• Research Triangle High School, $11,060,000, Charter School Revenue Bonds, North Carolina

    ACCESSIBLE

    “If there was a problem to be solved, they had a solution. I strongly recommend the BB&T team, you won't regret working with them.”—Pamela Blizzard, Founder and Managing Director, Research Triangle High School

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  • International Leadership of Texas, $111,040,000, Fixed Rate Bonds

    LEADERSHIP

    “We could not have asked for a higher level of leadership than that displayed by the BB&T team.”—Edward G. Conger, Superintendent, International Leadership of Texas

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  • INFORMATIVE

    “We are pleased to share our summer issue of Blackboard, BB&T's quarterly publication that offers insights and highlights key trends affecting the charter school sector.”—Richard Harmon, Managing Director and Education Group Head, BB&T Capital Markets

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Education Finance Group

Our Education Finance Group provides comprehensive capital structure planning and execution for public and private colleges and universities, student housing facilities, charter schools and private secondary schools. With a robust bond distribution platform and the resources of one of the nation's strongest financial institutions, we offer a full spectrum of financial solutions to meet each client's specific needs. With the experience and focus of our professionals, we understand how to navigate challenging financial markets while providing ongoing guidance and support to ensure the long-term success of our clients.

Our team is armed with the broadest array of financial tools in the sector, allowing us to provide a variety of services to our clients:

  • Debt planning and advisory services, including financial modeling
  • Rating agency and credit enhancement strategies
  • Public and private bond underwriting, including tax-exempt and taxable financing
  • Extensive financing capabilities, including bank/private placement financing strategies (loan syndication, direct loans and letters of credit, lines of credit and standby bond purchase agreements)
 

More than 85 years combined experience among our five managing directors

  • Florida Charter Foundation, Franklin Academy

    On July 21, 2016, BB&T Capital Markets closed a non-rated $50,820,000 tax-exempt fixed rate bond offering for the Florida Charter Foundation.  The purpose of the financing was to acquire the existing facilities for two of the campuses operated by Florida Charter Foundation: Franklin Academy Boynton Beach, and Franklin Academy Cooper City.  Bond proceeds also provided funds for a debt service reserve fund, capitalized interest for approximately six months, repayment of an outstanding line of credit from Building Hope, and costs of issuance.

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  • Edkey, Inc.

    On June 14, 2016, BB&T Capital Markets closed a $31,315,000 Series 2016 Tax-Exempt Fixed Rate Bond Issue for Edkey, Inc. in Arizona. Proceeds of the Series 2016 Bonds were used to refinance prior 2006 bonds, acquire and improve charter school facilities and land located in the greater Phoenix area. Bond proceeds also provided funds for a debt service reserve fund and costs of issuance.

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  • Research Triangle High School

    BB&T Capital Markets closes a $11,060,000 Series 2015 A&B tax-exempt and taxable fixed rate bond financing for Research Triangle High School (RTHS or the School). The primary purpose of the Series 2015 bonds was to finance the acquisition of a permanent facility for RTHS. Bond proceeds also provided funds for a debt service reserve, capitalized interest, and costs of issuance.

    

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  • International Leadership of Texas

    On August 27th, 2015, BB&T Capital Markets closed a $105,680,000 Series 2015A Tax-Exempt Fixed Rate Bond Issue and a $5,360,000 Series 2015B Taxable Fixed Rate Bond Issue (collectively, the Series 2015 Bonds) for International Leadership of Texas. Proceeds of the Series 2015 Bonds will be used to finance the cost of the acquisition, improvement, construction, renovation, and equipping of certain educational facilities, classrooms, and administrative spaces in addition to financing open-enrollment charter schools founded in Fort Worth, Garland, and Arlington, Texas and refinancing existing indebtedness. Bond proceeds also provided funds for a debt service reserve fund, capitalized interest, and costs of issuance. The acquired facilities were built-to-suit by the Charter School Fund, and leased by International Leadership of Texas.

    

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  • Salida del Sol Academy

    On June 12, 2015, BB&T Capital Markets closed a $12,390,000 tax-exempt adjustable
    rate bond offering for a school in its first year of operations, Salida del Sol Academy
    (“SDSA” or the “School”). The primary purpose of the Series 2015 Bonds was to
    refinance construction loans on the School’s existing facilities. Bond proceeds also
    provided funds for a debt service reserve fund, capitalized interest, and costs of
    issuance.

    

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  • Atlas Preparatory School

    On April 1, 2015, BB&T Capital Markets closed a $12,190,000 tax-exempt fixed rate bond offering for Atlas Preparatory Academy ("Atlas" or the "School") through the Colorado Educational and Cultural Facilities Authority. The primary purpose of the Series 2015 Bonds was to acquire and renovate the School's existing high school facilities, refinance the loan secured by the middle school facilities, and provide the expansion of athletic fields. Bond proceeds also provided funds for a debt service reserve fund, capitalized interest and costs of issuance.

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  • Triad Educational Services / Triad Math and Science Academy Company

    On March 11th, 2015, BB&T Capital Markets closed a $20,845,000 Series 2015A Tax-Exempt Fixed Rate Bond Issue and a $1,365,000 Series 2015B Taxable Fixed Rate Bond Issue (collectively, the “Series 2015 Bonds”) for Triad Educational Services, Inc. Proceeds of the Series 2015 Bonds were used to refinance existing indebtedness and to make certain improvements at the Facilities. Bond proceeds also provided funds for a debt service reserve fund, capitalized interest, and costs of issuance. The Series 2015 Bonds were issued through the Public Finance Authority and the bond proceeds were loaned to Triad Educational Services, Inc., (TES) the owner of the acquired facilities. The facilities were leased to the Triad Math and Science Academy Company (TMSAC) for the operation of the Triangle Math and Science Academy (Triangle) in Cary, North Carolina and the Triad Math and Science Academy (Triad) in Greensboro, North Carolina.

    

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  • Science Technology Engineering and Math (STEM) School

    On November 20, 2014, BB&T Capital Markets closed a $14,670,000 tax-exempt fixed rate bond offering for STEM School through the Colorado Educational and Cultural Facilities Authority. The primary purpose of the Series 2014 Bonds was to refinance short-term balloon debt the shool used to acquire, renovate and equip a 72,000 square-foot charter school situated on 5.4 acres of land in Highlands Ranch, Colorado. Bond proceeds also provided funds for a debt service reserve fund and costs of issuance.

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  • Vista Charter Public Schools

    On October 30, 2014, BB&T Capital Markets closed a $7,075,000 Series 2014 tax-exempt fixed rate bond transaction for Vista Charter Middle School through the California Municipal Finance Authority. The primary purpose of the Series 2014 Bonds was to finance the acquisition of the existing facility that Vista was leasing. The 2-story, 32,000 square foot facility is located on approximately 0.89 acres of land in Los Angeles, California. Bond proceeds also provide funds for a debt service reserve fund and costs of issuance.

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  • Ronald Reagan Charter School Alliance D/B/A Sycamore Academy of Science and Cultural Arts

    On September 30, 2014, BB&T Capital Markets closed a $9.405,000 Series 2014 tax-exempt fixed rate bond transaction for Sycamore Academy of Science and Cultural Arts through the California Municipal Finance Authority. The primary purpose of the Series 2014 Bonds was to finance the acquisition of approximately 7.2 acres of vacant land, and the construction and equipping of a 27,000-square-foot charter school facility in Wildomar, Calif. Bond proceeds also provided funds for a debt service reserve fund, approximately 12 months of capitalized interest and costs of issuance.

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  • Georgia Charter Educational Foundation, Inc.

    On June 5, 2014, BB&T Capital Markets closed a $12,485,000 Series 2014A/B tax-exempt and taxable fixed rate bond transaction through the Development Authority of the City of Senoia. The transaction financed a charter school in Senoia for the Georgia Charter Educational Foundation, Inc. The primary purpose of the Series 2014 Bonds was to finance the acquisition of the 57,871-square-feet of improvements as well as equipping and furnishing the K-8 classrooms at the charter school. Bond proceeds also provided funds for a debt service reserve fund, a capitalized interest fund, and a working capital fund.

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  • Universal Academy

    On March 27, 2014, BB&T Capital Markets closed a $29,440,000 Series 2014A/B tax exempt and taxable fixed rate bond transaction for Universal Academy (Universal), a charter school with locations in Coppell and Irving, Texas. The primary purpose of the Series 2014A/B bond issue was to finance the cost of the acquisition, improvement, construction, renovation, and equipping of educational facilities for Universal. In addition, bond proceeds provided funds for the refinancing of existing debt, as well as the financing of a debt service reserve fund and approximately 12 months of capitalized interest.

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  • Nueva Esperanza, Inc.

    On December 20, 2013, BB&T Capital Markets closed a $32 million tax-exempt fixed rate bond transaction for Nueva Esperanza, Inc. (Esperanza). Esperanza provides support to the Hispanic community nationally through three primary areas of charitable activities; education and employment services, community economic development, and national nonprofit capacity-building. Local education initiatives include Esperanza Academy Charter School (Esperanza Academy), a charter school located in Philadelphia, Pa., as well as other educational institutions. The primary purpose of the Series 2013 Bonds is to 1) fund renovations and improvements, including the expansion and interior build-out of a middle school, construction of a shared community space, a gymnasium, an auditorium for performing arts and parking facilities; and 2) refinance existing loans, including a New Market Tax Credit (NMTC) Loan. In addition, bond proceeds provide funds for a debt service reserve fund and approximately 23 months of capitalized interest. Esperanza was also awarded a Redevelopment Assistance Capital Program Grant and a grant from the city of Philadelphia. The financing presented several challenges which BB&T Capital Markets addressed. First, the existing financing structure included a NMTC Loan component resulting in complex legal issues regarding the defeasance that ultimately needed to be resolved before the expansion financing could occur. Second, the financing needed to be completed in time to allow Esperanza Academy to continue its growth and open in fall 2014. Third, Esperanza and BB&T Capital Markets needed to navigate a challenging credit environment and rising interest rate market while articulating the complex security package of the proposed credit. BB&T Capital Markets defined a flexible financing structure and process in addition to an intricate security structure that enabled strong collateral and cash flow coverage. Market acceptance was primarily due to Nueva Esperanza’s well-qualified management team, its diverse revenue sources within the security package, and Esperanza Academy's nationally recognized academic performance. Ultimately, BB&T Capital Markets was successful in leveraging its developed sales and trading platform as well as its established relationships with charter school specific investors. These focused efforts, as well as BB&T Capital Markets’ industry leading distribution capabilities and Nueva Esperanza, Inc.’s, unique credit profile resulted in a simplified financing structure that included $32 million in tax-exempt fixed rate bonds with a final maturity of 2043. Additionally, BB&T Capital Markets closed the financing within the school’s desired timeframe, allowing the new facility to open as scheduled.

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  • Southwest Louisiana Charter Academy

    On December 18, 2013, BB&T Capital Markets closed a $17,480,000 Series 2013 (tax-exempt) fixed rate bond transaction through the Louisiana Public Facilities Authority. The transaction financed a preeminent charter school in Lake Charles, La. for Southwest Louisiana Charter Academy Foundation, Inc. The primary purpose of the Series 2013 Bonds was to finance the acquisition of an approximately 10-acre parcel of land as well as the construction, equipping and furnishing of a 70,000 squarefoot,grade K-8 charter school facility. Bond proceeds also provided funds for a debt service reserve fund and approximately 18 months of capitalized interest. The financing presented several challenges BB&T Capital Market was able to address. First, SLCA’s contractors needed to proceed quickly in order to open in time for the upcoming school year and suffice student demand. Second, uncertainty in financial markets due to outflows in the buy-side fixed income investment community provided an uneasy backdrop for bond marketing. Third, the charter school bond market is still relatively nascent. These challenges were addressed by BB&T through multiple discussions with investors. The successful issuance of the Series 2013 bonds has enabled SLCA to hone its focus on academic achievement and continued growth in order to meet the needs of its current and prospective students in Lake Charles. Ultimately, BB&T Capital Markets was successful in leveraging its developed sales and trading platform as well as its established relationships the charter school investment community. BB&T Capital Markets’ industry-leading distribution capabilities and Southwest Louisiana Charter Academy Foundation’s unique credit profile resulted in a financing structure that included $17,480,000 tax-exempt fixed rate bonds. The Series 2013 fixed rate bonds were issued with a final maturity of 2043.

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  • Hodges University, Inc.

    On November 14, 2013, BB&T Capital Markets closed a $28,890,000 tax-exempt fixed rate bond issuance for Hodges University, Inc. ("Hodges"). The primary purpose of the Series 2013 Bonds was for the acquisition of an existing building that Hodges previously leased, located in Naples, Fl., refunding of Hodges' outstanding Educational Facilities Revenue Bonds, funding of a debt service reserve fund for the Series 2013 bonds, and payment of the expenses incurred in connection with the bond issuance. The financing presented several challenges which BB&T Capital Markets addressed. First and foremost, Hodges is a small, non-traditional university whose unique credit profile was unfamiliar to the public capital markets. BB&T guided the University and effectively articulated its credit characteristics to the investment community. Second, BB&T Capital Markets needed to navigate a challenging credit environment and rising interest rate market. Third, there were real estate issues associated with the property being acquired. BB&T Capital Markets defined a flexible financing structure and process in addition to developing and articulating the University’s true credit strengths. Additional mitigating factors included Hodges’ depth and breadth of leadership, its salubrious collateral and cash flow coverage, as well as its evident market demand in a niche market as evidenced by its very high matriculation rate. Ultimately, BB&T Capital Markets was successful in leveraging its developed sales and trading platform as well as its established relationships with the higher education investment community. These focused efforts, as well as BB&T Capital Markets’ industry leading distribution capabilities and Hodges' unique credit profile resulted in an effective financing structure that included $28,890,000 tax-exempt fixed rate bonds with a final maturity of 2043 and a lower debt service compared to prior lease payments.

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  • Renaissance Charter School, Inc.

    On November 1, 2013, BB&T Capital Markets closed a $73,040,000 Series 2013A (tax-exempt) and $7,485,000 Series 2013B (taxable) fixed rate bond transaction through the Florida Development Finance Corporation. The transaction financed a group of five Florida charter schools located in Jacksonville, Port St. Lucie, Orlando and West Palm Beach for Renaissance Charter Schools. The primary purpose of the Series 2013 Bonds was to finance or refinance the costs of acquiring, constructing and equipping charter school facilities, which opened in August 2013. The charter school facilities range from approximately 61,000 to 105,000-square-feet, each with an enrollment capacity of up to 1,145 students in grades K-8. Bond proceeds also provided funds for a debt service reserve fund and approximately 7 months of capitalized interest. The Financing presented several challenges that BB&T Capital Markets was able to address. First, uncertainty in financial markets due to a potential government shutdown and federal debt limits provided an uneasy backdrop for the bond markets. Second, the charter school bond market is still relatively nascent. These challenges were addressed by BB&T through multiple discussions with investors and a site visit to the schools. The successful issuance of the Series 2013A&B bonds enabled Renaissance to continue its focus on growth and academic achievement in order to meet the needs of its current and prospective students in Florida.

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Our Areas of Expertise

Higher Education

Public and Private Universities, Student Housing

Primary and Secondary Education

Charter Schools, Private K-12 Schools, Public School Systems

Extensive Financing Platform

Tax-exempt and taxable bond debt, retail and institutional placements, private placements, bank placements/letters of credit, lines of credit, construction loans, new markets tax credits

Charter Schools and the Bond Market

Paula PermenterManaging DirectorEducation GroupPlay The Video