City of Charleston, SC, to Sell $108.5M in General Obligation Bonds

Dow Jones

18 Apr

By Chris Wack

The City of Charleston in South Carolina plans to issue $108.5 million of general obligation bonds in a competitive transaction to finance a series of capital projects.

Proceeds from the offering will also be used to pay for issuance costs, according to documents posted on MuniOS on Thursday.

The sale consists of $40 million of Series 2025 A general obligation bonds and $68.5 million of Series 2025 B general obligation bonds.

The Series 2025 A bonds mature on Sept. 1 from 2025 through 2049. The Series 2025 B bonds mature on Sept. 1 from 2025 through 2044. Interest rates and yields have not yet been set. The sale date is set for April 29.

Money from the sale will be used for the construction of parks and recreation capital improvement projects in Charleston, including a new year-round aquatic center and improvements at Stephen Washington Park. Proceeds will also be used to purchase land for parks and recreation projects.

The bonds are payable from a tax to be levied upon all taxable property in the city.

Charleston is a major coastal city, and is the principal seaport of South Carolina, according to the offering document.

The securities have been rated Aaa by Moody's and AAA by S&P Global Ratings.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

April 18, 2025 11:20 ET (15:20 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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