KIPP Nashville Projects

Wye River Group served as KIPP Nashville’s Independent Financial Advisor for this transaction.

$22,245,000
Arizona Industrial Development Authority
Education Revenue Bonds
(KIPP Nashville Projects)
Series 2022A (Tax-Exempt) & 2022B (Taxable)

Introduction

Founded in 2003, KIPP Nashville is a tuition free public charter school serving approximately 2,900 students in grades K-12 in 7 schools across 4 campuses in East, North and Southeast Nashville. The 7 schools consist of 3 elementary schools, 3 middle schools and 1 high school. KIPP Nashville anticipates opening a second high school on a new campus by the start of the 2023-24 school year.

Project Overview

Proceeds of the Series 2022A and 2022B Bonds were used to (1) refinance certain outstanding indebtedness, (2) finance the acquisition, improvement, and equipping of new and existing facilities, (3) fund a Debt Service Reserve Fund associated with the issuance of the Series 2022 Bonds and (4) pay certain costs of issuance. KIPP Nashville intends to use its newly acquired land to support future growth, including the development of additional K-4 and 5-8 charter schools.

Financing Overview

The Series 2022 Bonds were structured as publicly offered fixed rate bonds and were underwritten by RBC Capital Markets. KIPP Nashville secured a “BBB” (stable outlook) rating for the Bonds, an upgrade from “BBB-” for its most recent rated issuance in 2020. The Series 2022A Bonds have a final maturity of July 1, 2062 and were sold with an aggregate TIC of approximately 4.94%. The Series 2022 Bonds closed on August 10.

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