Treasurer Torsella Announces Second Request to Draw From Line of Credit

Harrisburg, PA - Pennsylvania Treasurer Joe Torsella today announced that Treasury has received a request from the Office of the Budget to draw $650 million, at a variable interest rate equal to the SIFMA Swap Index plus 40 basis points, from the $1.5 billion line of credit authorized on November 1, 2019.

This is the second draw on this STIP line of credit. The first, made in November of 2019, was paid back with interest by the General Assembly on January 7, 2020.

This line of credit comes from Treasury’s Short-Term Investment Pool and must be paid back on or before April 21, 2020.

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