Santee Cooper approves refunding bond sale
September 14, 2011
MONCKS CORNER, SC – September 14, 2011 – The Board of Directors of Santee Cooper approved the sale of $135,855,000 in refunding bonds, with a present value savings of $7.7 million, in a telephonic board meeting today.
The 2011 Refunding Series C bonds are tax-exempt and are being issued to redeem portions of Santee Cooper’s 2002 Series B and 2007 Series A bonds. Maturities range from 2033 through 2036. The all-in true interest cost was calculated at 4.63 percent. The term “tax-exempt” means exempt from federal and South Carolina income taxes for South Carolina residents under current law.
The Final Official Statement for these bonds will be available by contacting Santee Cooper Bondholder Relations at 1-877-246-3338. It will also be posted at www.santeecooper.com/investor-relations.
Fitch assigned an AA rating to the bonds, Standard and Poor’s assigned an AA- rating, and Moody’s assigned Aa3. All rating agencies listed their ratings as stable.
Lead underwriter for this transaction is Goldman, Sachs & Co. The underwriting team also includes Citigroup, BofA Merrill Lynch and Morgan Stanley.
Santee Cooper is South Carolina’s state-owned electric and water utility, and the state’s largest power producer. The ultimate source of electricity for 2 million South Carolinians, Santee Cooper is dedicated to being the state’s leading resource for improving the quality of life for the people of South Carolina. For more information, visit www.santeecooper.com.
