Santee Cooper Board approves $638.2M bond sale

Continuing its work to reduce debt and costs to customers, the Santee Cooper Board of Directors approved $638.2 million in bond sales today that will do two things:

• Refund $569.6 million of existing debt at lower interest rates, which also reduces the average life of the bonds
• Provide $100 million to use toward capital projects

The all-in true interest cost for this transaction is 2.87% and the refundings are projected to produce approximately $134 million net present value savings (approximately $330 million gross savings).