For Immediate Release
Tuesday, 10 July 2001

 

USC $34,000,000 BOND SALE TODAY
Money for Columbia, Spartanburg and Aiken Campuses

 
Columbia, SC
– Thirty four million dollars in general obligation bonds were issued by State Treasurer Grady Patterson’s office on behalf of USC, today. Bids were received on-line between 11:00 – 11:15 a.m.

The USC issue was very competitive. All five bids were within 0.06% of each other. Merrill Lynch & Co. won with a low bid of 4.791%. The cover bid (second lowest) was 4.802% from First Union National Bank. The high bid was 4.853%.

"The interest in these bonds was great and the contest for them was very close. It shows that South Carolina’s reputation – and our AAA credit rating – carries weight when we go to market with bonds." Patterson said.

The bonds were issued to provide funds for the following projects:

  1. Construction of the Strom Thurmond Fitness and Wellness Center, USC-Columbia.
  2. Renovations and improvements including landscaping, energy conservation, general renovations and intramural athletic field upgrades, USC-Aiken.
  3. Renovations and upgrades at USC-Spartanburg including: Administration Building, Facilities Management Building, Humanities and Performing Arts Center, Smith Building and Hodge Center.

The bond projects were approved by the General Assembly during the 2000 Legislative session.

"We are paying the lowest rates the market has to offer because of our sound financial tradition," Treasurer Patterson concluded. "And, we’re helping strengthen an already bright future for this great institution – students, families and citizens all will benefit from a robust university system."

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