The board of directors for the South Carolina Public Service Authority, more commonly known as Santee Cooper, gave final approval Friday to the sale of $667 million of revenue bonds, which were issued in a one-day sale last Wednesday instead of a planned two-day sale.
The deal, $407 million of tax-exempt bonds and $260 million of taxable bonds, sold at a true interest cost of 6.14%.
The transaction was oversubscribed across the spectrum of maturities from 2010 to 2038 on the tax-exempt series, which allowed the state-owned electric and water utility to lower interest rates, said Elaine Peterson, the agency’s chief financial officer.
Bond proceeds are funding capital projects, transmission upgrades, and projects associated with the planned construction of new coal-fired and nuclear generation capacity.
