Republicans were closing in Wednesday on a narrow House majority while control of the Senate hinged on a series of tight races in a midterm election that defied expectations of sweeping conservative victories driven by frustration over inflation and President Joe Biden’s leadership. “The main takeaway is that there was a red wave last night, but it started in Florida and it ended in Florida,” George Washington University Professor Todd Belt told the Associated Press. “The other main takeaway is that you’ve got to look at the Gen Z voters,” he said. “They were highly animated by the issue of abortion, and that really flew under the radar of a lot of the polls that were out there.” Either party could secure a Senate majority with wins in both Nevada and Arizona — where the races were too early to call. But there was a strong possibility that, for the second time in two years, the Senate majority could come down to a runoff in Georgia next month, with Democratic Sen. Raphael Warnock and Herschel Walker failing to earn enough votes to win outright.
The Santee Cooper Board of Directors on Wednesday approved approximately $622 million in a multi-part bond sale, which will refinance approximately $175 million in bonds due in 2023, and provide another $450 million for capital improvements for Santee Cooper’s system.
The transaction was approved by the South Carolina Joint Bond Review Committee on Oct. 18, 2022.
Specifically, the board approved:
• $36.6 million of 2022 Tax-Exempt Refunding Series C
• $134.9 million of 2022 Taxable Refunding Series D
• $390 million of 2022 Tax-Exempt Improvement Series E
• $60 million of 2022 Taxable Improvement Series F
The all-in true interest cost is 5.55%. The transaction is compliant with the parameters approved by the South Carolina Joint Bond Review Committee.
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Demand for the offering was strong, with investor orders totaling just over $1.2 billion, which allowed Santee Cooper to reduce interest rates on several bond maturities and increase the par amount sold to fully fund expected new money capital needs for the next 18 to 24 months.
“This transaction is a key component of our overall financial strategy. The refunding portion allows us to continue to proactively manage our cash and liquidity needs during the rate freeze, while the capital improvement bonds are a very cost-effective way to invest in the Santee Cooper system as we continue to provide the high-level of reliability and service that our customers expect and, quite frankly, that they deserve,” said Santee Cooper President and CEO Jimmy Staton. “The smooth execution of this transaction is a testament to the transparency and trust that has been built between Santee Cooper and the Joint Bond Review Committee, and we certainly appreciate their guidance and the support they’ve demonstrated.”
The Final Official Statement for these bonds will be available by contacting Santee Cooper Bondholder Relations at 1-877-246-3338. It will also be posted at santeecooper.com on the Investors page.
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