Cayce, SC, October 25, 2010...SCANA Corporation (NYSE:SCG) announced that it has closed on new revolving credit facilities at the holding company and for three of its subsidiaries that will provide increased financial flexibility and maintain the strong relationships the Company has with its banking partners, several of which are headquartered in the Company’s operating region. These committed credit facilities total $1.5 billion, have a term of 5 years and replace existing committed credit facilities totaling $1.1 billion.
The new lines of credit consist of (1) a $300 million, 5-year revolving credit facility for SCANA Corporation (SCANA); (2) a $700 million, 5-year revolving credit facility for South Carolina Electric & Gas Company (SCE&G); (3) a $400 million, 5-year revolving credit facility for South Carolina Fuel Company (SCFC); and (4) a $100 million, 5-year revolving credit facility for Public Service Company of North Carolina, Inc. (PSNC Energy). These facilities will be used for general corporate purposes, including liquidity support for each company’s commercial paper program and working capital needs and, in the case of SCFC, to finance or refinance the purchase of nuclear and fossil fuels, and emission and other environmental allowances.
"We are very pleased to have successfully completed these expanded credit facilities with a tenor of five years," said Jimmy Addison, senior vice president and chief financial officer. "The continued support and positive response from our banking group, including local and regional banks, confirms the strong level of confidence the credit markets have in SCANA’s business plan."
Addison further stated “The additional liquidity is important to our nuclear construction and the five year tenor spans the planned construction of the first of two new units.”
Wells Fargo Bank, National Association served as administrative agent and Bank of America, N.A. and Morgan Stanley Senior Funding, Inc. served as co-syndication agents. Wells Fargo Securities, LLC, Banc of America Securities LLC, and Morgan Stanley Senior Funding, Inc., were co-lead arrangers and co-book runners for the new credit facilities.
SCANA Corporation, a Fortune 500 company headquartered in Cayce, SC, is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses. Information about SCANA is available on the Company’s Website at www.scana.com.