When Triad Math and Science Academy (TMSA) set out to expand its high-demand science, technology, engineering, arts, and mathematics (STEAM) education model across North Carolina, the opportunity was clear — but so was the challenge.

With thousands of students on waitlists and an ambitious growth plan underway, TMSA needed a financial provider that understood not only the complexity of charter school financing, but also the mission driving the expansion.

For PNC, the engagement was the result of years of relationship-building.

“This was a relationship built over time — showing up, staying close to the client, and understanding their goals,” said Monica Cutno, Director, PNC Capital Markets Charter School Group. “When the opportunity came, we were ready to deliver.”

Turning Opportunity into Execution

To support TMSA’s next phase of growth, PNC delivered a coordinated financing strategy designed to address both immediate needs and long-term expansion.

The solution included a $25 million bridge loan to enable the acquisition and renovation of a school facility, followed by $78 million Series 2026 Education Revenue Bonds to fund three new K–8 campuses and refinance existing debt (including the PNC loan).

“What set PNC apart was our ability to bring the full platform, pairing short-term financing with long-term capital markets execution,” said Cutno. “Through close collaboration with key PNC stakeholders across the business, we helped deliver seamless coverage, execution efficiency, and a holistic capital solution.”

For TMSA, the structure delivered both flexibility and confidence.

“PNC understood our growth ambitions from the beginning — not just the financing, but the mission behind it,” said Ben Karaduman, Superintendent of TMSA Schools. “They brought solutions that allowed us to move forward with confidence while staying disciplined in how we scale.”

Navigating Complexity with Sector Specialization 

Executing a financing of this scale required careful management of multiple moving parts, from construction timelines to capital structure integration and credit considerations.

One of the most critical challenges was confirming the organization’s expansion strategy was clearly understood by both investors and rating agencies.

“This was a complex credit story given the scale of expansion,” said Beatriz Peguero, Managing Director, PNC Capital Markets Charter School Group. “Our role was to make sure both investors and rating agencies understood the strength of the organization and its ability to grow responsibly.”

Despite pressure tied to the scope of the expansion, PNC’s approach helped confirm the financing aligned with TMSA’s enrollment strategy, charter renewals, and long‑term sustainability goals. 

The ‘One PNC’ Approach

The relationship with TMSA also reflects the strength of PNC’s coordinated coverage model.

From initial financing through future planning, multiple lines of business came together to support the school’s broader needs:

  • Capital Markets structured and executed the bond financing;
  • Credit Products Group (CPG) delivered the bridge loan;
  • Treasury Management engaged on operational efficiency and risk mitigation; and
  • Institutional Asset Management (IAM) introduced long-term investment strategy capabilities.

That collaboration is already opening the door to deeper engagement, including a potential expansion of TMSA’s banking relationship.

Positioned for Long-Term Growth

With the right financing in place, TMSA is now positioned to expand meaningfully, including 2,700 new student seats across three campuses and a clear path toward serving more than 10,000 students by 2030.

Karaduman noted: “This is more than an expansion story — it’s a community impact story. The new campuses will help us meet the growing demand for high‑quality public education while supporting local economies through construction, jobs, and long‑term investment.”

“It’s another example of how PNC’s deep charter school experience can help clients turn growth plans into measurable outcomes with lasting impact,” Peguero added. 

A Model for Client Success

Through consistent relationship management, sector specialization, and the ability to deliver integrated solutions, PNC helped transform an ambitious growth plan into a scalable, sustainable reality.

For TMSA — and the thousands of students it serves — the impact is just beginning to unfold.