Scana enters into $150 million unsecured three-month credit facility

By Tali Rackner

Norfolk, Va., Feb. 2 – Scana Corp. closed on a $150 million unsecured three-month credit facility on Jan. 29, according to an 8-K filing with the Securities and Exchange Commission.

The facility will terminate on May 4, 2015, and the lender’s commitment to make loans under the facility will terminate on Feb. 6 to the extent the commitment remains undrawn on that date.

Interest will be calculated at Libor plus 60 basis points.

Borrowings will be used to repay certain existing debt and for general purposes.

The facility contains customary representations, covenants and events of default, including requiring Scana to maintain a maximum ratio of consolidated adjusted debt to consolidated total capitalization of 0.7 times.

Royal Bank of Canada is the agent, and RBC Capital Markets LLC is the lead arranger.

Scana is a Columbia, S.C.-based electric and natural gas provider.

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