Georgia Military School to Miss September Payment on Muni Bonds

Riverside Preparatory Academy, a private military school in Georgia, will not be able to make an interest payment due to bondholders on Sept. 1, according to a regulatory filing dated Thursday.

• Riverside sold $52 million of municipal bonds in 2017 to refinance existing obligations. Roughly $48.5 million of debt is still outstanding
• The school drew on reserves to make a March 1 interest payment. It did not make a principal payment on that date
• “Unpaid principal and interest, now or in prior periods, have not been forgiven, will continue to accrue interest, and be outstanding, due and payable,” ...