APA 2026-03 Bond Issuance Underwriting Services

The State of Utah Division of Purchasing, conducting procurement on behalf of Utah Charter Academies (UCA), is soliciting qualifications for Managing Underwriter services through a Value Based Selection process under Utah Procurement Code 63G-6a Part 15. UCA seeks a Managing Underwriter to provide comprehensive investment banking services for a complex, multi-project bond issuance estimated at approximately $64 million for the Series 2026 Charter School Revenue Bonds. The financing will support expansion of the UCA network, including land acquisition and construction of three campuses: Eagle Mountain Campus, West Valley 2 Expansion, and Salem Campus Expansion. Key deliverables and responsibilities include debt structuring, credit presentation to S&P Global Ratings, investor marketing and distribution, due diligence coordination, transaction execution including interest rate negotiation, closing arrangements, and expert pricing negotiation to secure the lowest possible cost of capital. Mandatory qualifications require that respondents be registered as an underwriter with both the SEC and MSRB, demonstrate proven experience as managing underwriter for charter school bond offerings exceeding $50 million, and possess experience working with the Utah Charter School Finance Authority as the conduit issuer. The evaluation criteria are weighted as follows: National Charter School Expertise (40 percent), UCA Institutional Continuity (35 percent), Technical Proficiency (15 percent), and Proposed Fee Structure (10 percent). Submissions must include project team details identifying the Managing Director and team members, a marketing plan outlining investor identification and outreach strategy, and conflict of interest disclosures in compliance with MSRB Rule G-17. The deadline for qualifications submissions is April 8, 2026, with submissions accepted via Bonfire or by email to dsharette@apamail.org; pricing should not be included in qualifications submissions, as compensation will be negotiated separately at fair and reasonable terms determined during contract negotiations with the highest-ranked vendor.

The procurement documents do not identify any specific set-aside designations or restrictions on types of organizations that can respond, nor do they reference disadvantaged business enterprise requirements. There is no identified incumbent vendor or current contractor listed in the solicitation materials. However, UCA prioritizes firms with deep institutional knowledge of its Series 2015 and 2018 Bonds and familiarity with the current Zions Custodial Agreement, indicating that prior experience with UCA's historical bond financings would be advantageous. The selected firm must demonstrate technical ability to market Utah-specific "Pledged Revenue" credits to national investors and possess the institutional continuity to manage complex multi-project bond issuances for charter school operations. No specific budget range or award value is disclosed in the procurement documents; rather, the contract value will be determined through fair and reasonable compensation negotiations following selection of the highest-ranked vendor. The State reserves the right to proceed with negotiations with the next highest-ranked vendor if agreement cannot be reached with the top-ranked firm on contract requirements and compensation terms.