$500 million of $1.5 billion loan repaid by General Fund
Harrisburg, PA - Pennsylvania Treasurer Joe Torsella today announced the partial repayment of a $1.5 billion line of credit authorized on November 1, 2019 from Treasury’s Short Term Investment Pool (STIP) to the Commonwealth’s General Fund.
The General Fund made payment of $500 million principle and $692,068.39 in interest on January 7, 2020. The remaining balance at the time of payment was $850 million. The STIP line of credit is to be paid back in full by April 21, 2020 and is subject to a variable interest rate equal to the SIFMA Swap Index Yield plus 40 basis points.