Allen Village School is a public charter school located in Kansas City, Missouri. The school was formed in 1999 and issued bonds in 2006 to acquire the school’s K-8 facility.
Crews acquired the school’s 2006 bonds in the open market and waived the optional call provision. Crews was able to work with Allen Village School to refinance their 2006 bonds at lower interest rates. The school was able to keep essentially the same payment amounts and eliminate two years from the final maturity, saving the school over $1.2 million over the life of the bonds. In addition, Crews was able to work with the School and at the time of issuance, the School was the first charter school in Missouri to receive an investment grade rating from Standard & Poor’s. Our firm acted as the sole senior manager and underwrote 21-year, fixed rate, tax-exempt and taxable bonds at a True Interest Cost of 4.25%. The bonds were secured by revenues of the school and a mortgage on the K-8 facility.
Crews worked hard to serve our client in extraordinary ways by: