CASE STUDIES

Bonnie Cone Classical Academy Inc. operates two public charter schools known as Bonnie Cone Classical Academy (BCCA) and Bonnie Cone Leadership Academy (BCLA). Located in Huntersville, NC, BCCA commenced operations in the 2019-2020 school year and as of September 16, 2024 served approximately 652 students in grades K-6. Serving students out of two locations and also located in Huntersville, NC, BCLA commenced operations in the 2023-2024 school year, expanded in the 2024-2025 school year. As of September 16, 2024 BCLA’s K-6 and 7-12 campuses served approximately 1,315 students. The schools contract with Charter One, LLC, an Arizona limited liability company for the management of the schools.

Pine Springs Preparatory Academy is a North Carolina public charter school operating under a 10-year charter. Established in 2017, the school initially served grades K-6 but has since expanded to K-8, with a current enrollment of 1,247 students for the 2023-24 academic year. Enrollment for the upcoming 2024-25 year is expected to reach 1,375 students, including 100 in a blended learning program. 

Pine Springs Preparatory Academy is a North Carolina public charter school operating under a 10-year charter. Established in 2017, the school initially served grades K-6 but has since expanded to K-8, with a current enrollment of 1,247 students for the 2023-24 academic year. Enrollment for the upcoming 2024-25 year is expected to reach 1,375 students, including 100 in a blended learning program. 

Plato Academy Charter Schools (“Plato Academy”) is a network of nine K-8 public charter schools serving the Tampa metro area. The network was founded in 2004 and over the past two decades has continued to grow from a sole original campus in Pinellas County to a total of nine campuses in the Tampa metro area. Plato Academy serves approximately 3,800 students in grades K-8 for the 2024-25 school year. The school focuses on the Socratic method with a strong grounding in language and mathematics. Greek is taught as a second language.

Plato Academy Charter Schools (“Plato Academy”) is a network of nine K-8 public charter schools serving the Tampa metro area. The network was founded in 2004 and over the past two decades has continued to grow from a sole original campus in Pinellas County to a total of nine campuses in the Tampa metro area. Plato Academy serves approximately 3,800 students in grades K-8 for the 2024-25 school year. The school focuses on the Socratic method with a strong grounding in language and mathematics. Greek is taught as a second language.

Ivywood Classical Academy (ICA), a public charter school in Plymouth, Michigan, is expanding to meet the growing demand for its classical K-12 educational model. ICA began operations as a K-5 public charter school with a total enrollment of 131. In December 2023, Ziegler underwrote $24.4 million in tax-exempt bonds, the proceeds of which were used to acquire 23 acres of land and construct an additional 49,545-square-foot facility at 12401 North Ridge Road. This new campus will initially serve grades 7-10, with plans for further expand to grade 12.

Shell Point will use the proceeds of the Series 2024A/B Bonds to construct 58 independent living units to be known as Vista Cay in the Island neighborhood. The Vista Cay residences will be located in a 14-story building with river and gulf views on a 11.6- acre site. The Series 2024A/B Bonds are rated BBB+ (Negative Outlook) by S&P Global Ratings and BBB+ (Stable Outlook) by Fitch Ratings, Inc.

Shell Point will use the proceeds of the Series 2024C Bonds, together with other funds, to construct a “Town Center” for the community in the Island neighborhood. The Town Center will be used to house Shell Point’s administration building and its current Island amenities, as well as serve as the new hurricane shelter for its independent living residents. The Series 2024C Bonds are rated BBB+ (Stable Outlook) by S&P Global Ratings and BBB+ (Stable Outlook) by Fitch Ratings, Inc.

Convivial St. Petersburg, LLC (the Borrower) was formed in 2022. Convivial Life, Inc. (Convivial) serves as the sole member of the Borrower and is a Florida not-for-profit corporation organized in 2021. The Borrower will use the proceeds of the Series 2024 Notes to fund the land acquisition, certain predevelopment expenditures and marketing costs of a planned continuing care retirement community on 5.27 acres in St. Petersburg, Florida (the Community). The Community is anticipated to consist of two residential buildings comprised of 170 independent living units, 48 assisted living/memory support units. as well as common areas and administrative and support spaces.

In May 2024, Ziegler underwrote a successful bond financing for St. Mary’s School issued through the California Municipal Finance Authority (CMFA). St. Mary’s School is a PK-8 private school located in Aliso Viejo (Orange County), California. The School was founded in 1994 and currently educates 720 students. They offer a full educational program encompassing academics and athletics, as well as access for all students to International Baccalaureate courses.