Specifically, the issue constitutes taxable floating rate notes, tied to London Inter-Bank Offered Rates (LIBOR), which the utility researched and chose as the least-cost financing option for raising short-term capital. The notes mature July 15, 2011.

The issue drew the highest ratings possible from rating agencies on the short-term notes: an F1+ from Fitch Ratings, an SP-1+ from Standard & Poor’s, and an MIG 1 from Moody’s Investment Service. All three agencies reaffirmed strong long-term ratings for Santee Cooper as well.

“Fitch’s long-term and short-term ratings reflect Santee Cooper’s sound operating and financial performance … and management’s flexibility to adjust its power resource strategy quickly in response to the volatile economic climate and declining forecasted customer growth demands,” Fitch said in issuing its rating.

Lead bank on the transaction was Goldman Sachs & Co., with Merrill Lynch & Co. serving as co-manager.

Santee Cooper is South Carolina’s state-owned electric and water utility, and the state’s largest power producer. The ultimate source of electricity for 2 million South Carolinians, Santee Cooper is dedicated to being the state’s leading resource for improving the quality of life for the people of South Carolina. For more information, visit www.santeecooper.com.