By Jerry Bellune
JerryBellune@yahoo.com
Taxpayer-owned Santee Cooper aims to borrow its way out of debt.
The utility which supplies power to Mid-Carolina Electric members in Lexington County owes about $8 billion.
$4 billion of that is its share of the $9 billion failure of its nuclear project it partnered with Lexington County-based SC Electric & Gas, now owned by Dominion Energy.
Santee Cooper officials said they are trying to reduce debt and costs to customers.
The board has approved $638.2 million in bond sales to pay off $569.6 million of existing debt at lower interest rates.
They said it will provide $100 million to use toward capital projects such as replacing aging coal-burning plants.
The transaction includes the sale of:
- $338.5 million in tax-exempt bonds that mature by 2043.
- $299.7 million in taxable bonds that mature by 2032.
Santee Cooper's iterest costs are 2.87%.
Demand for the bonds was strong, drawing $3.5 billion in investor orders, Santee Cooper officials said.