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Santee Cooper reports oversubscribed bond sale, $7.6 billion capital plan and modest rate impact from Cook settlement
Summary
Ken Lott, Santee Cooper's chief finance officer, told the Senate Finance Committee the utility sold long‑term debt in an oversubscribed offering, raising $600 million in new money and refinancing about $460 million, generating estimated customer savings of about $30 million and a total borrowing cost near 4.4 percent.
Ken Lott, chief finance and administration officer for the state‑owned utility Santee Cooper, briefed the Senate Finance Committee on recent financing, rate and capital‑investment developments.
Lott said Santee Cooper went to the market under authority approved by the Joint Bond Review Committee and received very strong investor demand. He said the utility increased the planned issuance and obtained about $600 million in new money plus about $460 million in refunding bonds; the total sale produced what Lott described as a roughly 4.4 percent all‑in interest cost and is expected to yield about $30 million in interest savings for customers from refinancing.
Why it matters: Lott said the financing supports a $7.6…
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