Columbia, SC, August 12, 2003 - South Carolina Generating Company, Inc. (GENCO), a wholly owned subsidiary of SCANA Corporation (NYSE: SCG), Berkeley County, South Carolina and BB&T Capital Markets, a division of Scott & Stringfellow, Inc., announced today that on August 12, 2003, GENCO agreed to the terms of the issuance by Berkeley County and the purchase by BB&T Capital Markets for public distribution thereafter of Berkeley County's $35,850,000 principal amount of Pollution Control Facilities Revenue Refunding Bonds (South Carolina Generating Company, Inc. Project), Series 2003. The Bonds were priced to the public at 99.50 percent and will bear interest at the annual rate of 4.875 percent, resulting in a yield to maturity of 4.933 percent. The Bonds will mature October 1, 2014.
The Bonds are expected to be delivered on August 26, 2003, subject to normal closing conditions.
The net proceeds of the Bonds will be loaned to GENCO and, together with funds provided by GENCO, be used to refund $35,850,000 outstanding principal amount of 6.50 percent Berkeley County, South Carolina, Pollution Control Facilities Revenue Refunding Bonds (South Carolina Electric & Gas Company Project), Series 1984.
Payment of the Bonds when due will be guaranteed by SCANA Corporation pursuant to a Guaranty Agreement to be delivered at the time of issuance of the Bonds.
These Bonds may not be sold nor may offers to buy be accepted prior to the time the Official Statement relating thereto is delivered in final form. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the Bonds in any jurisdiction in which such offer, solicitation or sale would be unlawful.
GENCO is a South Carolina corporation organized in 1984 that owns and operates the A.M. Williams Generating Station, located in Berkeley County, South Carolina. GENCO sells all of the electric generation from the Williams Station to South Carolina Electric & Gas Company, a subsidiary of SCANA. GENCO does not own any other sources of electrical generation, other than the Williams Station.
SCANA Corporation, headquartered in Columbia, SC, is a registered public utility holding company engaged, through subsidiaries, in regulated electric and natural gas utility operations, telecommunications, and other energy-related businesses. Information about SCANA and its businesses is available on the Company's web site at www.scana.com.