Santee Cooper is wading back into the debt market to finish a job it started last month.

The state-owned utility’s board of directors is holding a special meeting by phone today to vote on issuing roughly $400 million in bonds with 35- to -40 year maturities.

Moncks Corner-based Santee Cooper last month decided to postpone the sale of that long-term debt after balking at the interest rates it would have had to pay on it.

“Market conditions have improved, and we’re moving quickly to take advantage of the opportunity,” spokeswoman Mollie Gore said in an email.

The deal would bring the total amount raised from the combined sales to about $1.74 billion.

The power and water utility’s board on Aug. 19 unanimously authorized a $1.34 billion bond issue, a record for state agency in South Carolina.

Most of the proceeds from will be used to refinance old debt.

The rest will help pay for construction projects, including the expansion of the V.C. Summer Nuclear Station north of Columbia.

Contact John McDermott at 937-5572.