Santee Cooper announces revenue bond sale
October 10, 2014
MONCKS CORNER, SC – Santee Cooper will offer a revenue bond issue next week of approximately $550 million, with a portion of the 2014CD Series bonds sold through retail outlets on Tuesday.
The issue will include $520 million in tax-exempt refunding Series C bonds and $30 million in taxable refunding Series D bonds. Proceeds will refinance a portion of the utility’s existing debt.
The issue drew ratings of AA- from Standard & Poor’s, A1 from Moody’s and A+ from Fitch. All three agencies reaffirmed existing ratings and a stable outlook for long-term debt and issued Santee Cooper bonds a stable outlook.
Maturities for the 2014CD issue range from 2020 through 2046. The term “tax exempt” means exempt from federal and South Carolina income taxes for South Carolina residents under current law. The Preliminary Official Statement for these bonds is available by contacting any of the firms listed below or Santee Cooper Bondholder Relations at 1-877-246-3338. It is also posted at www.santeecooper.com/investorrelations.
Senior manager on the issue will be Bank of America Merrill Lynch, with Barclays serving as co-senior manager. Co-managers are Goldman Sachs & Co., Morgan Stanley, J.P. Morgan, US Bancorp and Wells Fargo Securities. The selling group members are Citi, BB&T Capital Markets, Raymond James, JJB Hilliard Lyons, Edward D. Jones, RBC Capital Markets and Robert W. Baird & Co. Investors interested in participating in the retail issue can contact Santee Cooper Bondholder Relations for more information.
Santee Cooper is South Carolina’s largest power producer, the largest Green Power generator and the ultimate source of electricity for 2 million people across the state. Through its low-cost, reliable and environmentally responsible electricity and water services, and through innovative partnerships and initiatives that attract and retain industry and jobs, Santee Cooper powers South Carolina. To learn more, visit www.santeecooper.com.
