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Santee Cooper Board approves 2015 Series E bond sale



12/07/2015


The Santee Cooper Board of Directors approved the sale of $300,000,000 in revenue obligation bonds at today’s meeting.

The 2015 Series E includes $300,000,000 in tax-exempt bonds with maturities in 2051 through 2055. The term “tax exempt” means exempt from federal and South Carolina income taxes for South Carolina residents under current law.

“This week we saw a weakening in the long-term municipal bond market due to lower than expected bond supply,” said Jeff Armfield, Santee Cooper senior vice president and chief financial officer. “Santee Cooper is always watching for market opportunities. I’m pleased we could respond so quickly and take advantage of these market conditions.”

The all-in true interest rate for the series is 4.73 percent. BofA Merrill Lynch and Barclays handled the transaction. 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

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