Wednesday, June 18, 2014
The Santee Cooper Board of Directors approved the sale of $642,275,000 in revenue obligation bonds during a special board meeting.
The issue included $600,000,000 in tax-exempt Series A and $42,275,000 in tax-exempt Refunding Series B bonds. The term “tax-exempt” means exempt from federal and South Carolina income taxes for South Carolina residents under current law.
The all-in true interest rate is 4.896 percent and the bonds mature from 2031 through 2054. The new money will be used primarily to help finance Santee Cooper’s share of costs to build two new nuclear power units at V.C. Summer Nuclear Station and to refund a portion of existing debt.
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.