By Sheri Kasprzak
New York, Dec. 2 - South Carolina Electric & Gas Co. priced $150 million of 30-year first mortgage bonds on Wednesday, according to a term sheet.
The 5.5% notes priced at 99.214 to yield 5.554%, or Treasuries plus 130 basis points.
The notes (A3/A-/A) include a make-whole call at 20 bps over Treasuries.
Credit Suisse Securities (USA) LLC and UBS Securities LLC were the joint bookrunners for the deal.
Proceeds will be used to construct new nuclear units at the V.C. Summer Nuclear Station. The rest will be used for general corporate purposes.
Based in Cayce, S.C., South Carolina Electric & Gas provides electricity and natural gas.
| Issuer: | South Carolina Electric & Gas Co.
|
| Issue: | First mortgage bonds
|
| Amount: | $150 million
|
| Maturity: | Dec. 15, 2039
|
| Bookrunners: | Credit Suisse, UBS
|
| Coupon: | 5.5%
|
| Price: | 99.214
|
| Yield: | 5.554%
|
| Spread: | Treasuries plus 130 bps
|
| Call: | Make-whole call at 20 bps over Treasuries
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Fitch: A
|
| Distribution: | Off shelf
|
| Bookrunners: | Credit Suisse Securities (USA) LLC and UBS Securities LLC
|
| Pricing date: | Dec. 2
|
| Settlement: | Dec. 9
|
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