For Immediate Release

Wednesday, 28 November 2001

$370 MILLION FOR ROADS & INFRASTRUCTURE

 

Columbia, SC – Today, the State Treasurer’s Office conducted two revenue bond sales totaling $369,815,000 to be used for projects around South Carolina. State Treasurer Grady L. Patterson, Jr.’s office received bids online at 11:00 and 11:30 a.m. for the two revenue bond issues.

Four bids were received for the $246,475,000 first sale. Lehman Brothers won with a low bid of 5.228%. Merrill Lynch was next as the cover bid at 5.234%. The second sale of $123,340,000 also received four bids. The winning bid was 5.069% by Merrill Lynch and the cover was 5.077% from J.P. Morgan.

"Today, we are addressing our crisis in roads and paving the way for new growth and prosperity," State Treasurer Patterson said. "These bonds target and raise funds for critical road needs around the state without raising taxes."

The South Carolina Transportation Infrastructure Bank was created in 1997 to address longstanding and immediate infrastructure needs. The projects benefiting from today’s sales are:

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For more information contact:
David A. Adams, 803/734-0380