South Carolina Authority to Sell $48.7 Million of Economic Development Revenue Bonds
By Chris Wack
The South Carolina Jobs-Economic Development Authority plans to sell $48.7 million of economic development revenue bonds for a retirement community in Charleston, the state's biggest city.
Proceeds from the Series 2025 bonds are expected to be loaned to Bishop Gadsden Episcopal Retirement Community to pay a portion of the costs of buying, constructing and equipping additions and improvements to the community, according to a document posted Tuesday on MuniOS.
Bishop Gadsden Episcopal Retirement Community is a South Carolina non-profit corporation that owns and operates a continuing care retirement community. The Charleston community currently consists of a 79-unit assisted living facility, a 132-bed skilled nursing facility, and 283 independent living units with related common areas.
Interest on the bonds will be payable starting on April 1, and then the following Oct. 1. Interest rates and yields have not yet been set. The bonds accumulate principle from 2029 through 2056.
The bonds are limited obligations of the authority.
The South Carolina Jobs-Economic Development Authority is a public body corporate and politic and an agency of the state, to buy, by construction or purchase, properties to promote and develop the business and economic welfare of the state.
Fitch assigned the bonds a rating of BBB-.
Ziegler is the lead underwriter.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
November 19, 2025 14:24 ET (19:24 GMT)
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