CAYCE, S.C., July 10, 2012 /PRNewswire/ -- South Carolina Electric & Gas Company (SCE&G), principal subsidiary of SCANA Corporation (NYSE: SCG), announced today that it sold, in a negotiated offering, $250 million principal amount of its First Mortgage Bonds, 4.350% Series due February 1, 2042 which are a part of a series of bonds having identical terms that SCE&G previously sold in January 2012. The bonds sold today were priced to SCE&G at 107.753 percent, and are initially being offered to the public at 108.628 percent with a yield to maturity of 3.858 percent. BB&T Capital Markets, a division of Scott and Stringfellow, LLC, Mizuho Securities USA Inc. and Wells Fargo Securities, LLC acted as joint book-running managers, and Deutsche Bank Securities Inc., TD Securities (USA) LLC and U.S. Bancorp Investments, 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 primarily incurred as a result of our construction program, to finance capital expenditures, including costs to construct new nuclear units at the V.C. Summer Nuclear Station, and for general corporate purposes.
It is anticipated that these bonds will be issued on July 13, 2012. 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 Wells Fargo Securities, LLC, 1525 West W.T. Harris Blvd., NC0675, Charlotte, North Carolina 28262, Attn: Capital Markets Client Support.
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.
SOURCE SCANA Corporation