Transaction Details

Legacy Traditional Schools

Municipal

Lead Bookrunner

Legacy Expands Its Footprint with First South Carolina Campus

Legacy Traditional Schools (“Legacy”) is a charter school system that has built a strong reputation for delivering rigorous, values-based education to students across Arizona and Nevada. With a current enrollment of approximately 25,400 students spanning twenty campuses and an online academy in Arizona, and three campuses in Nevada, Legacy is now preparing for a significant geographic expansion into South Carolina. This move represents a strategic opportunity to extend the organization’s mission of academy excellence to new communities.

Each school in Arizona operates under an individual charter school contract with the Arizona State Board for Charter Schools (the “ASBCS”), while Nevada campuses operate under a single charter school contract through the Nevada State Public Charter School Authority (the “NSPCSA”). The forthcoming South Carolina schools will operate under a single charter school contract through Erskine College. The charter schools are managed by Vertex Education, LLC (the “Manager”) and function together as a system known as the Legacy Traditional Schools.

The Legacy educational model is centered on a back-to-basics philosophy, with a strong emphasis on the core academic areas of reading, writing, and mathematics. The system employs a structured and accelerated curriculum, complemented by a disciplined and supportive learning environment. Instruction is delivered through a direct instructional model, commonly referred to as teacher-centered instruction. This method is highly focused, fast-paced, and scripted, fostering active engagement through constant interaction between teachers and students. This model has proven effective in helping students meet and exceed academic benchmarks while developing a strong foundation for lifelong learning.

The expansion into South Carolina will be anchored in Columbia, where Legacy Traditional Schools has acquired approximately 16.8 acres of land. On this site, the organization will construct a two-story educational facility encompassing approximately 81,868 square feet. The new campus will serve students in grades K-8, with an approved enrollment capacity of 1,485 students. Construction is expected to be completed in July 2026, with the facility purpose-built to support Legacy’s established instructional practices and technological integration.

Legacy’s mission in South Carolina is to provide all students with the opportunity to achieve academic excellence in an accelerated, back-to-basics, safe learning environment taught by caring, knowledgeable, and highly effective educators. To support its continued growth and long-term financial planning, Legacy Traditional Schools completed a $47,515,000 bond financing. Baird’s National Charter School Finance team served as sole managing underwriter for the transaction.

The financing, which carried a BBB- rating, was structured with a 35-year maturity and received a strong reception in the market. The order book built quickly, anchored by three traditional charter school investors who submitted large orders across the tax-exempt series. Additionally, nine other institutional investors placed scattered orders across the structure, contributing to a broad and diversified distribution; an ideal outcome for an investment-grade charter credit. The success of this offering was bolstered by its larger size, especially compared to a smaller charter issue from the prior week that saw lower engagement due to scale limitations. The financing priced at +103-105 to MMD, and all bonds were successfully sold.