By Andrea Heisinger
New York, Nov. 17 - Scana Corp. priced $150 million of 7.7% enhanced junior subordinated notes on Tuesday at par of $25, according to an FWP filing with the Securities and Exchange Commission.
The deal was announced on Monday, with the size initially at $100 million, a market source said that day.
The notes (Baa3/BBB-/BBB) are initially due in 2065 but can be extended to 2080 if they are not redeemed between Jan. 30, 2015 and Oct. 30, 2019.
The notes feature a make-whole call on or before Jan. 30, 2015 at Treasuries plus 50 basis points. After that, they are callable at par plus accrued interest.
Bookrunners were Bank of America Merrill Lynch, Morgan Stanley & Co. and Wells Fargo Securities.
Proceeds will be used to provide funds to subsidiary South Carolina Electric & Gas Co. to redeem outstanding shares of that company's preferred stock and for general corporate purposes.
The electric and natural gas utility holding company is based in Cayce, S.C.
| Issuer: | Scana Corp.
|
| Issue: | Enhanced junior subordinated notes
|
| Amount: | $150 million, increased from $100 million
|
| Maturity: | Jan. 30, 2065 (initial), Jan. 30, 2080 (if extended)
|
| Bookrunners: | Bank of America Merrill Lynch, Morgan Stanley & Co., Wells Fargo Securities
|
| Coupon: | 7.7%
|
| Price: | Par of $25
|
| Call: | Make-whole call on or before Jan. 30, 2015 at Treasuries plus 50 bps; thereafter, at par plus interest
|
| Trade date: | Nov. 17
|
| Settlement date: | Nov. 24
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Fitch: BBB
|
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