Academies of Math & Science
Baird successfully executes $31.6M financing supporting development of new campuses in Arizona and Nevada
The Financing
Baird secured approximately $31.6 million in bond financing for Academies of Math & Science. The transaction provided a long-term financing solution that supports the organization's strategic growth objectives while aligning debt service with projected enrollment and operating needs. Proceeds funded the acquisition, construction, renovation and equipping of educational facilities in Arizona and Nevada, capitalized interest, a debt service reserve fund and costs of issuance.
Rated BB+ by S&P, the financing was marketed to a broad group of institutional investors, generating approximately $305 million of orders from 15 investors and resulting in 11x oversubscription. Strong investor demand was supported by AMS's more than two decades of operating history, established enrollment base and successful track record of opening and expanding high-performing charter schools. The bonds were repriced by 9-15 basis points during the order period, reducing borrowing costs and creating a favorable long-term financing solution for the organization.
The Project
The financing funded the acquisition of the AMS Power Campus in Mesa, Arizona, and the AMS Nellis Campus in Las Vegas, Nevada. The AMS Power Campus will include approximately 81,000 square feet of educational and support space and will serve up to 1,500 students. The AMS Nellis Campus will include approximately 47,000 square feet and will serve up to 650 students, while also marking the organization's first school in the State of Nevada.
Together, the projects will add more than 2,000 student seats, expand AMS's educational footprint across the Southwest and support future enrollment growth across the network.
The Network
Founded in 2001, Academies of Math & Science serves nearly 8,500 students in grades K-8 and operates one of Arizona's largest public charter school organizations. AMS provides a research-based STEAM education focused on academic achievement, critical thinking and whole-child development.
Over more than two decades, AMS has established a strong record of enrollment growth and successful campus development. The addition of its first Nevada campus extends the organization's reach beyond Arizona and Arkansas and represents the next phase of its evolution as a multi-state charter school operator.
