South Carolina Electric & Gas Company (SCE&G), principal subsidiary of SCANA Corporation (NYSE:SCG), announced that it sold, in a negotiated offering, $300 million principal amount of its First Mortgage Bonds, 4.50% Series due June 1, 2064. The bonds sold May 20th are initially being offered to the public at 98.938 percent with a yield to maturity of 4.554 percent. Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, TD Securities (USA) LLC, and Wells Fargo Securities, LLC acted as joint book-running managers, and U.S. Bancorp Investments, Inc., Drexel Hamilton, LLC, and FTN Financial Securities Corp 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 27, 2014. 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: firstname.lastname@example.org; J.P. Morgan Securities LLC, 383 Madison Avenue, New York, NY 10179, Attention: Investment Grade Syndicate Desk, 3rd Floor, telephone collect at 1-212-834-4533; TD Securities, 31 West 52nd Street, New York, NY, 10019; and Wells Fargo Securities, LLC, Attn: Capital Markets Client Support, 1525 West W.T. Harris Blvd. NC0675, Charlotte, NC 28262, telephone: 1-800-326-5897, email: email@example.com.
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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the notes or any other securities, nor will there be any sale of the notes or any other securities in any state or jurisdiction in which such an offer, solicitation or sale is not permitted. A registration statement relating to these securities has been filed with the Securities and Exchange Commission and is effective.