Santee Cooper OKs $642M bond sale

MONCKS CORNER, S.C. (WCIV) - The Santee Cooper Board of Directors approved the sale of $642 million in revenue obligation bonds during a special board meeting on Friday.

According to a release from Santee Cooper, the issue included $600 million in tax-exempt Series A and $42 million 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, Santee Cooper officials said.

The new money will be used primarily to help finance two new nuclear power units at V.C. Summer Nuclear Station and to refund a portion of existing debt, officials said.

"We went to market targeting a little smaller sale. Investor response was strong, and interest rates were relatively low, and so we were able to increase the sale and lock down another significant amount of future funding needs at long-term yields ranging from 4 to 5 percent," said Jeff Armfield, Santee Cooper senior vice president and CFO.

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.

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