Successful Sale of Refunding Revenue Bonds
July 21, 2017
On July 11, 2017, the Office of State Treasurer, on behalf of the South Carolina Transportation Infrastructure Bank (SCTIB), sold $188,725,000.00 in Refunding Revenue Bonds, Series 2017A.
The successful sale generated a Net Present Value savings of $23.9 million and a True Interest Cost of 3.8996% for the Bank.
“Ultimately, the sizable savings generated by the 2017A Revenue Refunding Bonds will be redeployed for important transportation projects statewide,” said Treasurer Curtis Loftis.
The competitive sale realized 7 bids with the winning bid being submitted by J.P. Morgan Securities, LLC. Closing will occur on July 27, 2017.
The SCTIB was created in 1997 to select and assist in financing major qualified projects by providing loans and other financial assistance for constructing and improving highway and transportation facilities necessary for public purposes, including economic development.