Santee Cooper announces revenue bond sale

MONCKS CORNER, S.C. – Santee Cooper will offer a revenue bond issue next week of approximately $550 million, with a portion of the 2014CD Series bonds sold through retail outlets on Tuesday.

The issue will include $520 million in tax-exempt refunding Series C bonds and $30 million in taxable refunding Series D bonds.

Proceeds will refinance a portion of the utility’s existing debt.

The issue drew ratings of AA- from Standard & Poor’s, A1 from Moody’s and A+ from Fitch.

All three agencies reaffirmed existing ratings and a stable outlook for long-term debt and issued Santee Cooper bonds a stable outlook.