The board of directors for Santee Cooper, which is South Carolina’s state-owned public utility, has approved the sale of $300m in revenue obligation bonds.
The sale was approved at a Dec. 7 meeting of the board. Santee Cooper is a minority partner with SCANA (NYSE:SCG) in development of two new nuclear units, V.C. Summer 2 and 3. Santee Cooper is also developing much “green power” according to its website.
The 2015 Series E includes $300m in tax-exempt bonds with maturity dates from 2051 through 2055. The bonds are exempt from federal and South Carolina income taxes for South Carolina residents under current law, Santee Cooper said.
The all-in true interest rate for the series is 4.73%. Bank of America Merrill Lynch and Barclays handled the transaction.