Ziegler, a specialty investment banking firm, is pleased to announce the successful closing of a $59,320,000 Series 2012 Bond issue for Renaissance Charter School, Inc. (Renaissance). This 2012 financing is the third for the borrower which includes a Series 2011 $89,235,000 issue and a Series 2010 $68,200,000 issue.
Renaissance) is a Florida 501(c)(3) that holds charters for 20 operating charter schools that enrolled over 14,000 students in fall 2012. This includes six schools that opened in fall 2012, including the four schools included in the Series 2012 bond financing. All schools are managed by Charter Schools USA (CSUSA), an Education Management Organization based in Ft. Lauderdale.
The current 2012 financing will fund acquisition and refinancing of four charter school facilities, including one in Tallahassee, two in the Orlando metropolitan area, and one in West Palm Beach. Two of the facilities were purpose built for the schools, with two others being existing facilities that were completely retrofitted for use by the schools. All of the facilities are completed and occupied. All four of the schools opened in fall 2012, with each meeting its enrollment goals and maintaining a waitlist.
Without commenting and engaging in jihad over for-profit charter schools, its most important to point out that the confidence from the financier in Charter Schools USA comes from the amount of money it receives from taxpayers. CSUSA’s CEO Jonathan Hage was on Rick Scott’s education transition teams and maintains a close relationship with Jeb Bush’s foundation and has provided funding. Hage also donates heavily to state republican legislators. While Hage’s charter schools routinely earn high grades, the secret to their success is in a focus on test preparation.