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Office of Communications and Marketing

Press Release

Benedict College Successfully Refinances and Restructures $24.9 Million of Debt

May 29, 2007

Columbia, SC -- Benedict College President, Dr. David H. Swinton recently announced to the school's faculty and staff that the College has successfully refinanced and restructured $24.9M of debt.  The refinancing and restructuring of what was mostly shorter term, floating rate debt into what is generally longer term, fixed rate debt allowed the College to extend the maturity of the debt, with lower payments required on the obligations, while providing additional capital for the College's operating purposes.

The restructured debt was provided through the National Bank of South Carolina (NBSC) as part of the financial institution's long and continuing relationship with Benedict College.  "We were able to step up to the plate for Benedict in a major way in its time of need and provide a solution, commented Jason C. Brown, Assistant Vice President Commercial Lending. " This deal is a testament to what our leadership at NBSC is about and our commitment to the community. We look forward to working with the college for many years to come."

"The completion of this debt restructuring is an important step on the College's path to meeting its long-term financial and operating goals," commented President Swinton. "We appreciate the energy and creativity that NBSC demonstrated in working with us to restructure and close this transaction."  Completing this transaction allows the College to move forward with confidence.

Leonard Williams, Benedict College Interim CFO, further noted, "With the restructuring, the College has reduced its overall risk profile, increased its working capital and moved itself into in a much stronger financial position."

Media Contacts:
Kymm Hunter, Director of Public Relations, 803-705-4519, hunterk@benedict.edu
Natalie Brown, Assistant Director of Public Relations, 803-705-4366, brown@benedict.edu

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