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Archive for November, 2020

Charter School for Educational Excellence Completes Bond Financing

Posted on: November 16th, 2020

In November 2020, the Charter School for Educational Excellence (CSEE) of Yonkers, NY completed an $11.715MM refunding and new money issue through the Yonkers Economic Development Corporation.  This bond issue refunded CSEE’s 2010 bonds which were issued to acquire a leasehold interest and finance improvements in their elementary school operation.  The 2020 bonds also provided about $2 MM in new money to make improvements to leased space for expanded primary school educational programs on an adjacent property.

CSEE was the first charter school located in Westchester County, incorporating in January of 2004 and beginning operations in fall 2005.  It currently offers grades K-10, with grades 9-10 operating in temporary leased quarters until the completion of its high school in summer 2021 (financed with an issuance of bonds in 2019) and will ultimately serve grades K-12.  Over 80% of CSEE’s students are economically disadvantaged, nevertheless its academic results are stellar.  CDEE outperforms the local school district, Westchester County schools, and New York State, and CSEE is designated as a Regional Charter School, allowing enrollment from across the State.

The 2020 bonds were rated “BB” by SP Global, had a 30-year final maturity, and obtained a TIC of 4.41%.  The debt service was structured with higher savings upfront to provide budgetary cushion due to the uncertain economic and funding environment expected for the next few years.  The issue was well-received by investors, which is a testament to CSEE’s strong history of academic achievement and financial management.

Buck Financial Advisors LLC served as financial advisor to CSEE.  Robert W. Baird & Co. Inc. served as underwriter, McLaughlin Law, PC served as underwriter’s counsel, Harris Beach as bond counsel, Schoolhouse Project served as owner’s representative for the construction, and BoostEd Finance served as special consultant to CSEE for the financing.  Congratulations to the students and families of CSEE.