FAIRFIELD, Conn., June 8, 2022 /PRNewswire/ -- HJ Sims (Sims), a privately held investment bank and wealth management firm founded in 1935, is pleased to announce the May 2022 closing of $25.515 million Series 2022 Bonds for San Antonio, TX public charter school, The Gathering Place. As a result of the financing, The Gathering Place now owns its permanent facility, providing educational space for more than 800 students a year.
"This was The Gathering Place's first experience going to the bond market, and we couldn't have imagined a better partner to help us through the process..."
With the belief that physical settings are integral to its learning program, The Gathering Place sought financing to allow the purchase of their current leased facility and construction of a playground. The school's charter was granted in 2019, and is effective for school year 2020-21 through 2024-25. Currently educating 501 students in the "Near Northwest" neighborhood of San Antonio, the school was founded to provide students in historically underserved communities a high-quality education that fosters academic performance, creativity, and healthy social and emotional development. The school projects to grow to 832 students in K-5 by 2023-24, the school also plans to open a middle school facility in 2024-25. Eventually, the school aims to serve 1,404 students in K-8 by 2026-27.
The Series 2022A tax-exempt and Series 2022B taxable Education Revenue Bonds enabled The Gathering Place to purchase the land and buildings, provided funds to build a playground, as well as funded a debt service reserve fund and covered costs of issuance. The bonds were structured with a 40-year amortization, allowing for the lowest annual debt service, and with a 5-year call option at par it is intended to sync up with both the future purchase of a middle school facility and the potential for lower cost financing if the school qualifies at such time for the 'AAA'-rated Texas Permanent School Fund bond guarantee program.
"We are privileged to help The Gathering Place achieve this milestone goal, and the impact it will have on expanding and improving the quality of education for the children of San Antonio and their community," said Rob Nickell, Executive Vice President at Sims.
"This was The Gathering Place's first experience going to the bond market, and we couldn't have imagined a better partner to help us through the process. Sims provided steady and reliable support through every step of the process. We're a young organization going to the market during turbulent times and still walked away with a great deal," said Asia Klekowicz and Ryan York, Co-CEOs, The Gathering Place.
Financed Right® Solutions—Rob Nickell: firstname.lastname@example.org or 214.681.0952
ABOUT HJ SIMS: Founded in 1935, HJ Sims is a privately held investment bank and wealth management firm. Headquartered in Fairfield, CT, Sims has nationwide investment banking, private wealth management and trading locations. Member FINRA, SIPC. Testimonials may not be representative of another client's experience. Past performance is no guarantee of future results. Facebook, LinkedIn, Twitter, Instagram.
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