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Article of Interest - Charter Schools

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In Michigan, Market Keen to Watch Investment-Grade Charter School Deal
Excerpt from a 12/1/05 The Bond Buyer article by Elizabeth Carvlin; as distributed from the Michigan Association of Public School Academies
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The Public Educational Facilities Authority will bring to market its first fixed-rate, long-term bond issue on behalf of a charter school in a deal set for next week that won an investment-grade rating despite a limit on the use of state aid for debt repayment.

The authority will issue $10.9 million of limited obligation revenue bonds in two series on behalf of the Old Redford Academy, a K-12 charter school in Detroit authorized through Central Michigan University. The proceeds will be used to buy the existing elementary school and build an addition that will allow the school to eliminate portable classrooms. The deal is set for Wednesday. With this transaction, NatCity Investments Inc. jumps into the arena of underwriting on behalf of charters. A.G. Edwards & Sons Inc. has led sales for charters in the state, and Fifth Third Securities Inc. also has worked on deals with the authority. Dickinson Wright PLLC is bond counsel and underwriters' counsel is Clark Hill PLC.

Bond professionals will be watching if they price differently from the other bonds. A.G. Edwards recently priced a $13.8 million deal on behalf of the Plymouth Educational Center. The 30-year bonds brought a 5.375% coupon and yielded 5.52%, said Tedla of NatCity. That shows significant improvement from earlier charter school sales that were as high as 8%, according to Ridley.

Read more at: http://www.bondbuyer.com/index.html

     

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