from Ascent Classical Academy Charter Schools, Inc.
Colorado Based Ascent Classical Academy Charter Schools, Inc. Successfully Sells $77.5 Million in Bonds to Support Campus Acquisitions and Expansion
GOLDEN, CO / ACCESSWIRE / May 29, 2024 / Ascent Classical Academy Charter Schools, Inc. (ACACS), a prominent Colorado charter school network dedicated to providing a classical education, is thrilled to announce the successful sale of $77,515,000 in bonds on April 25, 2024. Facilitated through Ascent Colorado Building Corporation, these bonds represent a significant milestone in ACACS's mission to enhance educational opportunities for students across Colorado.
ACACS received a BB rating from Standard & Poor's, underscoring investor confidence in ACACS's financial stability and growth potential. A total of 14 investors participated in the bond sale, which was issued through the Colorado Educational and Cultural Facilities Authority. The bonds are fixed interest rate with a true interest cost of 5.79% and a 35-year final maturity.
The proceeds from the bond sale will be allocated towards several strategic initiatives aimed at furthering ACACS's commitment to excellence in education. Specifically, the funds will be used to:
- Acquire and Improve Ascent Douglas County Campus: Enhancing facilities to provide an optimal learning environment for students.
- Acquire Ascent Northern Colorado Campus: Expanding ACACS's reach to serve more students in the Northern Colorado region.
- Refinance Ascent Grand Junction Campus: Strategically managing debt to ensure long-term financial stability.
- Expand Ascent Northern Denver Campus: Increasing capacity to accommodate growing demand for ACACS's classical education model.
Commenting on the successful bond sale, Rob Williams, ACACS Board Chair, expressed his enthusiasm, stating, "We are thrilled with the overwhelming support from investors, which reflects confidence in our mission and vision for the future. The proceeds from this bond sale will enable us to continue providing a classical, content-rich education that instills moral character and civic virtue in our students."
ACACS operates four K-12 tuition-free classical charter schools affiliated with Hillsdale College, offering a rigorous curriculum grounded in the liberal arts and sciences.
For more information about Ascent Classical Academy Charter Schools, Inc., please visit Ascentcolorado.org.
About Ascent Classical Academy Charter Schools, Inc.:
Ascent Classical Academy Charter Schools, Inc. is a leading Colorado charter school network committed to providing a classical education rooted in the liberal arts and sciences. With a focus on moral character and civic virtue, ACACS empowers students to excel academically and contribute meaningfully to society.
Contact Information
Kim Gilmartin
kimberly.gilmartin@ascentcolorado.org
720-840-3256
Chris Scott
Chief Financial Officer
christopher.scott@ascentcolorado.org
(720) 336-0140
SOURCE: Ascent Classical Academy Charter Schools, Inc.
View the original press release on newswire.com.