Trillium Academy: An Exclusive Investment Opportunity

**This issue is now available in secondary market; please speak with your advisor for details**

$10,510,000*
Trillium Academy 
Public School Academy Revenue and Refunding Bonds
Series 2018 (S&P Rated BB, Stable)

HJ Sims is pleased to serve as underwriter for the upcoming issue of these S&P “BB, Stable”-rated, tax-exempt revenue and refunding bonds. Trillium Academy (Trillium) is one of three charter schools in Taylor, MI, located approximately five miles southeast of DTW Airport. The Academy opened in 2002 with an enrollment of 149 students in grades K-6. Trillium’s academic success and unique program have enabled it to enjoy strong growth. The charter was renewed for third time in July 2015, with the maximum allowed term of five years.Today, Trillium educates approximately 585 students in grades K-12.

About the Bonds

  • Tax-exempt
  • S&P “BB, Stable”
  • Refinancing Series 2005 and Series 2007 bonds, plus fund debt service reserve fund
  • Term bonds: 2028 and 2039
  • $5,000 denominations or any integral multiple thereof
  • No investor restrictions
  • First Coupon: November 1, 2018

Financial Metrics:

  • Historic Debt Service Coverage Ratio (Cash Basis): 1.33 (2017)
  • Historic Debt Service Coverage (Accrual Basis): 1.85 (2017)
  • Historic Cash on Hand: 51 (2017)
  • Projected Debt Service Coverage Ratio: 1.78x (2019)
  • Projected Days Cash on Hand: 78 (2019)

Security:

  • First lien on mortgaged property
  • State School Aid Intercept Agreement
  • Debt Service Reserve Fund
  • Full Faith and Credit Obligation of Academy

Covenants:

  • Debt Service Coverage Ratio: IF Days Cash on Hand is less than 60 Days: 1.10x; IF Days Cash on Hand is equal to or greater than 60 Days: 1.00x; Days Cash on Hand: 30 Days beginning Fiscal Year 2019

We are currently accepting indications of interest for these S&P “BB, Stable” rated, tax-exempt, revenue and refunding bonds with an expected pricing date of April 12, 2018 and anticipated settlement date of May 14, 2018. For more information including risks, please read the Preliminary Official Statement in its entirety.  If you have interest in purchasing Bonds in the new issue, please contact your HJ Sims financial advisor as soon as possible or call 888.841.3872. 

*Subject to change

No dealer, broker, salesperson, or other person has been authorized to give any information or to make any representation other than those contained in the Preliminary Official Statement, and, if given or made, such other information or representation should not be relied upon as having been authorized by the Issuer, the Borrower, or the Underwriters. The information set forth herein has been obtained from the Issuer, Borrower, and other sources that are believed to be reliable, but is not guaranteed as to accuracy or completeness by, and is not construed as a representation of, the Underwriters. The information contained herein is subject to change without notice. Under no circumstances shall this constitute an offer to sell or solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offering or solicitation will be made only to investors pursuant to the Preliminary Official Statement, which should be read in its entirety. Investments involve risk including the possible loss of principal. HJ Sims is a member of FINRA and SIPC and is not affiliated with Trillium Academy.
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