Santee Cooper’s 2013 spring mini-bond sale starts today, offering investors a chance to buy municipal bonds throughout April for as little as $200.
The state-owned utility’s mini-bonds are tax exempt and available for purchase by residents of South Carolina, customers of Santee Cooper, members of the state’s electric cooperatives, electric customers of the city of Georgetown and electric customers of the Bamberg Board of Public Works.
The term “tax-exempt” means exempt from federal and South Carolina income taxes for South Carolina residents under current law.
Interest rates vary according to the bond maturity dates, which range from 2018 through 2033. A complete list of interest rates will be available throughout the sale at www.scminibonds.com.
The last day to request an information packet for the 2013 Series M1 mini-bonds is April 25, and the last day to order mini-bonds is April 30. Investors can purchase mini-bonds directly from Santee Cooper by ordering bonds online at www.scminibonds.com or by calling toll-free 1-877-246-3338 to request information or order forms. The maximum combined purchase is $50,000 per individual.
“Once again, we are pleased to offer investors an easy and unique opportunity to enhance their portfolios by investing in South Carolina,” said Lonnie Carter, Santee Cooper president and CEO. “Not only are they an easy investment opportunity, mini-bonds also help Santee Cooper fulfill our responsibility to provide South Carolina with reliable, low-cost and environmentally protective electricity.”
Specifically, the spring 2013 mini-bond program includes:
• 2013 Series M1 Capital Appreciation Bonds: Minimum purchase of $200 and interest is paid on the mini-bonds’ maturity date: Jan 1, 2022; Jan. 1, 2027; or Jan. 1, 2032.
• 2013 Series M1 Current Interest Bearing Bonds: Minimum purchase of $500; interest is paid semiannually. The mini-bonds’ maturity dates are Jan 1, 2018; Jan. 1, 2023; Jan. 1, 2028; and Jan 1, 2033.
Santee Cooper is based in Moncks Corner.