LONG-TERM AND SHORT-TERM DEBT

9 Months Ended

Sep. 30, 2013

LONG-TERM DEBT AND LIQUIDITY

Long-term Debt

In June 2013, SCE&G issued $400 million of 4.60% first mortgage bonds due June 15, 2043. Proceeds from this sale were used to pay at maturity $150 million of its 7.125% first mortgage bonds due June 15, 2013, to repay short-term debt primarily incurred as a result of SCE&G's construction program, to finance capital expenditures, and for general corporate purposes.

In January 2013, JEDA issued at a premium, for the benefit of SCE&G, $39.5 million of 4.0% tax-exempt industrial revenue bonds due February 1, 2028, and $14.7 million of 3.63% tax-exempt industrial revenue bonds due February 1, 2033. Proceeds from these sales were loaned by JEDA to SCE&G and, together with other available funds, were used to redeem prior to maturity $56.9 million of 5.2% industrial revenue bonds due November 1, 2027.

Substantially all of SCE&G’s and GENCO’s electric utility plant is pledged as collateral in connection with long-term debt. The Company is in compliance with all debt covenants.

Liquidity

SCANA, SCE&G (including Fuel Company) and PSNC Energy had available the following committed LOC, and had outstanding the following LOC advances, commercial paper, and LOC-supported letter of credit obligations:



	SCANA						SCE&G						PSNC Energy
Millions of dollars	September 30, 2013			December 31, 2012			September 30, 2013			December 31, 2012			September 30, 2013		December 31, 2012
Lines of credit:
Total committed long-term	$	300		$	300		$	1,400		$	1,400		$	100	$	100
LOC advances	—			—			—			—			—		—
Weighted average interest rate	—			—			—			—			—		—
Outstanding commercial paper (270 or fewer days)	$	68		$	142		$	310		$	449		—		$	32
Weighted average interest rate	0.43		%	0.58		%	0.30		%	0.42		%	—		0.44		%
Letters of credit supported by LOC	$	3		$	3		$	0.3		$	0.3		—		—
Available	$	229		$	155		$	1,090		$	951		$	100	$	68

SCANA, SCE&G (including Fuel Company) and PSNC Energy are parties to five-year credit agreements in the amounts of $300 million, $1.2 billion (of which $500 million relates to Fuel Company) and $100 million, respectively. In addition, SCE&G is party to a three-year credit agreement in the amount of $200 million. In October 2013, the term of each of these credit agreements was extended by one year, such that the five-year agreements expire in October 2018, and the three-year agreement expires in October 2016. These credit agreements are used for general corporate purposes, including liquidity support for each company's commercial paper program and working capital needs and, in the case of Fuel Company, to finance or refinance the purchase of nuclear fuel, certain fossil fuels, and emission and other environmental allowances. These committed long-term facilities are revolving lines of credit under credit agreements with a syndicate of banks. Wells Fargo Bank, National Association, Bank of America, N.A. and Morgan Stanley Bank, N.A. each provide 10.7% of the aggregate $1.8 billion credit facilities, JPMorgan Chase Bank, N.A., Mizuho Corporate Bank, Ltd., TD Bank N.A., Credit Suisse AG, Cayman Island Branch and UBS Loan Finance LLC each provide 8.9%, and Branch Banking and Trust Company, Union Bank, N.A. and U.S. Bank National Association each provide 6.3%. Two other banks provide the remaining support. The Company pays fees to the banks as compensation for maintaining the committed lines of credit. Such fees were not material in any period presented.

The Company is obligated with respect to an aggregate of $67.8 million of industrial revenue bonds which are secured by letters of credit issued by Branch Banking and Trust Company. The letters of credit expire, subject to renewal, in the fourth quarter of 2014.

SCEG

Debt Instrument [Line Items]

Long-term Debt [Text Block]


	LONG-TERM DEBT AND LIQUIDITY

Long-term Debt

Substantially all of Consolidated SCE&G’s electric utility plant is pledged as collateral in connection with long-term debt. Consolidated SCE&G is in compliance with all debt covenants.

Liquidity

SCE&G (including Fuel Company) had available the following committed LOC, and had outstanding the following LOC advances, commercial paper, and LOC-supported letter of credit obligations:



Millions of dollars	September 30, 2013			December 31, 2012
Lines of credit:
Total committed long-term	$	1,400		$	1,400
LOC advances	—			—
Weighted average interest rate	—			—
Outstanding commercial paper (270 or fewer days)	$	310		$	449
Weighted average interest rate	0.30		%	0.42		%
Letters of credit supported by LOC	$	0.3		$	0.3
Available	$	1,090		$	951

SCE&G and Fuel Company are parties to five-year credit agreements in the amount of $1.2 billion (of which $500 million relates to Fuel Company). In addition, SCE&G is party to a three-year credit agreement in the amount of $200 million. In October 2013, the term of each of these credit agreements was extended by one year, such that the five-year agreements will expire in October 2018, and the three-year agreement expires in October 2016. These credit agreements are used for general corporate purposes, including liquidity support for each company’s commercial paper program and working capital needs and, in the case of Fuel Company, to finance or refinance the purchase of nuclear fuel, certain fossil fuels, and emission and other environmental allowances. These committed long-term facilities are revolving lines of credit under credit agreements with a syndicate of banks. Wells Fargo Bank, National Association, Bank of America, N. A. and Morgan Stanley Bank, N.A. each provide 10.7% of the aggregate $1.4 billion credit facilities, JPMorgan Chase Bank, N.A., Mizuho Corporate Bank, Ltd., TD Bank N.A., Credit Suisse AG, Cayman Islands Branch and UBS Loan Finance LLC each provide 8.9% and Branch Banking and Trust Company, Union Bank, N.A. and U.S. Bank National Association each provide 6.3%. Two other banks provide the remaining support. Consolidated SCE&G pays fees to the banks as compensation for maintaining the committed lines of credit. Such fees were not material in any period presented.

Consolidated SCE&G is obligated with respect to an aggregate of $67.8 million of industrial revenue bonds which are secured by letters of credit issued by Branch Banking and Trust Company. The letters of credit expire, subject to renewal, in the fourth quarter of 2014.

Consolidated SCE&G participates in a utility money pool. Money pool borrowings and investments bear interest at short-term market rates. Consolidated SCE&G’s interest income and expense from money pool transactions was not significant for any period presented. At September 30, 2013 and December 31, 2012, Consolidated SCE&G had outstanding money pool borrowings due to an affiliate of $39.6 million and $49.4 million, respectively.