For Immediate Release
Tuesday, 13 June 2000
Better Housing for USC Students
$21.2 Million in Very Competitive Bonds Sold to Pay for USC’s "Phase Two"
COLUMBIA, SC – State Treasurer Grady L. Patterson’s Office sold $21,170,000 in Revenue Bonds on behalf of the University of South Carolina-Columbia, today. The bonds will provide funds for "Phase Two" of the University’s "Master Plan" which will replace up to 2,200 dormitory rooms that have outlived their usefulness.
First Union Securities, Inc. had the winning bid with 5.757% over five other bidders in what State Treasurer Patterson described as "a very competitive morning that saved USC a good deal of money." The second-lowest bid – known as the cover bid – was 5.778% by William R. Hough & Co.
Moody’s, one of the three largest rating agencies, just upgraded USC’s bond rating from "A1" to "Aa3". Mr. Patterson said, "the huge rating increase made today’s sale more attractive to investors. For years to come, this rating increase will serve to keep the University of South Carolina growing stronger at a lower cost to the people it serves."
The proceeds of today’s bond sale will be used for the East Quadrangle Project that is expected to open in August 2000. It is the second phase of the University’s "Master Plan" – a series of housing and replacement projects that will occur over the next ten years. The East Quadrangle building is the large project now underway along Blossom Street in downtown Columbia.
Mr. Patterson ended by said, "Because of the State’s stellar AAA credit rating – and the University’s new, stronger rating – these facilities can be built at the lowest possible cost without raising taxes on South Carolina’s hard-working families."
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For more information contact:
David A. Adams, 803/734-0380