Transaction Details

Wake Preparatory Academy

Municipal

Lead Bookrunner

Scaling with Purpose: Fueling Growth Through Vision and Strategic Investment  

Wake Preparatory Academy (the “School” or “WPA”) opened in the 2022–23 school year with 1,740 students in grades K–12. It now serves over 2,500 students and is projected to reach full enrollment of 2,800 by the 2026–27 school year. Located in Franklin County, WPA primarily serves students from both Franklin and Wake Counties.

WPA’s mission is to provide a challenging, individualized education program with a moral focus while preparing its students to graduate from high school with paths to acceptance and success in college, a career and beyond.

WPA continues to demonstrate strong performance, with a 22% average annual increase in its student waitlist, an 88% student retention rate, and 87 students inducted into the National Honor Society since the School’s inception. Academic results show consistent year-over-year improvement, and WPA is on track to earn a 10-year charter renewal from the North Carolina State Board of Education—the longest term available. WPA partners with Charter One, an Education Management Organization serving over 28,500 students at 31 campuses in North Carolina, South Carolina, and Arizona. The school’s character education is guided by its R.A.I.S.E. values: Respect, Accountability, Integrity, Service, and Excellence. 100% of the 2025 graduating class was accepted to college.

In July 2025, Wake Preparatory Academy successfully completed a $108,975,000 bond financing in partnership with Baird’s National Charter School Finance team, which served as the sole manager. The bonds were non-rated and attracted significant investor attention due to WPA’s strong performance, proven demand, stable enrollment, and location in North Carolina, a state known for its charter school-friendly environment.

Proceeds from the Bonds will support WPA’s continued growth by financing or reimbursing the acquisition and development of approximately 68.92 acres in Wake Forest, North Carolina. This includes the acquisition of the Wake Preparatory Academy campus—a 242,360 sq. ft. facility featuring 92 classrooms, specialized teaching labs, a cafeteria, multipurpose room, administrative offices, a 14,300 sq. ft. gymnasium, training spaces, playground, and a full-size artificial turf football field with bleachers and a surrounding track. The funds will also support additional capital improvements, such as resurfacing the track, constructing a new science lab, installing exterior awnings, remodeling, and adding more bleachers at the football field.

The offering was purchased by 12 unique institutional investors, reflecting a healthy appetite in the market despite a more selective investment climate. Demand was especially strong for the 10- and 20-year bonds, a shift from previous deals where investors typically focused on the longest-term bonds to maximize returns. Although competition for investor dollars was tighter compared to previous years due to a broader shift in the high-yield market, WPA’s offering stood out. The success of the transaction underscores investor confidence in the school’s academic model, strong leadership, and long-term sustainability.