JEDA Issues $18.5 Million in Bonds for Mount Pleasant’s Oceanside Collegiate Academy
Mount Pleasant, SC — Charleston County
The South Carolina Jobs-Economic Development Authority (JEDA) has issued an $18.5 million bond for Oceanside Collegiate Academy to refinance previous borrowings and pay for expansions at its existing campus.
The tax-exempt Educational Facilities Revenue Bonds refunded prior 2016 bonds used to finance the construction of the school’s original facilities used for the grades 9-12 public charter school located at 580 Faison Road in Mount Pleasant. Bond proceeds will also be used for new capital improvement projects that include construction of improvements to the school’s athletic stadium and additional parking plus upgrades for other school facilities.
The new bond issue earned investment grade from Moody’s Investors Service, making Oceanside Collegiate one of the first public charter schools to achieve that status for its financing in South Carolina.
“JEDA financing has been critical to our school’s creation and now our continued growth, and we appreciate their support and guidance.”
Christina Brown, Principal at Oceanside Collegiate Academy
“It has been a pleasure to help Oceanside Collegiate Academy take advantage of its investment-grade bond rating to refinance its existing indebtedness for savings and expand the school’s existing facilities to better serve its students,” said Sam Howell, Bond Counsel with Howell Linkous & Nettles in Charleston.
“JEDA has a long history of providing financing to schools from Pre-K through colleges and universities across the Palmetto State. The ability to refinance existing debt at favorable terms adds to the effectiveness of the options they can leverage,” said Jesse A. Smith, Executive Director of JEDA in Columbia.
