JEDA Bond Funding Helps Porter-Gaud School Re-Finance, Expand
CHARLESTON, SC – Bond financing facilitated by the South Carolina Jobs-Economic Development Authority (JEDA) will help Porter-Gaud School in Charleston re-finance and expand.
An economic development bond issue of up to $21 million will be used to refund a 2008 adjustable rate bond that was used for improvements at the college preparatory school’s campus on the Ashley River, and to build and equip new pre-school facilities.
Porter-Gaud School was formed in 1964 by the merger of three other schools, including a military academy dating to 1867. The independent Episcopal school now has about 900 students and serves grades 1-12.
The new JEDA bond issuance will help create construction jobs while maintaining 161 existing permanent jobs and creating eight more at the Charleston institution.
“The ability to refinance our existing debt and leverage today’s favorable interest rate environment through JEDA bond funding is helping us take major steps toward ensuring our continuing legacy as a keystone educational institution in Charleston,” said Dwayne M. Green, Chair of the school’s Board of Trustees.
“Porter-Gaud School has been a vital part of our community for generations. Helping the distinguished school build for the future has been a pleasure for our firm,” said Sam Howell, Bond Counsel with Howell Linkous & Nettles in Charleston.
“Seeing venerable educational institutions like Porter-Gaud ensure their continued viability with innovative, tax-free financing through JEDA is particularly gratifying for us,” said Harry Huntley, Executive Director of JEDA in Columbia.