TMSA Public Charter Schools Secures $94 Million Bond Financing to Expand Educational Facilities Across North Carolina
Apex, NC – TMSA Public Charter Schools (TMSA) proudly announces the successful closing of
a $94,025,000 bond financing through the issuance of Education Revenue Bonds (Triad
Educational Services, Inc.), Series 2025. The financing officially closed on April 2, 2025, and
marks a pivotal step forward in TMSA’s continued commitment to delivering high-quality STEAM
education to students across North Carolina.
The bonds were issued by the Public Finance Authority and underwritten by HJ Sims. Proceeds from the Series 2025 Bonds will fund a wide-ranging initiative to refinance existing debt, acquire
new campuses, and develop state-of-the-art academic and athletic facilities across multiple
TMSA campuses.
With the addition of new bond issuances, TMSA now holds a total of $162 million in facility
bonds, resulting in approximately $9 million in annual bond payments. Unlike traditional public
schools, these costs are not borne by taxpayers through property tax levies. However, the
equivalent funding—had it been sourced through district-issued bonds—would have appeared
on property tax bills, effectively providing an estimated additional $1,500 per student annual cost to the operational budgets of traditional public schools.
This highlights a critical and often overlooked contribution of charter schools to North Carolina's
public education landscape: charter schools deliver high-quality education under the same
accountability standards, yet with significantly fewer public resources. TMSA’s ability to operate with financial efficiency while maintaining academic excellence is a testament to the value and
impact that public charter schools bring to the broader education system.
“This financing is a significant milestone that allows us to expand access to our high-performing
schools, improve our facilities, and continue serving families seeking rigorous and inclusive
public charter education options,” said Victor Ofori, TMSA Governing Board Chair.
Strategic Investments Across North Carolina
With this financing, TMSA will:
● Acquire and renovate the TMSA Charlotte Concord Campuses to serve students in
grades K–12 starting in the 2025–26 school year.
● Construct a gymnasium and implement traffic improvements at the TMSA Triangle
(Cary) Campus.
● Develop a comprehensive athletics complex at the TMSA Triangle High School Campus
in Apex.
● Expand infrastructure at the TMSA Charlotte Elementary Campus to include a new loop
road and a covered outdoor cafeteria.
● Construct a sports complex and renovate gym facilities at the new TMSA Charlotte
Secondary Concord Campus.
The financing will also refund and refinance prior bond issuances from 2015, 2017, and 2019,
helping TMSA reduce borrowing costs and optimize its capital structure.
Impact and Future Growth
The proceeds from the Series 2025 Bonds will support over 7,000 students across four TMSA
schools: TMSA Triad, TMSA Triangle, TMSA Apex, and TMSA Charlotte. These schools have
consistently demonstrated excellence in academic achievement, STEAM-focused instruction, and inclusive education.
As part of this initiative, TMSA will welcome a new cohort of students transitioning from Valor
Preparatory Academy in Concord, further expanding the TMSA family. “This expansion not only enhances our physical campuses but deepens our mission to prepare future-ready students in science, technology, engineering, arts, and mathematics,” said Ben Karaduman, Superintendent of TMSA.
To read the bond documents in detail please follow this link.