California State Treasurer Fiona Ma Wednesday announced the sale of $13.6 million in bonds that will be used by Granada Hills Charter School to refinance existing debt and renovate facilities at the school’s Devonshire and Zelzah campuses.

The bonds were issued by the California School Finance Authority, which is chaired by Ma. The financing achieved an investment grade rating of BBB- by S&P Global Ratings and sold at an all-in true interest cost of 2.64%.

The tax-exempt Series 2021A bonds consisted of 4% term bonds maturing in 2029, 2038 and 2048, with yields initially re-offered to investors at 1.21%, 1.66%, and 1.99%, respectively.

“This sale, by refinancing past debt at lower rates, helps Granada Hills Charter save money that will allow it to improve support for students in the classroom and make long overdue facility improvements,” Ma said. “These investments will help generations of students.”

In addition to the bond issuance approval, GHC also received a grant of $837,500 from CSFA to fund a debt service reserve which enhances the bond financing.

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