State-owned Santee Cooper is expected to offer bonds totaling nearly $1.75 billion, marking one of the biggest debt sales ever in South Carolina.
The utility said in a preliminary statement reviewed by The Post and Courier that about $500 million of the issue would go toward its $5.1 billion share of the two reactors it’s building at the V.C. Summer Nuclear Station north of Columbia with S.C. Electric & Gas Co.
Santee Cooper said other proceeds from the sale will be used to refinance existing debt totaling $734 million.
The bonds have not been priced yet. The news service Reuters today reported the debt would be issued the week of July 29, citing an unidentified “market source.” Goldman Sachs is the lead underwriter.
Moncks Corner-based Santee Cooper will pay off and redeem the bonds with money collects from it electricity and water businesses in South Carolina.