Piper Sandler served as Sole Manager of Nova Classical Academy’s $19,705,000 issuance of BB+ rated Tax-Exempt Charter School Lease Revenue and Refunding Bonds, Series 2025 through the Housing and Redevelopment Authority of the City of St. Paul, Minnesota. The 2025 financing was the 4th financing that Piper has completed for the School. The deal was structured as interest only through 2047 in order to wrap the 2025 debt service around the prior Bonds and provide level aggregate debt service for 40-years.

Proceeds of the Series 2025 Bonds were used to:

• Redeem and prepay a portion of the school’s Series 2016A Charter School Lease Revenue Bonds and 2021A Charter School Lease Revenue Refunding Bonds;
• Finance the construction, improvement and equipping of a new 28,363 square foot Student Center located adjacent to the school’s existing schoolhouse;
• Finance improvements to the existing schoolhouse; 
• Fund a deposit to the reserve fund; and 
• Pay the costs of issuing the 2025 bond