Columbia, SC, June 17, 2008 --- South Carolina Electric & Gas Company (SCE&G) announced today that it sold, in a negotiated offering, $110 million principal amount of its First Mortgage Bonds, 6.05 percent series due January 15, 2038, which are a part of a series of bonds having identical terms that SCE&G previously sold in January 2008. The 30-year bonds sold today were priced to SCE&G at 94.247 percent, and are initially being offered to the public at 95.122 percent plus accrued interest from January 14, 2008, with a yield to maturity of 6.42 percent. Wachovia Capital Markets, LLC acted as the underwriter for the transaction.
SCE&G intends to apply the net proceeds from the sale of the bonds toward the repayment of short-term debt and for general corporate purposes.
It is anticipated that the new First Mortgage Bonds will be issued on June 24, 2008. The transaction is subject to normal closing conditions.
Copies of a written prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended, relating to the offering of these bonds may be obtained by contacting Wachovia Capital Markets, LLC, One Wachovia Center, 301 College Street, Charlotte, North Carolina, 28288-0606.
South Carolina Electric & Gas Company is a regulated public utility engaged in the generation, transmission, distribution and sale of electricity to approximately 643,000 customers in 24 counties in the central, southern and southwestern portions of South Carolina. The company also provides natural gas service to approximately 305,000 customers in 35 counties in the state. Information about SCE&G is available on the company’s web site at www.sceg.com.
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