Santee Cooper Announces Revenue Bond Sale
June 10, 2014
MONCKS CORNER, SC – Santee Cooper will offer a tax-exempt revenue bond issue totaling between $300 million and $500 million this week, with a portion of the 2014A Series bonds sold through retail outlets.
The bonds will price in June, possibly as early as this week. Proceeds from the bond sale will help fund Santee Cooper’s portion of two new nuclear power units under construction at V.C. Summer Nuclear Station and refund a small portion of existing debt.
The issue drew ratings of AA- from Standard & Poor’s, A1 from Moody’s and A+ from Fitch. All three agencies cited the same ratings for long-term debt and issued Santee Cooper bonds a stable outlook.
Maturities for the 2014A issue range from 2044 through 2054. 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 Barclays, with Bank of America Merrill Lynch serving as co-senior manager. Co-managers are Goldman Sachs & Co., Morgan Stanley, J.P. Morgan, US Bancorp and Wells Fargo Securities. 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.
