Great Hearts America – Texas
Baird secures $25.9 million to expand capacity across the Great Hearts Texas network
The Financing
Baird secured approximately $25.9 million in bond financing for Great Hearts America – Texas (GHTX). The transaction provided a long-term capital structure with a short term component to support Great Hearts Texas’ continued growth while aligning debt service with projected enrollment growth and facility needs. Proceeds funded capital improvements, capitalized interest, a debt service reserve fund and costs of issuance.
Specifically, the bonds had a 35-year maturity of 2061 with an 8-year mandatory tender due in 2034. This structure allowed GHTX a much lower cost of capital with an expectation that GHTX would refinance the bonds under the State of Texas Permanent School Fund (PSF), which carries Aaa/AAA ratings.
Rated Ba1 by Moody’s, the financing was marketed to a broad group of institutional investors, generating approximately $90 million of orders from 9 investors. Strong investor demand was driven by the scale and performance of the broader Great Hearts system, the strength of the Texas network and continued demand for Great Hearts’ classical education model. The bonds were repriced by 5-10 basis points lower after the order period, reducing borrowing costs and creating a favorable long-term financing solution for the network.
The Project
The financing supports Great Hearts Texas’ continued expansion across the San Antonio and Dallas–Fort Worth regions. Key projects include classroom additions and campus enhancements at Monte Vista – South and Monte Vista – North, as well as the construction of new Upper School facilities at Prairie View and Invictus.
The Prairie View Upper School is expected to open for the 2026-27 school year, followed by the Invictus Upper School in 2027-28. Together, the projects will expand educational capacity and support the network’s long-term strategy of serving additional students throughout Texas.
Great Hearts System
Great Hearts America has become the nation’s largest provider of campus-based K-12 classical education. Founded in Arizona, where the first Great Hearts academy opened in 1996, the organization oversees nonprofit public charter school networks in Arizona, Texas and Louisiana. Great Hearts Arizona operates 24 schools serving 15,642 students, while Great Hearts Louisiana operates two schools serving 670 students.
Great Hearts America – Texas commenced operations in 2012 and currently operates 21 schools on 12 campuses, as well as a statewide online school, serving more than 14,000 students across the San Antonio and Dallas–Fort Worth metropolitan areas. Great Hearts Texas maintained a waitlist of approximately 3,600 students as of December 2025 and continues to add high-quality seats to meet growing demand for its classical educational model.
