9/1/2003 11:21:38 AM
LYNCHBURG, Va.— Randolph-Macon Woman's College (R-MWC) has refinanced its Series 1993 bonds and issued new Series 2003 bonds at an average interest rate of 4.30%, the college has announced.
Both steps will save R-MWC $1.975 million in interest costs over 20 years, said Vice President for Finance and Administration William Burns. R-MWC refinanced its Series 1993 bonds and issued the new bonds earlier this summer following a review by Standard & Poors in which the college retained its A- bond rating.
The Series 1993 bonds, which financed college construction projects in the late 1980s and early 1990s, had carried an average interest rate of 5.78% and also had a rating of A- from Standard & Poors.
CONTACT: Brenda Edson, Director of Communications