Wofford College is refunding older bonds to help pay for renovations to its main building, construct a new residential village and install a new HVAC loop.
According to the South Carolina Jobs-Economic Development Authority, the college is using $24.36 million in tax-exempt bonds to help refinance the expansions. Among the expansions is the construction of a 424-bed student residential village and upgrades to the Old Main building.
“The new residential facilities marked a new era in expanding our ability to serve our student body,” said Barbie Jefferson, Wofford College CFO, in a news release. “Refinancing that work now helps us do more going forward.
The new bonds are Series 2016 Economic Development Revenue Refunding bonds that will refund bonds issued in 2007 and 2008, according to JEDA. It is the proceeds from the refund of the older bonds that provided the proceeds for the expansion.
Last year, Wofford College received $50 million in JEDA bonds to build the Rosalind Sallenger Richardson Center for the Arts and the Jerry Richardson Indoor Stadium. Both are expected to open later this year.
“JEDA is pleased to be able to once again provide investors attractive bond issues that enable an important member of the South Carolina educational community to grow and thrive,” said Harry Huntley, executive director of JEDA in Columbia.
The Greenville office of Haynsworth Sinkler Boyd PA served as bond counsel.