South Carolina Electric & Gas Company Announces Debt Offering
May 20, 2015
CAYCE, SC – South Carolina Electric & Gas Company (SCE&G), principal subsidiary of SCANA Corporation (NYSE:SCG), announced today that it sold, in a negotiated offering, $500 million principal amount of its First Mortgage Bonds, 5.10% Series due June 1, 2065. The bonds sold today are initially being offered to the public at 99.193 percent with a yield to maturity of 5.145 percent. Credit Suisse Securities (USA) LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, and UBS Securities LLC acted as joint book-running managers, and BB&T Capital Markets, a division of BB&T Securities, LLC, Mitsubishi UFJ Securities (USA), Inc., and Synovus Securities, Inc. acted as co-managers for the transaction.
SCE&G intends to apply the net proceeds from the sale of the bonds to repay short-term debt, including borrowings made under a cash management money pool, primarily incurred as a result of its construction program, to finance capital expenditures, including costs to construct new nuclear units at its V.C. Summer Nuclear Station, and for general corporate purposes.
It is anticipated that these bonds will be issued on May 22, 2015. The transaction is subject to normal closing conditions.
Copies of a written prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended, relating to the offering of these bonds may be obtained by contacting: Credit Suisse Prospectus Department, One Madison Avenue, New York, NY 10010, telephone: 1-800-221-1037, email: [email protected]; Merrill Lynch, Pierce, Fenner & Smith Incorporated, 222 Broadway, 11th Floor, New York, New York 10038, Attention: Prospectus Department, telephone: 1-800-294-1322, email: [email protected]; Mizuho Securities USA Inc., 320 Park Avenue, 12th Floor, New York, New York 10022, Attention: Debt Capital Markets, telephone: 1-866-271-7403, fax: 212-205-7812; Morgan Stanley & Co. LLC, 180 Varick Street, New York, New York 10014, Attention: Prospectus Department, telephone: 1-866-718-1649; UBS Securities LLC, 1285 Avenue of the Americas, New York, New York 10019, Attention: Prospectus Specialist, telephone: 1-888-827-7275.
South Carolina Electric & Gas Company is a regulated public utility engaged in the generation, transmission, distribution and sale of electricity and in the purchase, sale and transport of natural gas in portions of South Carolina.
.
