South Carolina Electric may repay loans, mortgage bonds via new issue

By Susanna Moon

Chicago, Aug. 15 – South Carolina Electric & Gas Co. may repay its short-term loans as well as its $250 million 5.25% first mortgage bonds due Nov. 1, 2018 and $300 million 6.5% first mortgage bonds due Nov. 1, 2018 using proceeds of new notes.

The company plans to price first mortgage bonds in two tranches with proceeds also to be used for general corporate purposes, according to a 424B3 filing with the Securities and Exchange Commission.

As of Aug. 9, there was about $188.8 million of borrowings outstanding having maturities of one year or less and having interest rates ranging from 2.95% to 3.355% per year.

South Carolina Electric & Gas is a regulated utility based in Cayce, S.C.

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