Las Américas ASPIRA Academy
Financing supports campus expansion and improvements for Delaware’s first dual-language immersion charter school
The Financing
Baird secured approximately $17.2 million in bond financing for Las Américas ASPIRA Academy. The transaction provided long-term capital to support the Academy’s continued growth and facility expansion while positioning the school to meet increasing enrollment demand. Proceeds financed and refinanced the costs of acquiring, constructing, renovating and equipping school facilities, funded capitalized interest, funded a debt service reserve fund and paid costs of issuance.
Rated BB with a Stable Outlook by S&P Global Ratings, the financing was marketed to a broad group of institutional and high-net-worth investors, generating approximately $90 million of orders from 14 separate investors. Strong investor demand was driven by the Academy’s established operating history, consistent enrollment demand, successful track record of expansion and unique dual-language immersion educational model. The bonds were repriced by 10-15 basis points during the order period, reducing borrowing costs and creating a favorable long-term financing solution for the Academy.
The Project
The financing supports a series of strategic capital projects across Las Américas ASPIRA Academy’s Newark campuses. Key projects include the acquisition of land adjacent to the Academy’s high school campus currently owned by Amtrak, construction and expansion of athletic facilities, renovation of second-floor classroom space at the K-8 campus and the addition of modular classrooms to accommodate future enrollment growth.
Additional improvements include installation of bleachers at the Academy’s turf field and other facility enhancements at the K-8 campus. Together, these projects will expand instructional capacity, enhance student programming and strengthen the Academy’s ability to serve students and families throughout New Castle County.
Las Américas ASPIRA Academy
Las Américas ASPIRA Academy is a public charter school serving approximately 1,475 students in grades K-12 across two campuses in Newark, Delaware. Founded in 2011, the Academy is Delaware’s first dual-language immersion charter school, focused on developing bilingual, biliterate and bicultural students through a rigorous academic program. The Academy has grown from a K-8 school into a comprehensive K-12 model and continues to experience strong enrollment demand for its distinctive dual-language immersion educational program.
Baird was proud to complete this third bond financing for the Academy, having financed prior expansions in both 2016 and 2022.
