{"id":1964,"date":"2016-11-15T22:41:20","date_gmt":"2016-11-15T22:41:20","guid":{"rendered":"https:\/\/resedblog.wpengine.com\/?p=1964"},"modified":"2021-03-25T21:24:48","modified_gmt":"2021-03-25T21:24:48","slug":"responsiveed-funds-charters-schools-growth-65-million-bond-sale","status":"publish","type":"post","link":"https:\/\/responsiveed.com\/responsiveed-blog\/2016\/11\/15\/responsiveed-funds-charters-schools-growth-65-million-bond-sale\/","title":{"rendered":"ResponsiveEd Funds Growth of Charters Schools Through $65 Million Bond Sale"},"content":{"rendered":"

J<\/span>ust as students returned to their campuses this fall, Responsive Education Solutions<\/a> (ResponsiveEd) completed the sale of a $65 million bond package that will power the growth of the charter school operator into the next decade.<\/span><\/p>\n

This year\u2019s sale is the company\u2019s second in two years. In 2015, ResponsiveEd raised $65 million through the sale of bonds to begin construction on several school facility projects, including a new middle school at its Founders Classical Academy in Lewisville <\/a>and a new elementary and middle school building in Corinth. Both schools are located north of Dallas.<\/span><\/p>\n

ResponsiveEd\u2019s Chief Financial Officer James Taylor oversaw both bond sales. The 2016 30-year issue sold at a low 3.05 percent effective interest rate, saving the company $4 million over the term of the bond as compared to original projections.<\/span><\/p>\n

\u201cWe are in a position to grow our Texas schools thanks to the company\u2019s strong fiscal management over the past 10 years. We have been careful to ensure communities are able to sustain schools before investing in costly facilities. Our approach is paying off for us, as evidenced by the strong support from the markets,\u201d he said.<\/span><\/p>\n

The company\u2019s strategy of starting small and renting space for schools has allowed ResponsiveEd to operate schools within the funds provided by the state of Texas, which averages about $7,200 per student. ResponsiveEd\u2019s leadership team has focused on launching lean schools and developing them as it has grown to more than 21,000 students in Texas and Arkansas.<\/span><\/p>\n

\u201cOur goal is to provide school choice for parents with a strong emphasis on character-building. Our schools have been successful in our urban centers, suburbs and smaller communities across the state. It is clear to us that when parents have a range of public schools choices, including charter schools, they are willing to make the decisions that they think are best for their children,\u201d said Chief Operating Officer Robert Davison.<\/span><\/p>\n

ResponsiveEd\u2019s fiscal policies have earned it a Standard & Poors BBB rating, the highest of any Texas charter school operator. It also has the backing of Texas\u2019 Permanent School Fund (PSF), which provides public schools with loan guarantees and gives ResponsiveEd further strength, given Texas\u2019 AAA rating. A portion of the fund is allocated to charters based on student enrollment for facilities financing.<\/span><\/p>\n

In addition to strong fiscal policies, ResponsiveEd has also minimized risk through operational diversity by developing seven distinct educational models, including classical, early college, STEM and credit recovery. Investors have expressed confidence in ResponsiveEd bonds, recognizing this track record of \u00a0innovation and diversity, as well as the financial stability it provides.<\/span><\/p>\n

\u201cChoice is great if the choice is real. Since all students have different needs and interests, we have created different kinds of schools and cluster them when possible. \u00a0This allows students to have access to a range of options,\u201d said Anthony Edwards, VP of School Expansions.<\/span><\/p>\n

ResponsiveEd has established these clusters in places like North Houston<\/a>, where the company operates a new college prep school, two early college high schools, a classical academy and credit recovery campus. In all, the five campuses serve more 1,500 students.<\/span><\/p>\n

It is doing the same in Dallas, Austin and the Rio Grande Valley.<\/span><\/p>\n

Now that ResponsiveEd has established more than 70 charter school campuses in Texas, it is focusing on improving facilities. The 2016 bond makes funds available to build new campuses in Tyler, Huntsville, Flower Mound and Lewisville. At the same time, ResponsiveEd will improve several other campuses in the two Texas charter districts it operates. In doing so, the company will add more than 2,500 seats at its upgraded locations in pursuit of its in-state growth goal of 35,000 students.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Just as students returned to their campuses this fall, Responsive Education Solutions (ResponsiveEd) completed the sale of a $65 million bond package that will power the growth of the charter…<\/p>\n","protected":false},"author":2,"featured_media":4125,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,11],"tags":[138,299,615],"class_list":{"0":"post-1964","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-featured-secondary","8":"category-in-the-news","9":"tag-bond","10":"tag-fiscal-responsibility","11":"tag-responsiveed"},"yoast_head":"\nResponsiveEd Funds Growth of Charters Schools Through $65 Million Bond Sale<\/title>\n<meta name=\"description\" content=\"Just as students returned to their campuses this fall, ResponsiveEd completed the sale of a $68 million bond package that will power the growth...\" \/>\n<meta name=\"robots\" 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