 - Plans to save state financing costs for Charleston bridge_files/archives_title.gif) |
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Posted on Thu, Jul. 15, 2004 | | |
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Plans to save state financing costs for Charleston bridge Associated Press COLUMBIA, S.C. - The state will save about $25 million by issuing bonds to help pay for the new Ravenel Bridge in Charleston instead of using federal loans, state officials said Thursday. The Federal Highway Administration was offering a $215 million loan for the $650 million bridge at a 5.73 percent interest rate. Merrill Lynch bid 4.57 percent in a $245 million revenue bond deal for the South Carolina Infrastructure Bank, state Treasurer Grady Patterson said Thursday. The deal also helped Horry County restructure its debt to the bank, said bank's chairman, Don Leonard said. | |||