Georgia Military Academy to Draw on Reserve to Make Bond Payment

Riverside Preparatory Academy, a private military school in Georgia, will draw on a reserve fund to make an upcoming payment to bondholders as it struggles with sinking enrollment.

The school’s board of trustees determined on Feb. 7 that it wouldn’t be able to pay principal and interest on March 1, according to a securities filing dated Tuesday. The academy has directed UMB Bank — the bond trustee — to make a draw on the debt-service reserve fund to make the payment, the filing said.

Founded in 1907, Riverside Prep, also known as Riverside Military Academy, is located in ...