JEDA Issues Refinancing Bonds for Myrtle Beach Convention Center
Myrtle Beach, SC — Horry County
The South Carolina Jobs-Economic Development Authority (JEDA) issued a $16.4 million tax-exempt revenue bond for the City of Myrtle Beach to refinance a 2001 hotel development project at the Myrtle Beach Convention Center.
The Series 2015 refunding revenue bonds were issued to retire Series 2001 bonds that helped the Myrtle Beach Convention Center Hotel Corporation, an instrumentality of the City of Myrtle Beach, to finance what is now the 404-room Sheraton Myrtle Beach Convention Center Hotel, parking garage and improvements within the adjacent convention center. The refunding helps retain 135 jobs.
“The Myrtle Beach Convention Center Hotel Corporation was able to realize significant debt service savings by taking advantage of low interest rates to refinance in this way.”
– Michael Shelton, the Chief Financial Officer of the City of Myrtle Beach
“Myrtle Beach is an iconic destination and the convention center and its hotel are major venues there. We’re pleased to have had a role in helping further their financial efficiency,” says Bill Musser, Bond Counsel with the McNair Law Firm in Columbia.
“Helping municipalities and their partners continue their successful operations by lowering their costs of financing is a great way to help advance public and private business across South Carolina. We’re pleased we were able to be a part of this particular venture once more,” says Harry A. Huntley, CPA, Executive Director of JEDA in Columbia.
