South Carolina Electric selling $300 million 30-year bonds Monday

By Andrea Heisinger

New York, June 10 - South Carolina Electric & Gas Co. is expected to sell $300 million of 30-year first mortgage bonds (A2/A/A) during Monday's session, according to a 424B3 filing with the Securities and Exchange Commission and a market source.

Active bookrunners are BofA Merrill Lynch, Morgan Stanley & Co. LLC and UBS Securities LLC. Passive bookrunners are Mizuho Securities USA Inc. and TD Securities (USA) LLC.

Co-managers are BB&T Capital Markets, Mitsubishi UFJ Securities (USA) LLC and Synovus Securities.

Proceeds will be used to pay at maturity $150 million of 7.125% mortgage bonds due on June 15, to repay short-term debt primarily incurred as a result of a construction program, to finance capital expenditures and for general corporate purposes.

The Cayce, S.C.-based utility was last in the market with a $250 million reopening of 4.35% bonds due in 2042 on July 10, 2012.

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