New JEDA bonds assist Furman’s 2006 investment in expansion
January 26, 2016
GREENVILLE, SC – Furman University is using $64.69 million in Series 2015 Economic Development Revenue and Revenue Refunding Bonds, issued through the South Carolina Jobs-Economic Development Authority (JEDA) to refinance the Greenville school’s investment in its Charles H. Townes Science Center and to finance the renovation and rehabilitation of student housing facilities.
An approximately 75,000-square-foot expansion to the existing 138,000-square-foot Townes Science Center was completed in 2008 using Educational Facilities Authority (EFA) bonds issued in 2006 and these bonds were advantageously refinanced with the Series 2015 JEDA Bonds.
“Refinancing our previous debt with more favorable terms allows us to further leverage our position as a tax-exempt educational entity that focuses on utilizing our resources in the most efficient way possible to prepare new leaders to meet the challenges that lie ahead.”
– Kristopher N. Kapoor, Chief Investment Officer at Furman, which currently employs nearly 900 people
The renovation and rehabilitation of Lakeside Housing – encompassing seven buildings and over 600 beds—is the first step in a multi-phase project to modernize Furman’s traditional freshman and sophomore residence halls, which were built in the 1950’s and 1960’s. “Furman distinguishes itself by ensuring that students have an integrated residential experience throughout their four years, thus students are required to live on campus throughout their tenure. The on-campus experience is an intentional engagement strategy that connects students’ in class and out of class experiences intricately and provides a diverse community venue in which students live, learn and put their knowledge to work preparing them to lead when they graduate,” said Mary Lou Merkt, Vice President for Finance and Administration.
About JEDA
For more than 32 years, JEDA has promoted the business and economic welfare of South Carolina by assisting in the financing of public and private projects throughout the Palmetto State. JEDA serves as a statewide conduit issuer of special obligation revenue bonds and acts on behalf of the borrower to access financial markets and capital. Since its creation in 1983, JEDA has facilitated the issuance of 475 bonds for over $8.9 billion and resulting in the creation and retention of more than 216,301 jobs.
For more information regarding JEDA, please visit our website at www.scjeda.com or contact
Harry A. Huntley, CPA, Executive Director, at (803) 737-0268 or [email protected].
