State Treasurer Curtis Loftis announced that his office assisted the College of Charleston with the issuance of $24,075,000 in Academic and Administrative Facilities Revenue Refunding Bonds, Series 2021A, on March 31, 2021.
These bonds were issued to refund the college’s outstanding Series 2011A Academic and Administrative Facilities Revenue Bonds. Prior to the bond sale, the College of Charleston’s A1 rating on revenue-backed bonds was affirmed by Moody’s Investors Service, which said the rating was reflective of the college’s role as a public academic institution with strong student demand, ongoing support from the State of South Carolina and generally stable operating performance.
According to Treasurer Loftis, the bonds were well received by the market. The Series 2021A refunding bonds were sold to Raymond James in a competitive sale at a true interest cost of 1.57%. Yields on the bonds ranged from 0.18% in 2022, to 2.00% in the final 2037 maturity. This transaction will save the College of Charleston more than $6 million in debt service payments over the life of the bonds.
Since taking office in 2011, Treasurer Loftis and his staff have capitalized on market conditions to refund outstanding bonds when feasible to achieve more than $489 million in bond-related savings for the benefit of the state and its issuing agencies.
For more information on the S.C. Treasurer’s Office, please visit treasurer.sc.gov.