MONCKS CORNER, S.C. – The Santee Cooper Board of Directors approved the sale of $52.4 million in revenue obligation bonds during a special telephonic board meeting today. The proceeds will be used to refund and restructure existing debt.
The 2016C bond sale involved tax-exempt bonds with maturities from 2022 to 2036. The all-in true interest rate was 3.108 percent. The term “tax exempt” means exempt from federal and South Carolina income taxes for South Carolina residents under current law.
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.
Barclays was senior manager on the issue, with Bank of America Merrill Lynch serving as co-senior manager. Co-managers were Goldman Sachs & Co., Morgan Stanley, J.P. Morgan, U.S. Bancorp and Wells Fargo Securities. 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/investorrelations.
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.
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