June 16, 2004, Columbia, SC, - SCANA Corporation (NYSE: SCG) announced today that is has closed new revolving credit facilities for three of its subsidiaries that will provide increased financial flexibility and maintain the strong relationships the Company has with its banking partners. The new committed credit facilities total $650 million and have a term of 5 years.
These new facilities replace existing committed credit facilities totaling $600 million, comprised of 364-day and 3-year revolvers and one-year lines of credit. In addition to these new facilities, SCANA Corporation continues to maintain committed revolving credit facilities and uncommitted lines of credit totaling $213 million.
The new credit facilities consist of (1) a $400 million, 5-year revolving credit facility for South Carolina Electric & Gas Company (SCE&G); (2) a $125 million, 5-year revolving credit facility for South Carolina Fuel Company (SCFC); and (3) a $125 million, 5-year revolving credit facility for Public Service Company of North Carolina, Incorporated (PSNC Energy). These facilities will be used for general corporate purposes, including liquidity support for each company’s commercial paper programs and working capital needs and, in the case of SCFC, to finance or refinance the purchase of nuclear fuel, fossil fuel and sulfur dioxide emission allowances.
“We are very pleased to have successfully completed these expanded credit facilities,” said Kevin Marsh, senior vice president and chief financial officer. “The very positive response from our banking group confirms the strong level of support and confidence the credit markets have in SCANA and its subsidiaries.”
Wachovia Capital Markets, LLC and Banc of America Securities LLC acted as co-lead arrangers and joint-book managers for the new credit facilities.
SCANA Corporation, a Fortune 500 company headquartered in Columbia, South Carolina, is a registered holding company engaged, through subsidiaries, in regulated electric and natural gas utility operations, telecommunications and other diversified energy-related businesses. The Company serves approximately 574,000 electric customers in South Carolina and more than one million natural gas customers in South Carolina, North Carolina and Georgia. Information about SCANA Corporation and its businesses is available on the Company’s web site at www.scana.com.