State Treasurer and Infrastructure Bank save $21 million in bond refinance
June 22, 2015
COLUMBIA, SC – South Carolina State Treasurer Curtis M. Loftis Jr. and State Transportation Infrastructure Bank Chairman Don Leonard announced the State has reached an agreement to refinance $173 million of Infrastructure Bank revenue bonds.
Refinancing will save about $21 million over the remaining 12-year life of the bonds. Wells Fargo won the competitive bid by offering an overall rate of 2.5%.
“One of my prime responsibilities is to ensure South Carolina’s financial health,” said Treasurer Loftis. “Searching for refinancing opportunities — especially in large dollar infrastructure projects — is vital to lowering the taxpayer’s cost.”
Since 2011, the Infrastructure Bank has refinanced nearly a billion dollars of debt to achieve $123 million in savings.
“The bank is the largest entity of its kind in the country, and serves as a model for other states to follow,” said State Transportation Infrastructure Bank Chairman Leonard. “Since its formation, the bank has funded billions in local transportation projects touching almost all areas of the state. This transaction will provide the bank with needed flexibility to continue that mission.
About the South Carolina Office of the State Treasurer
To serve the citizens of South Carolina by providing transparent, accountable and efficient banking, investment, and financial management services for South Carolina State Government. Our commitment is to safeguard our State’s financial resources and to maximize return on our State’s investments.
