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Issuer Type: Pool/Bond Bank/Conduit
Equitable School Revolving Fund
On behalf of the Equitable School Revolving Fund (ESRF), I would like to welcome you to our BondLink investor relations website. ESRF holds proven, high-performing public charter school loans and offers investors an 'A' rated Revolving Loan Fund structure - one that is based off of best practices from the municipal securities market. You can read a summary of our Fund and last year's highly successful initial $111 million bond offering here. We are planning a second bond sale in summer 2020 and look forward to providing an update on our fund's progress soon. ESRF also benefits from the extensive public charter school expertise carried by the team at Equitable Facilities Fund, the non-profit entity which serves as ESRF's Program Administrator.
I hope you find this website useful as you seek to better understand the credit and structural fundamentals of the Equitable School Revolving Fund. Please do not hesitate to contact me through email at firstname.lastname@example.org or by phone at (734) 730-1025 with any questions or suggestions.
Anand Kesavan, ESRF and EFF Founder & Chief Executive Officer
EFF is proud to announce the closing of a $25.6 million loan to Not Your Ordinary School (NYOS) in Austin, TX. This 30-year, fixed-rate loan will **finance the construction of a state-of-the-art facility **that will catalyze NYOS's growth and provide a high-quality education option for more Austin families. The loan will save the school approximately $9 million, providing additional resources to support students, teachers, and leaders. We are grateful for our exceptional funders, investors, and the entire NYOS community for making this high-impact partnership possible.
Founded in 1998, NYOS serves 1,063 students in grades PK-12 and will nearly double in size over the coming years. The school’s culture, commitment to families, and diverse-by-design model have contributed to a reputation as one of Texas’s best public charter schools. NYOS consistently outperforms the state and its sending district on Math, ELA and SAT/ACT tests and has earned distinction as one of the nation's best high schools from US News and World Report. You can read more on EFF's partnership with NYOS here.
I hope that you and your loved ones are staying well during this time of uncertainty. Like all of you, we’ve been grappling with the impact of the COVID-19 crisis on our friends and families, the public education sector, and the global community.
In the midst of these challenging times,I am grateful to share two things with you:
1. Exemplary Leadership
I am humbled and inspired by the extraordinary work schools across the country are doing as they continue to educate students and provide essential services to communities.
2. Recent High-Impact Loan Closings _
Like our school partners, EFF is dedicated to tackling the challenges of these unprecedented times. We continue to focus on delivering value and putting money back in the classroom where it belongs. Our collaborative, problem-solving approach culminated in the closing of two low-cost, long-term, fixed-rate facility loans over the last month to KIPP New Jersey in Newark and Renaissance Arts Academy in Los Angeles.
Founded in 2002, KIPP New Jersey has grown to serve over 4,700 K-12 students, 90% of whom are economically disadvantaged. The school provides a high-quality education option to families in Newark, and its students outperform their wealthier peers throughout the state. EFF provided a $21.5 million loan to finance the acquisition and renovation of a former Newark Public School building. The 30-year, fixed-rate loan will save the school $2.4 million.
Renaissance Arts Academy serves 540 students in grades TK-12, 65% of whom come from low-income families in Los Angeles. RenArts has a 15-year history of exceptional student outcomes, including top 10% statewide test scores. EFF provided a $16.1 million loan to finance the acquisition of the school that RenArts previously leased. In addition to financing a permanent home, the 30-year, fixed-rate loan will save the school $3.5 million.
EFF remains committed as ever to its mission to provide equitable financing for high-quality public charter schools. We are proud to partner with schools like KIPP New Jersey and Renaissance Arts Academy that offer excellent education options for all students.
At EFF, we believe all great public charter schools deserve equitable access to low-cost, long-term facility financing. I’m reaching out today with a few pieces of exciting news as we continue along our journey to promote high quality education options for all students.
High-Impact Loan Closing: Caliber Public Schools
We're very pleased to announce the closing of a $14.3M loan to Caliber Public Schools. Founded in 2014, Caliber’s Richmond and Vallejo campuses have established reputations as two of the region’s best schools. Their mission to “shift the experiences, expectations and outcomes for students in historically underserved communities” deeply resonates with our work at EFF. We’re proud to finance the acquisition of a permanent home for Caliber’s ChangeMakers Academy campus in Vallejo.
Caliber was able to take advantage of historically low, long-term rates and EFF’s philanthropy- enhanced loan program to put money back in the classroom where it belongs. Congratulations to Caliber and keep up the excellent work!