In August 2017, Buck Financial assisted two high-performing CMOs to finance their expansion across state lines. GreatHearts America Texas closed its third transaction to finance its expansion into Texas. GreatHearts borrowed a total of $12.5 million to finance phase I of its third campus in San Antonio. IDEA Public Schools Enterprises closed its first out-of-state transaction to finance its expansion into Baton Rouge, Louisiana, a $17 million financing to finance phase I of the Cortana campus. Both financings used a combination of senior bank debt and subordinate debt and required very little if any cash from the schools. Buck Financial is at the forefront of helping high-performing CMOs continue their missions to bring quality education to more and more families, especially when they move into different states where their financial resources are fewer to begin with. We are pleased to continue our relationship with these two excellent organizations.