The Santee Cooper Board of Directors plans to use the $52.4 million made in the sale of revenue obligation bonds to repay and restructure current debt.
The board approved the 2016C bond sale, which involved tax-exempt bonds with maturities from 2022 to 2036, during a recent special conference call board meeting from the company's headquarters in Monck Corner, South Carolina.
The term “tax-exempt” refers to exemption from South Carolina or federal taxes for residents within the Palmetto State under the current law. The all-in true interest rate for the 2016C bond was 3.108 percent.
Ratings for the issue reaffirmed current ratings and a constant forecast for long-term debt. The ratings included A+ from Fitch, AA- from Standard & Poor’s, and A1 from Moody’s.
The Final Official Statement for the bonds can be obtained by contacting Santee Cooper Bondholder Relations at 1-877-246-3338. It will also be posted at www.santeecooper.com/investorrelations.
The senior manager on the issue was Barclays, and Bank of America Merrill Lynch acted as co-senior manager. In addition, Goldman Sachs & Co., Morgan Stanley, J.P. Morgan, U.S. Bancorp and Wells Fargo Securities served as co-managers.
Santee Cooper is the state's larger power producer.