HARMONY PUBLIC SCHOOLS' LATEST
BOND ISSUE BREAKS NATIONAL RECORD
Jun 1, 2011
HARMONY PUBLIC SCHOOLS’ Latest bond issue
Breaks national record
for dollars raised
Harmony Public Schools raises a record $215 million after their fourth bond
offering, affirming confidence in Harmony’s business model, future growth
potential
HOUSTON—Harmony Public Schools (HPS) announced today that after its fourth bond
issue of $65 million, which was complete on May 26, it has raised a cumulative
$215 million through public bond offerings in the last 10 years, a
record-breaking figure for charter schools nationwide.
This latest bond issue reached a fever pitch with investors, when each bond was
oversubscribed at a rate of 10; meaning there were 10 buyers for each one of the
65 million bonds that were issued. The overwhelming demand for these bonds
illustrates the confidence of the markets in Harmony’s business model, financial
structure and potential for future growth.
“At Harmony Public Schools excellence is our standard, as evidenced by the fact
that we have more than 21,000 students on our waiting list,” said HPS
Superintendent Dr. Soner Tarim. “Today’s bond issue was extraordinary and we
believe it is a demonstration of the confidence the markets have in the Harmony
Public Schools’ business model, and our ability to continue serving even more
Texas students.”
HPS is the state’s largest network of charter schools, with 33 schools serving
more than 16,000 Texas students. This latest bond will fund Harmony’s plans for
opening five additional campuses for the upcoming 2011-2012 school year, and
allow them to reduce their staggering wait list of 21,000 students.
One of the primary obstacles facing charter schools is the acquisition of
adequate financing for school facilities. Recently, charter schools have taken
advantage of tax-exempt bond financing to fund capital improvements and
expansion. Bond financing can be used for land acquisition, refinancing of
capital debt, bricks and mortar, furnishings, equipment and many other costs
associated with a school’s educational purposes. Harmony and its parent, the
Cosmos Foundation, have previously issued bonds for $30 million, $30 million and
$90 million.
For the past decade, HPS has provided students living in underserved communities
the opportunity to excel in their studies in a small classroom environment. With
a college acceptance rate for Harmony graduates of 100 percent, HPS has earned a
reputation for providing a distinct, high-quality education, as well as other
skills needed to succeed in life. To date, 14 Harmony schools are designated
T-STEM (Texas Science Technology Engineering and Mathematics) academies.
About Harmony:
Harmony Public Schools are high performing K-12 college preparatory charter
schools in Texas. Harmony blends the highest standards and expectations, a
rigorous math and science-centered curriculum, and dedicated and engaged
teachers and families to cultivate excellence and prepare students to succeed in
college, careers and life. At Harmony Public Schools, we believe every child can
succeed, and we are committed to helping them realize their full potential. In
2011, we are celebrating 10 years of success in preparing Texas children for the
careers that are driving the economy of the future. To learn more about Harmony
Public Schools and our 33 campuses across Texas, please visit:
www.harmonytx.org, and follow us on Twitter at @HarmonyEdu and ‘Like’ us on
Facebook: www.facebook.com/HarmonyPublicSchools