For Immediate Release
Tuesday, 26 June 2001
CLEMSON ATHLETICS $20.96 MILLION BOND SALE
Columbia, SC – State Treasurer Grady L. Patterson, Jr’s office completed the issue of $20,985,000 in Athletic Revenue Bonds for Clemson University. The Treasurer’s Office structured and issued the bonds on behalf of the University.
Bids were lower than expected.
Today bids were received on-line at eleven o’clock from six groups. First Union National Bank won with a low bid of 4.499%. The cover bid (second lowest) was 4.529% from UBS PaineWebber, Inc. The high bid was 4.633%.
"The market came together for us around four and a half percent, but when we woke up this morning it looked like it would be closer to five," Patterson said. "Half a point is a huge difference, and we would not have gotten that rate without our AAA credit rating and Clemson’s reputation."
The bonds were issued to provide funds for the following projects:
"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 the tradition-rich Clemson Athletics programs."
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For more information contact:
David A. Adams, 803/734-0380