MONCKS CORNER — Santee Cooper's board of directors approved the sale of $135.9 million in refunding bonds, with a present value savings of $7.7 million, in a telephonic board meeting today.

The 2011 Refunding Series C bonds are tax-exempt and are being issued to redeem portions of the state-owned utility's 2002 Series B and 2007 Series A bonds. Maturities range from 2033 through 2036. The all-in true interest cost was calculated at 4.63 percent. The bonds are exempt from federal and South Carolina income taxes for South Carolina residents under current law.

Fitch assigned an AA rating to the bonds, Standard and Poor's assigned an AA- rating, and Moody's assigned Aa3. All rating agencies listed their ratings as stable.

Lead underwriter for this transaction is Goldman, Sachs & Co. The underwriting team also includes Citigroup, BofA Merrill Lynch and Morgan Stanley.