Ziegler, a specialty investment bank, closed a $33.4 million, fixed-rate financing for American Heritage Education Foundation (AHEF). The foundation supports three charter schools located in Escondido, CA, including Escondido Charter High School, which celebrated its 20th anniversary this year, Heritage K-8 and Heritage Digital Academy.

Ziegler underwrote the foundation’s 2006 bond issue which advance-refunded Series 2001 bonds and refinanced bank debt related to the facilities for Escondido Charter High School and Heritage K-8.

The 2016 financing represents the culmination of a 10-year relationship between Ziegler and the foundation, during which time the schools saw steady growth, including the opening of Heritage Digital Academy in 2013.

In order to support the continued growth of the schools, the foundation sought to acquire a facility adjacent to the existing high school campus, as well as provide additional facilities for the K-8 and refinance debt related to improvements at the leased facilities occupied by Heritage Digital Academy.

In addition to funding the new facilities and refinancing the outstanding bank debt, the Series 2016 bonds current-refunded the foundation’s outstanding series 2006 bonds. Not only did the refunding provide savings thanks to the lower yields on the 2016 bonds, it also allowed the foundation to re-negotiate its bond covenants based on its proven track record and updated industry standards.

Ziegler provides its charter school clients with capital for financing new construction, refinancing existing debt or advising on future developments.