Scana, related utilities enter credit facilities totaling $2 billion

By Wendy Van Sickle

Columbus, Ohio, Dec. 22 – Scana Corp., South Carolina Electric & Gas Co., South Carolina Fuel Co., Inc. and Public Service Co. of North Carolina, Inc. closed on credit facilities totaling $2 billion on Thursday, according to an 8-K filed with the Securities and Exchange Commission.

The facilities consist of:

• A $400 million five-year revolving credit facility for Scana, which amends and extends an existing $300 million revolver;

• A $700 million five-year revolver and a $200 million three-year revolver for South Carolina Electric and Gas, both of which amend and extend existing same-size revolvers;

• A $500 million five-year revolver for South Carolina Fuel, which amends and extends a same-size facility; and

• A $200 million five-year revolver for Public Service Co. of North Carolina, which increases and extends a $100 million revolver.

Interest for each revolver ranges from Libor plus 80 basis points to 165 bps, and each facility fee ranges from 7.5 bps to 35 bps. The margins over Libor and the facility fees depend on the companies’ debt ratings.

Wells Fargo Securities, LLC, Bank of America Merrill Lynch and Morgan Stanley Senior Funding, Inc. acted as lead arrangers and bookrunners of the facilities; Wells Fargo Bank, NA as agent; Bank of America, NA and Morgan Stanley Senior Funding, Inc. as co-syndication agents; and Branch Banking and Trust Co., Credit Suisse AG, Cayman Islands Branch, JPMorgan Chase Bank, NA, Mizuho Bank, Ltd., MUFG Union Bank, NA, TD Bank, NA and UBS Securities LLC as documentation agents.

Each borrower’s facility will be used to refinance debt and for general corporate purposes, including liquidity support for commercial paper program and, in the cases of South Carolina Electric and Gas and Public Service, to provide interim financing for construction, and in the case of South Carolina Fuel, to finance or refinance the purchase of nuclear and fossil fuels and emission and other environmental allowances.

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

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