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Santee Cooper announces 2015 ABCD bond sale



02/04/2015


MONCKS CORNER, S.C. — Santee Cooper will offer next week a revenue bond issue of between $700 million and $1.2 billion, with some of the bonds sold through retail outlets.

More than half of the proceeds are planned for debt refunding, which means the final size of the deal will depend on interest rate movement.

A portion of the issue will be tax exempt. The bonds will price Tuesday and Wednesday. Most of the bond proceeds will be split between refunding existing debt and helping fund Santee Cooper's share of new nuclear power units under construction at V.C. Summer Nuclear Station.

The issue drew a rating of A1 from Moody's, which issued Santee Cooper a stable outlook and reaffirmed its long-term debt ratings. Ratings from the other agencies are expected later this week.

Maturities for the 2015 ABCD issue range from 2016 through 2055. The term "tax exempt" means exempt from federal and South Carolina income taxes for South Carolina residents under current law. The Preliminary Official Statement for these bonds is available by contacting any of the firms listed below or Santee Cooper Bondholder Relations at 1-877-246-3338. It is also posted at www.santeecooper.com/investorrelations.

Investors interested in participating in the retail issue can contact Santee Cooper Bondholder Relations for more information. Senior manager on the issue will be Barclays, with Bank of America Merrill Lynch serving as co-senior manager. Co-managers are Goldman Sachs & Co., Morgan Stanley, J.P. Morgan, US Bancorp and Wells Fargo Securities.

Santee Cooper is South Carolina's largest power provider, the largest Green Power generator and the ultimate source of electricity for 2 million people across the state. Through its low-cost, reliable and environmentally responsible electricity and water services, and through innovative partnerships and initiatives that attract and retain industry and jobs, Santee Cooper powers South Carolina. To learn more, visit www.santeecooper.com