Santee Cooper to finalize large bond sale

Santee Cooper plans to wrap up the third leg of a big bond sale this week.

The state-owned utility has scheduled a special board meeting for Friday at its Moncks Corner headquarters to review the roughly $50 million debt deal.

Santee Cooper had planned to sell three sets of long-term bonds last month, but it went ahead with just two of the borrowings, which totaled $831 million. Spokeswoman Mollie Gore said the public power and water provider was able to realize some benefits by postponing the smallest portion, “and now it’s moving forward.”

The proceeds will be used to restructure and refund existing debt, she said.

Contact John McDermott at 843-937-5572.