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Santee Cooper Mini-Bonds are sold in two types, current interest bearing bonds and capital appreciation bonds.
Current interest bearing bonds pay interest each six months until maturity. Capital appreciation bonds are bonds on which the investor receives no interest payment between the time it is purchased and its redemption or maturity date. Instead, the interest compounds semiannually and is payable at a maturity or earlier redemption of the bond.
Transfer Instructions
Mini-Bond registrations can be transferred to different ownerships with the proper documentation.The most common types of transfers and the required documentation for those transfers can be found in this section.
Mini-Bond Sale
Please check back later for information on upcoming sales. If you'd like to be added to the mailing list to be notified of future sales, please click on the contact form link below.
Forms
Frequently Asked Questions
A Current Interest Bearing Mini-Bond is a bond on which the interest is paid each six months until maturity.
A Capital Appreciation Mini-Bond is a bond on which the investor receives no interest payments between the time it is purchased and its redemption or maturity date. Instead, the interest compounds semiannually and is payable at maturity or earlier redemption of the bond. The benefit to the investor is that the Capital Appreciation Bond may be purchased at a price substantially lower than the final maturity value.
The most common options for Mini-Bond ownership registration are:
- single owner
- joint tenants with rights of survivorship
- tenants in common
- trustee holder
- custodial accounts for minors
- single owner with TOD (Transfer on Death) beneficiary
A single owner is the only owner of the Mini-Bond.
Joint tenants with rights of survivorship provides that each party owns an undivided interest in the entire Mini-Bond and upon the death of one joint tenant, title passes to the surviving owner(s).
Tenants in common provides that each party owns an undivided interest in the Mini-Bond, but there is no right of survivorship upon the death of a tenant. That tenant's interest in the property must pass to its rightful new owner(s) as determined by the will of the deceased tenant.
A trustee manages a trust: an entity created to hold assets, including Mini-Bonds, for the benefit of certain persons. Most trusts are founded by the persons who execute a written declaration of trust which establishes the trust and defines the terms and conditions upon which it will be conducted.
A custodial account for a minor provides that the bond is held by a custodian for a minor until said minor reaches his/her majority. At that time, the bond is the sole property of the minor. Until the minor reached his/her majority, the custodian of the bond makes all decisions and provides all signatures for the bond.
A single owner with TOD (Transfer on Death) beneficiary provides that ownership of the entire Mini-Bond passes to the TOD beneficiary upon the death of the owner.
Under current law, interest on Mini-Bonds is excludable from gross income for federal and South Carolina state income tax purposes. Interest on Mini-Bonds is not currently subject to any federal alternative minimum tax. Even though interest on the Mini-Bonds is currently excludable from gross income for federal and South Carolina state income tax purposes, receipt of interest may otherwise affect a bondholder's income tax liability. Mini-Bondholders should consult a tax advisor concerning specific situations.
In 2006, the Internal Revenue Service changed the reporting requirement for interest on tax-exempt bonds. As a result, the paying agent is required to send a 1099-INT statement to all Current Interest Bearing Mini-Bondholders and to report tax-exempt interest paid to the Internal Revenue Service annually. The interest paid on Santee Cooper Mini-Bonds currently remains tax-exempt for federal and South Carolina state income tax purposes.
| 2004 Series M | ||
| Maturity Date | Interest Rate | |
| Current Interest Bearing Bond-2015 | 1/1/2015 | 4.250% |
| Current Interest Bearing Bond-2023 | 1/1/2023 | 4.900% |
| Capital Appreciation Bond-2016 | 1/1/2016 | 4.375% |
| Capital Appreciation Bond-2024 | 1/1/2024 | 5.000% |
| 2005 Series M | ||
| Maturity Date | Interest Rate | |
| Current Interest Bearing Bond-2012 | 1/1/2012 | 3.650% |
| Current Interest Bearing Bond-2016 | 1/1/2016 | 4.000% |
| Current Interest Bearing Bond-2023 | 1/1/2023 | 4.350% |
| Capital Appreciation Bond-2016 | 1/1/2016 | 4.000% |
| Capital Appreciation Bond-2023 | 1/1/2023 | 4.350% |
| 2006 Series M | ||
| Maturity Date | Interest Rate | |
| Current Interest Bearing Bond-2013 | 1/1/2013 | 3.750% |
| Current Interest Bearing Bond-2018 | 1/1/2018 | 4.000% |
| Current Interest Bearing Bond-2023 | 1/1/2023 | 4.200% |
| Capital Appreciation Bond-2018 | 1/1/2018 | 4.000% |
| Capital Appreciation Bond-2023 | 1/1/2023 | 4.200% |
| 2008 Series M | ||
| Maturity Date | Interest Rate | |
| Current Interest Bearing Bond-2013 | 1/1/2013 | 3.000% |
| Current Interest Bearing Bond-2018 | 1/1/2018 | 3.800% |
| Current Interest Bearing Bond-2023 | 1/1/2023 | 4.500% |
| Current Interest Bearing Bond-2028 | 1/1/2028 | 4.800% |
| Capital Appreciation Bond-2018 | 1/1/2018 | 3.800% |
| Capital Appreciation Bond-2023 | 1/1/2023 | 4.500% |
| Capital Appreciation Bond-2028 | 1/1/2028 | 4.800% |
| 2010 Series M1 (Spring Sale) | ||
| Maturity Date | Interest Rate | |
| Current Interest Bearing Bond-2013 | 1/1/2013 | 1.350% |
| Current Interest Bearing Bond-2015 | 1/1/2015 | 2.000% |
| Current Interest Bearing Bond-2020 | 1/1/2020 | 3.500% |
| Current Interest Bearing Bond-2025 | 1/1/2025 | 4.000% |
| Current Interest Bearing Bond-2030 | 1/1/2030 | 4.300% |
| Capital Appreciation Bond-2019 | 1/1/2019 | 3.500% |
| Capital Appreciation Bond-2024 | 1/1/2024 | 4.000% |
| Capital Appreciation Bond-2029 | 1/1/2029 | 4.300% |
| 2010 Series M2 (Fall Sale) | ||
| Maturity Date | Interest Rate | |
| Current Interest Bearing Bond-2015 | 1/1/2015 | 1.600% |
| Current Interest Bearing Bond-2020 | 1/1/2020 | 2.875% |
| Current Interest Bearing Bond-2025 | 1/1/2025 | 3.500% |
| Current Interest Bearing Bond-2030 | 1/1/2030 | 3.875% |
| Capital Appreciation Bond-2019 | 1/1/2019 | 2.875% |
| Capital Appreciation Bond-2024 | 1/1/2024 | 3.500% |
| Capital Appreciation Bond-2029 | 1/1/2029 | 3.875% |
| 2011 Series M1 (Spring Sale) | ||
| Maturity Date | Interest Rate | |
| Current Interest Bearing Bond-2016 | 1/1/2016 | 2.000% |
| Current Interest Bearing Bond-2021 | 1/1/2021 | 3.500% |
| Current Interest Bearing Bond-2026 | 1/1/2026 | 4.350% |
| Current Interest Bearing Bond-2031 | 1/1/2031 | 4.800% |
| Capital Appreciation Bond-2020 | 1/1/2020 | 3.500% |
| Capital Appreciation Bond-2025 | 1/1/2025 | 4.350% |
| Capital Appreciation Bond-2030 | 1/1/2030 | 4.800% |
| 2011 Series M2 (Fall Sale) | ||
| Maturity Date | Interest Rate | |
| Current Interest Bearing Bond-2016 | 1/1/2016 | 1.400% |
| Current Interest Bearing Bond-2021 | 1/1/2021 | 2.700% |
| Current Interest Bearing Bond-2026 | 1/1/2026 | 3.750% |
| Current Interest Bearing Bond-2031 | 1/1/2031 | 4.200% |
| Capital Appreciation Bond-2020 | 1/1/2020 | 2.700% |
| Capital Appreciation Bond-2025 | 1/1/2025 | 3.750% |
| Capital Appreciation Bond-2030 | 1/1/2030 | 4.200% |
| 2012 Series M1 (Spring Sale) | ||
| Maturity Date | Interest Rate | |
| Current Interest Bearing Bond-2017 | 1/1/2017 | 1.400% |
| Current Interest Bearing Bond-2022 | 1/1/2022 | 2.550% |
| Current Interest Bearing Bond-2027 | 1/1/2027 | 3.500% |
| Current Interest Bearing Bond-2032 | 1/1/2032 | 4.000% |
| Capital Appreciation Bond-2021 | 1/1/2021 | 2.550% |
| Capital Appreciation Bond-2026 | 1/1/2026 | 3.500% |
| Capital Appreciation Bond-2031 | 1/1/2031 | 4.000% |
| 2012 Series M2 (Fall Sale) | ||
| Maturity Date | Interest Rate | |
| Current Interest Bearing Bond-2017 | 1/1/2017 | 1.100% |
| Current Interest Bearing Bond-2022 | 1/1/2022 | 2.250% |
| Current Interest Bearing Bond-2027 | 1/1/2027 | 3.200% |
| Current Interest Bearing Bond-2032 | 1/1/2032 | 3.700% |
| Capital Appreciation Bond-2021 | 1/1/2021 | 2.250% |
| Capital Appreciation Bond-2026 | 1/1/2026 | 3.200% |
| Capital Appreciation Bond-2031 | 1/1/2031 | 3.700% |
| 2013 Series M1 (Spring Sale) | ||
| Maturity Date | Interest Rate | |
| Current Interest Bearing Bond-2018 | 1/1/2018 | 1.300% |
| Current Interest Bearing Bond-2023 | 1/1/2023 | 2.400% |
| Current Interest Bearing Bond-2027 | 1/1/2027 | 3.450% |
| Current Interest Bearing Bond-2032 | 1/1/2032 | 3.900% |
| Capital Appreciation Bond-2022 | 1/1/2022 | 2.400% |
| Capital Appreciation Bond-2027 | 1/1/2027 | 3.450% |
| Capital Appreciation Bond-2031 | 1/1/2031 | 3.900% |
| 2014M (Spring Sale) | ||
| Maturity Date | Interest Rate | |
| Current Interest Bearing Bond-2019 | 1/1/2019 | 1.750% |
| Current Interest Bearing Bond-2024 | 1/1/2024 | 3.000% |
| Current Interest Bearing Bond-2029 | 1/1/2029 | 4.000% |
| Current Interest Bearing Bond-2034 | 1/1/2034 | 4.300% |
| Capital Appreciation Bond-2023 | 1/1/2023 | 3.000% |
| Capital Appreciation Bond-2028 | 1/1/2028 | 4.000% |
| Capital Appreciation Bond-2033 | 1/1/2033 | 4.300% |
| 2015M (Spring Sale) | ||
| Maturity Date | Interest Rate | |
| Current Interest Bearing Bond-2020 | 1/1/2020 | 1.750% |
| Current Interest Bearing Bond-2025 | 1/1/2025 | 2.500% |
| Current Interest Bearing Bond-2030 | 1/1/2030 | 3.500% |
| Current Interest Bearing Bond-2035 | 1/1/2035 | 3.850% |
| Capital Appreciation Bond-2024 | 1/1/2024 | 2.500% |
| Capital Appreciation Bond-2029 | 1/1/2029 | 3.500% |
| Capital Appreciation Bond-2034 | 1/1/2034 | 3.850% |
| 2016M (Spring Sale) | ||
| Maturity Date | Interest Rate | |
| Current Interest Bearing Bond-2021 | 1/1/2021 | 1.650% |
| Current Interest Bearing Bond-2026 | 1/1/2026 | 2.400% |
| Current Interest Bearing Bond-2031 | 1/1/2031 | 3.350% |
| Current Interest Bearing Bond-2036 | 1/1/2036 | 3.750% |
| Capital Appreciation Bond-2025 | 1/1/2025 | 2.400% |
| Capital Appreciation Bond-2030 | 1/1/2030 | 3.350% |
| Capital Appreciation Bond-2035 | 1/1/2035 | 3.750% |
The Mini-Bonds have an early redemption or "PUT" option. There is a 3% administrative fee for early redemption. The fee is 3 percent of the face value of the bond. Interest is paid to the bondholder up until the date of early redemption. All required documentation (with Signature Guarantee Medallion STAMP) must be received by Santee Cooper Investor Relations a minimum of 30 days prior to date of redemption.
The instructions vary depending upon the series (year) of Mini-Bonds and on type of registration. Please contact Santee Cooper Investor Relations for complete PUT instructions. Instructions will be sent in writing either by U.S. Mail or electronic mail (e-mail).
Yes. Ownership transfer can be completed by executing the transfer instructions that are provided by Santee Cooper's Investor Relations department. Please refer to the Transfer Instructions section to see general transfer requirements. Transfer instructions differ by registration, so it is important to check with Santee Cooper Investor Relations to ensure all proper documentation is completed.
Principle and the final interest due on each Current Interest Bearing Mini-Bond upon maturity will be payable by check mailed by The Bank of New York Mellon, N.A. to the registered owner(s) as appears on the Mini-Bond Register on the Record Date. For certificate bonds issued in 2004, 2005 and 2006, the original bond certificate will have to be surrendered in order to receive payment.
The Accreted Value of each Capital Appreciation Mini-Bond will be payable by check mailed by The Bank of New York Mellon, N.A. to the registered owner(s) as appears on the Mini-Bond Register on the Record Date. For certificate bonds issued in 2004, 2005 and 2006, the original bond certificate will have to be surrendered in order to receive payment.
Interest checks are mailed or sent for direct deposit on January 1 and July 1 of each year, until a bond reaches its maturity date or earlier redemption date.
Yes, interest payments can be deposited directly into a checking or savings account by completing and mailing in a Direct Deposit form.
You may request the replacement of lost or missing checks by contacting Santee Cooper Investor Relations or by contacting our Paying Agent, The Bank of New York Mellon, N.A. Contact information is listed below. Please include your CUSIP and bond number or social security number and payment date in your correspondence.
Santee Cooper Investor Relations:
Email: scbonds@santeecooper.com
U.S. Mail: Santee Cooper Investor Relations
P.O. Box 61030
Moncks Corner, SC 29461
The Bank of New York Mellon, N.A:
Email: corporate.bond.research@bankofny.com
U.S. Mail: The Bank of New York Mellon
Lost Interest Check Department
111 Sanders Creek Parkway
East Syracuse, NY 13057
You may request the replacement of bonds by writing to The Bank of New York Mellon's Lost Securities Department. Please include the name of the security, the CUSIP number, the name of the registered owner(s), the face amount of the bond, and the certificate number(s) in your correspondence. If the registered owner is deceased, please state so in your letter so that The Bank of New York Mellon may provide you with the legal requirements.
Please forward your correspondence to:
The Bank of New York Mellon
Lost Securities Department
111 Sanders Creek Parkway
East Syracuse, NY 13057
Email: lost.certificates@bnymellon.com
A fee of approximately 2 percent of the face amount of the lost securities subject to a $50.00 minimum will be required by the surety company and a $50.00 processing fee is required by the Bank of New York Mellon to replace the securities. When your letter is received a stop will be placed on your bond(s) within 24-48 hours. An affidavit of loss will be mailed to the address specified in your letter.
Having an out-of-state address does not affect the tax-exempt nature of the interest on Mini-Bonds for federal or South Carolina. Income tax purposes. However, interest paid on Mini-Bonds may be subject to state income tax in the state in which the Mini-Bondholder resides, if other than South Carolina. The Mini-Bondholder should consult a tax advisor concerning specific situations.
The address of record can be changed by filing out a Request for Change of Address and mailing it to:
The Bank of New York Mellon
111 Sanders Creek Parkway
East Syracuse, NY 13057
A Medallion Signature Guarantee is a special signature guarantee for the transfer of securities. It is a guarantee by the transferring financial institution that the signature is genuine and the financial institution accepts liability for any forger. (See example below.)
Signature guarantees protect shareholders by preventing unauthorized transfers and possible investor losses. They also limit the liability of the transfer agent who accepts the certificates.
A Medallion Signature Guarantee is not the same as an acknowledgement by a notary public, in the sense that a "signature guarantee" is a certification by the institution that the signature is authentic, and an acknowledgment is a certification by a notary public attesting that the signer signed a document voluntarily.
An investor can obtain a signature guarantee from a financial institution - such as a commercial bank, savings bank, credit union, or broker dealer - that participates in one of the Medallion Signature Guarantee programs.
Contact Us
For further information, please contact Debt Management and Investor Relations at:
Santee Cooper
Debt Management and Investor Relations
PO Box 61030
Moncks Corner, SC 29461
email: scbonds@santeecooper.com
toll free: 1-877-246-3338
fax: 843-761-7058