Transaction Details

Midlands STEM Charter School

Municipal

Lead Bookrunner

Expanding Access to STEM Education in Rural South Carolina  

Midlands STEM Charter School (the “School”) is a public charter school serving students in grades Pre-K through 12 in Fairfield County, South Carolina. Founded to provide a safe and supportive learning environment for academically disadvantaged students, the School delivers a rigorous STEM-focused curriculum designed to serve an underserved population in the Midlands region of the state.

The School commenced operations in the 2014–15 school year with 109 students in grades K–5 and added one grade level each year. By the 2021–22 school year, the School expanded to serve grades K–12, followed by the addition of a pre-kindergarten program in the 2022–23 school year supported by state CERDEP funding. Today, the School serves approximately 311 students in grades Pre-K–12 and is designated as a Title I school, with 100% of its students classified as pupils in poverty.

The School operates pursuant to a charter granted by the Charter Institute at Erskine, Inc., which renewed the charter in 2024 for a ten-year term. Located on the south end of the Town of Winnsboro, the School is the only charter school in Fairfield County and offers a differentiated STEM-focused educational model in a predominantly rural market with limited school choice options.

For its first decade of operation, the School operated out of leased facilities, including a former church building and temporary modular classrooms. As enrollment demand increased and programming expanded through the high school grades, School leadership identified the need for a permanent, purpose-built facility to support long-term growth. In August 2024, the School relocated to a leased newly constructed educational facility along U.S. Highway 321 Business South in Winnsboro. The facility includes modern classrooms, specialized STEM spaces, a gymnasium, cafeteria, and athletic fields, with capacity to accommodate up to approximately 400 students and flexibility for future expansion.

In December 2025, Midlands STEM Charter School completed a $15,630,000 educational facilities revenue bond financing (the “Series 2025 Bonds”), with Baird’s National Charter School Finance team serving as senior manager. Baird structured a non-rated financing solution that enabled the School to transition from its leased facilities to long-term ownership while maintaining affordability and operational flexibility. Proceeds of the Series 2025 Bonds were used to finance the acquisition of the School’s leased educational facility, fund improvements for athletic fields, establish required debt service reserves, provide working capital, and pay costs of issuance. The School elected to structure the Bonds with a maturity of eight years to take advantage of shorter term (lower) interest rates, resulting in lower annual debt service while the school continues growing to full capacity. The School has the option to refinance the Bonds starting in 2029.

The Series 2025 financing represents a significant milestone for the School, transitioning it from leased facilities to long-term ownership of a permanent campus. The facility enhances the School’s ability to serve a high-need student population, supports enrollment growth toward charter-approved capacity, and positions Midlands STEM Charter School for continued academic and operational success in Fairfield County.