Charter Academies (UCA) to refinance two outstanding New Markets Tax Credit issues (which we also closed back in 2010 and 2011). The refinanced transactions were unique and provided UCA over $7.4 million in principal reduction due to subsidies involved in the original transactions. We also refinanced an outstanding bank loan and provided some new money for auditoriums. For the refinancing, we used the Utah Charter School Credit Enhancement Program, which garnered UCA a AA-rating from S&P. Buck Financial has assisted UCA with over $115 million in financings since 2010.
Buck Financial also closed a $21 million bond issue for The Academy Charter School’s expansion into Uniondale, NY on Long Island in late June. Buck Financial had assisted The Academy to close expansion financings in 2017 and 2013, also, for total financings of over $71 million including 2018. The Academy provides high quality education in an area whose residents sorely need a high performing educational option, and this is The Academy’s first foray out of Hempstead, NY into a nearby community.
Also in late June, Buck Financial also closed over $39 million for Uplift Education’s continued expansion into Fort Worth, as well as phase II projects in the Dallas metropolitan area. Taking advantage of Uplift’s investment grade rating, this financing utilized the Texas PSF guarantee program, allowing the bonds to sell with a AAA-rating from S&P, the highest possible rating.
This financing continues Uplift’s steady and measured growth in the North Texas region. Uplift currently serves over 17,000 students, and expects to serve over 20,000 in a few years. For those graduating students, 100% were accepted into college, earning over $60 million in scholarships. Six of Uplift’s high schools were ranked in the Washington Post’s most challenging high schools, with two in the top 25. Uplift also has successfully partnered with Grand Prairie ISD to operate Uplift Lee in a co-located facility with Lee Elementary School. Buck Financial has assisted Uplift with over $450 million in bond financings since 2010.
All three of these charter organizations provide quality educational choice for residents whose options are usually limited, and all three are repeat clients. Buck Financial is proud to be associated with three such high-quality organizations.