Case Study:Vista College Prepatory

812 S. 6th Ave. Phoenix, AZ 85003

Vista College Prep is a free, public charter school located in Phoenix, Arizona. The School was founded in 2013 and opened a second elementary school in 2017 and first middle school in 2018. At the time of its financing in 2018, Vista College Prep operated on two campuses, Hadley and Maryvale, serving approximately 530 students from grades kindergarten through grade 5.

Project Overview

Vista College Prep desired to refinance a commercial loan incurred to finance the costs of acquiring, constructing, renovating, improving and equipping its Hadley campus. Vista College Prep currently leases land and a building housing its Maryvale campus. The School desired to refinance a commercial loan related to the existing Maryvale campus and finance the costs of leasing, constructing, improving and equipping a new building on the site.

Financing Overview

Vista College Prep secured a $10.5 million revenue bond issue to finance the project, structured in two series. The Series 2018A Bonds in the aggregate principal amount of $10.36 million were structured as tax-exempt revenue bonds and used to fund costs associated with the School’s project and transaction costs associated with the issuance of the bonds. The Series 2018B Bonds in the aggregate principal amount of $140,000 were structured as a taxable bond and used to fund a portion of the project and capitalized interest.

Wye River Group’s Role

Wye River had the privilege to work closely with a select group of Board members and management to assess Vista College Prep’s debt capacity and plan its project financing. More specifically, our services included:

  • Preliminary project planning including an assessment of debt capacity
  • Negotiated key terms of the financing with the selected provider
  • Organized and coordinated Finance Team activities for transaction
  • Reviewed transaction documents to assure performance of financial institution and professional services firms in conformance with Finance Plan and commitment letters
  • Coordinated closing of the financing

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