SCANA Subsidiary Announces $300 Million Debt Refinancing
Investor Contact:
John Winn
(803) 217-9240
jwinn@scana.com  


May 14, 2003, Columbia, SC - South Carolina Electric & Gas Company (SCE&G), principal subsidiary of SCANA Corporation (NYSE:SCG), announced today that it sold, in a negotiated offering, $300 million principal amount of 5.30 percent First Mortgage Bonds due May 15, 2033. The 30-year bonds were priced to SCE&G at 98.932 percent. The bonds are initially being offered to the public at 99.807 percent to yield 5.313 percent to maturity. UBS Warburg LLC, Banc of America Securities LLC and Credit Suisse First Boston LLC acted as joint book-running managers for the transaction.

It is anticipated that the bonds will be issued on May 21, 2003. Closing of the transaction is subject to normal closing conditions.

SCE&G will use the net proceeds from the sale of the new bonds, together with other moneys of the company, to redeem SCE&G's $100 million principal amount of 7.625 percent Series First Mortgage Bonds due June 1, 2023, and $150 million principal amount of 7.50 percent Series First Mortgage Bonds due June 15, 2023; and to pay Junior Subordinated Debentures of SCE&G and thereby effect the redemption of $50 million aggregate amount of 7.55 percent Trust Preferred Securities, Series A, issued by SCE&G Trust I. A redemption notice will be mailed to holders of record of these securities on or about May 15, 2003.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission and has become effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This offering may be made only by means of a prospectus and related prospectus supplement, copies of which may be obtained by contacting UBS Warburg LLC, Prospectus Department, 299 Park Avenue, 25th Floor, New York, NY, 10171 (Telephone: (212) 821-3000), or by contacting any of the other underwriters.

SCE&G is a regulated public utility engaged in the generation, transmission, distribution and sale of electricity to approximately 564,000 customers in 24 counties in the central, southern and southwestern portions of South Carolina. The company also provides retail natural gas service to approximately 275,000 customers in 34 counties in the state.