The University of South Carolina is expected to sell $28 million of revenue bonds next Wednesday as the system faces state budget cuts.

Barclays Capital will serve as underwriter. Nexsen Pruet LLC will serve as bond counsel.

The deal was delayed last fall due to the credit crisis and a lack of demand. The bonds will finance the construction and renovation of dormitories and a new bookstore, and are bonds are rated Aa3 by Moody’s Investors Service and AA by Fitch Ratings.

The university system faces budgetary pressures as the state tries to close a spending gap this year. It has seven local campuses in addition to the main campus in Columbia.

Gov. Mark Sanford proposed closing the Salkehatchie campus, which has more than 1,000 students, to close the budget deficit. He has also proposed a tuition cap to keep college affordable for students. Opponents say the proposal will also cap the quality of education.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.