Agency Issuing $260M for Santee Cooper

DeSue, Tedra
January 2005
Bond Buyer;1/25/2005, Vol. 351 Issue 32056, p4
Trade Publication
The article reports that the South Carolina Public Service Authority tomorrow will offer $260 million of forward-delivery refunding bonds for Santee Cooper, one of the largest and highest-rated municipal electric utilities in the U.S. The bonds will be sold with Goldman, Sachs & Co. as the book-runner, Lehman Brothers as the financial adviser and Haynsworth Sinkler Boyd as the bond counsel. Although the authority sports double-A level ratings, observers noted that the forward delivery structure presents some risks to bondholders because interest rates could rise by the delivery date and the value of the bonds could be significantly different from the purchase price.


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