Office of State Treasurer

FOR IMMEDIATE RELEASE

Grady L. Patterson, Jr.

Contact:
Brent A.Weaver
803-734-2665
weavb@sto.state.sc.us

Wednesday, 30 October 2002

 

 

STATE INFRASTRUCTURE BANK BONDS SOLD

TREASURER PATTERSON PLEASED WITH RESPONSE FROM INVESTORS.  

Columbia , SC – State Treasurer Grady L. Patterson, Jr., issued $295 million in State Infrastructure Revenue Bonds today.  This offering was well received by the investing community.  Rates for today’s issues reflect the importance of South Carolinas impeccable credit rating.  “Each investor understands that South Carolina is a fiscally conservative state that keeps a very close eye on our debt issuance.  When we go to market with this type offering we are well received,” stated Patterson.

 Today was no different in that respect.  The winning bidder was Merrill Lynch & Company with a bid of 4.86%.  The proceeds from this bond sale will help to promote economic development throughout the state.  Specifically, programs ranging from improving roads to building bridges that help move citizens and tourists alike will be funded.  Several counties and communities will benefit from the improvements including Aiken County , Anderson County , Charleston County , Greenville County , Horry County , Lexington County , and Spartanburg County .

 “I am so proud that we were able to build and repair roads and bridges around South Carolina without raising taxes a dime on our hard working families,” State Treasurer Patterson concluded. “Our State’s AAA credit rating, allows us to complete even larger projects that lay the foundation for a stronger South Carolina .”