Recently, Buck Financial worked with the growing CMOs KIPP LA Schools and IDEA Public Schools (TX) with tax-exempt bond financings to finance that growth.
KIPP LA Schools issued its third bond issue in late summer 2017 to fund $46 million in projects in greater Los Angeles, having first issued tax-exempt bonds in 2014. KIPP LA Schools’ initial rating in 2014 was BB+, which was increased to BBB- in 2015 with their second issuance. The rating for the 2017 issue was increased to BBB from BBB-, its second straight rating increase.
IDEA Public Schools issued the largest ever tax-exempt bond issue for a charter school in August 2017. IDEA’s underlying (e.g. unenhanced) rating was increased to BBB+ from its previous rating of BBB, making IDEA one of the top rated charter school organizations in the country. Only had handful of charter schools have earned such a high underlying rating.
Congratulations to both these highly-deserving organizations!