Transaction Details

Aristoi Classical Academy

Municipal

Lead Bookrunner

Expanding Access to Classical Liberal Arts Education in Southeast Texas

Aristoi Classical Academy, Inc. (“Aristoi” or the “School”) is a first-generation Texas charter school serving students in the Houston metropolitan area. Founded in 1996 by West Houston Charter Alliance, Inc., the School initially operated as West Houston Charter School before consolidating its operations and, in 2006, transitioning from a creative arts model to a classical liberal arts educational focus. This strategic shift resulted in meaningful improvements in academic performance and enrollment, and in 2010 the School was renamed Aristoi Classical Academy with approval from the Texas Education Agency (“TEA”). Aristoi has demonstrated long-term operational stability and strong regulatory standing, with its charter renewed through July 31, 2031. In 2022, TEA approved an increase in maximum enrollment from 2,256 to 3,384 students and authorized expanded geographic operations within the Greater Houston area. Aristoi currently operates three charter schools across multiple campuses for the 2025–26 academic year.

In December 2025, Aristoi completed a $43,220,000 educational facilities revenue and refunding bond financing (the Series 2025 Bonds), with Baird’s National Charter School Finance team serving as sole manager. The Series 2025 Bonds were rated BB with a Stable Outlook by Standard & Poor’s and were issued to finance campus expansion projects, facility improvements, and the refinancing of outstanding debt. A portion of the proceeds will be used to acquire, renovate, and expand an approximately 60,000 square foot facility in Houston, Texas, supporting the development of a future Cypress Campus and allowing the school to expand enrollment as it moves out of a currently leased site. The Cypress Campus projects also includes the construction of an approximately 8,000 square foot gymnasium and allows for additional enrollment capacity to meet growing demand for Aristoi’s programs and curriculum. The Cypress Campus is expected to serve grades K through 12 with a planned capacity of approximately 1,240 students and is scheduled for completion in July 2026. Proceeds will also fund the construction of a 10,600 square foot classroom building at Aristoi’s Katy Logic & Rhetoric Campus which serves grades 5 through 12, along with related site and drainage improvements. This additional space will enhance instructional offerings through specialized science, arts, and humanities facilities without increasing overall campus enrollment. In addition, bond proceeds will be used to complete building and drainage improvements at the Katy Grammar Campus which service grades K through 4. The Series 2025 Bonds also provided for the refinancing of Aristoi’s Series 2016A Bonds for interest savings, funding of capitalized interest and debt service reserve funds, and payment of issuance-related costs.

Through the Series 2025 financing, Baird structured a transaction that supported Aristoi’s long-term facilities strategy while maintaining financial flexibility and alignment with the School’s mission. The financing positions Aristoi to continue expanding access to its classical education model while investing in high-quality facilities across the Houston metropolitan area.