Santee Cooper board approves refunding bond sale
October 15, 2010
MONCKS CORNER, S – October 15, 2010 – The Santee Cooper Board of Directors approved the sale of $231,060,000 in refunding bonds in a telephonic board meeting earlier today.
The 2010 Refunding Series B bonds are tax-exempt and are being issued to redeem a portion of Santee Cooper’s 2001 Series A, 2002 Series B and 2002 Series D bonds. As a result of the refunding, Santee Cooper customers will realize about $19 million in net present value savings over the life of the bonds.
“This bond issue is confirmation of Santee Cooper’s ongoing commitment to manage our debt in the best interests of our customers,” said Elaine Peterson, executive vice president and chief financial officer.
All three rating agencies reaffirmed what is considered a strong long-term rating of Santee Cooper. Standard & Poor’s assigned an AA- rating to the issue. Moody’s assigned an AA2 and Fitch assigned a rating of AA.
“Santee Cooper now has one of the highest credit ratings of its peer utilities,” Moody’s noted in its report. “Santee Cooper’s strong record of conservative management including maintenance of stable and sound financial metrics forms the basis of the stable rating outlook.”
Maturities on the bonds range from 2013 through 2033. Lead underwriter was Goldman, Sachs & Co. The underwriting team also includes Citigroup Global Markets Inc., BofA Merrill Lynch & Co., and Morgan Stanley & Co.
Santee Cooper
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.
