Columbia, SC – South Carolina went to market with one of its largest bond packages ever Wednesday morning. Two bonds totaling $450 million were issued today by State Treasurer Grady L. Patterson, Jr.’s office – $350 million for road projects in every corner of the state. Both bonds were sold using competitive bids by investors.

The State Highway Bonds ($350 million) received a low bid from Salomon Smith Barney, Inc. of 4.768%, and a cover bid of 4.774% from Lehman Brothers. The Capital Improvement Bonds ($100 million) received a low bid of 4.426% by JP Morgan Securities, Inc., and the cover bid was 4.456% by Salomon Smith Barney, Inc. Four bids were placed on each issue.

"Anyone who has traveled the back roads of the Lowcountry and the Pee Dee, or seen the highway and interstate congestion around Greenville, Columbia and Charleston knows that this is a big day," Mr. Patterson said. "We are growing so fast – we must continue our commitment to improving our transportation system. It is critical to our quality of life and our economic growth to provide great roads.

"These funds will target critical road needs around the state without raising taxes."

$350 million of State Highway Bonds will be used to pay for construction, reconstruction and improvement of interstates, highways and bridges throughout South Carolina. This will be used in concert with Metropolitan Planning Organizations (in Anderson, Charleston, Columbia, Greenville, Rock Hill, Spartanburg, Florence and Sumter), Council of Governments (the Appalachian, Catawba, Low Country, Lower Savannah, Upper Savannah, Santee Lynches, Pee Dee and Waccamaw), and the Interstate Upgrade Acceleration Program.

The $100 million of Capital Improvement Bonds will be used to pay for ongoing projects around South Carolina.

"These issues are a part of our existing debt projections and our debt limits," Treasurer Patterson concluded. "We must zealously guard our credit rating. Our history of responsible debt issuance allowed us to invest in major projects like these that will benefit generations of South Carolinians, and provide a strong foundation for future economic growth."

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