By Stephen Nakrosis
The Industrial Development Authority of the County of Maricopa in Arizona plans to sell $80 million of revenue bonds to help finance construction of a charter school in South Carolina.
Money raised by the offering will be loaned to Legacy Traditional Schools, which has operations in Arizona and Nevada, according to documents posted on MuniOS. Legacy also plans to operate schools in North Carolina.
Proceeds will finance the acquisition, construction, development and equipping of a site and facility in Columbia, S.C., which will consist of a two-story building housing students in kindergarten through eighth grade.
The bonds will be secured by payments from Legacy. Proceeds will be used to refund outstanding education facility bonds, fund a debt service reserve fund, and pay issuance costs.
A call for potential investors is scheduled for June 4 at 2 p.m. ET. The deal is expected to price on June 17 and settle on June 25.
The offering will consist of $79.9 million of tax-exempt Series 2025 A education revenue bonds, and $595,000 of Series 2025 C-1 bonds, which are subject to federal taxes but exempt from Arizona state income tax. The Series 2025 A bonds consist of $17.73 million of serial bonds maturing 2026 to 2035, and term bonds maturing between 2040 and 2060. The Series 2025 C-1 bonds consist of term bonds maturing in 2029.
The securities were assigned a BBB- rating from S&P Global Ratings.
Robert W. Baird & Co. is the offering's lead manager.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
June 02, 2025 18:58 ET (22:58 GMT)
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