Summary: Public Finance Authority, Wisconsin Triad Educational Services, North Carolina; Charter Schools

S&P Global Ratings assigned its 'BBB-' long-term rating to Public Finance Authority, Wis.' series 2021A, 2021B, and 2015A bonds issued for Triad Educational Services Inc., N.C., on behalf of Triad Math and Science Academy Company (TMSA or the academy). The outlook is stable. The $31.045 million series 2021 bonds are expected to finance a new facility at TMSA's Greensboro campus (Triad School), finance the acquisition and construction of its Apex School in Apex, fund a debt service reserve and capitalized interest, and pay issuance costs. Pro forma debt of approximately $51.6 million will consist of the series 2021 bonds as well as the school's $20.8 million series 2015A bonds outstanding. All bonds are on parity and are secured by gross

...S&P Global Ratings assigned its '###-' long-term rating to Public Finance Authority, Wis.' series 2021A, 2021B, and 2015A bonds issued for Triad Educational Services Inc., N.C., on behalf of Triad Math and Science Academy Company (TMSA or the academy). The outlook is stable. The $31.045 million series 2021 bonds are expected to finance a new facility at TMSA's Greensboro campus (Triad School), finance the acquisition and construction of its Apex School in Apex, fund a debt service reserve and capitalized interest, and pay issuance costs. Pro forma debt of approximately $51.6 million will consist of the series 2021 bonds as well as the school's $20.8 million series 2015A bonds outstanding. All bonds are on parity and are secured by gross revenue of TMSA through a lease agreement from Triad Educational Services Inc., which is the borrower. Legal provisions include a liquidity covenant of 45 days' cash on hand and an annual debt service coverage (DSC) of 1.1x. Under the loan agreement, if...

Summary