South Carolina's Myrtle Beach to Sell $74M of Bonds to Fund Convention Center Facelift

Dow Jones

2024/10/25

By Patrick Sheridan

The City of Myrtle Beach will issue $74 million of municipal bonds to help pay for upgrades at the local convention center.

The South Carolina city plans to sell the limited obligation securities in two tranches, according to a preliminary official statement posted on MuniOS.

The city will sell Series 2024 A bonds totaling $62.6 million that mature from June 2025 through June 2044, and Series 2024 B bonds totaling almost $11.5 million that will come due from June 2025 through June 2029.

Dates of sale and settlement weren't provided. Preliminary pricing information on the securities was also unavailable.

The bonds are secured in part by pledge of money collected from a 1% local hospitality tax on hotel rooms, meals and beverages.

Proceeds of the sale will be used to renovate the facade of the Myrtle Beach Convention Center, and for the replacement of carpeting, lighting, ceiling tiles and components of the mechanical system along the interior of the front entryways.

Funds will also be used for the construction and replacement of transportation infrastructure in the Arts & Innovation District, a mixed-use urban area that will serve as the hub of artistic, cultural and civic life in the area, according to the Myrtle Beach Downtown Development Office website. Proceeds will also be used to refund outstanding debt and to pay the costs of issuance.

S&P Global Ratings and Moody's Investors Service have assigned AA- and Aa3 ratings to the bonds, respectively.

Wells Fargo Securities is the underwriter.

Write to Patrick Sheridan at patrick.sheridan@wsj.com

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October 24, 2024 18:40 ET (22:40 GMT)

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Preliminary pricing information on the securities was also unavailable.The bonds are secured in part by pledge of money collected from a 1% local hospitality tax on hotel rooms, meals and beverages.Proceeds of the sale will be used to renovate the facade of the Myrtle Beach Convention Center, and for the replacement of carpeting, lighting, ceiling tiles and components of the mechanical system along the interior of the front entryways.","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"CARO":"Carolina Financial Corporation"},"translate_title":"南卡罗来纳州默特尔比奇将出售7400万美元债券为会议中心翻新提供资金","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CARO":1},"content_text":"By Patrick Sheridan \n\n\n  The City of Myrtle Beach will issue $74 million of municipal bonds to help pay for upgrades at the local convention center. \n\n\n  The South Carolina city plans to sell the limited obligation securities in two tranches, according to a preliminary official statement posted on MuniOS. \n\n\n  The city will sell Series 2024 A bonds totaling $62.6 million that mature from June 2025 through June 2044, and Series 2024 B bonds totaling almost $11.5 million that will come due from June 2025 through June 2029. \n\n\n  Dates of sale and settlement weren't provided. Preliminary pricing information on the securities was also unavailable. \n\n\n  The bonds are secured in part by pledge of money collected from a 1% local hospitality tax on hotel rooms, meals and beverages. \n\n\n  Proceeds of the sale will be used to renovate the facade of the Myrtle Beach Convention Center, and for the replacement of carpeting, lighting, ceiling tiles and components of the mechanical system along the interior of the front entryways. \n\n\n  Funds will also be used for the construction and replacement of transportation infrastructure in the Arts & Innovation District, a mixed-use urban area that will serve as the hub of artistic, cultural and civic life in the area, according to the Myrtle Beach Downtown Development Office website. Proceeds will also be used to refund outstanding debt and to pay the costs of issuance. \n\n\n  S&P Global Ratings and Moody's Investors Service have assigned AA- and Aa3 ratings to the bonds, respectively. \n\n\n  Wells Fargo Securities is the underwriter. \n\n\n  Write to Patrick Sheridan at patrick.sheridan@wsj.com \n\n\n \n\n\n  -0- \n\n\n \n \n\n\n  (MORE TO FOLLOW) Dow Jones Newswires\n\n\n  October 24, 2024 18:40 ET (22:40 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}