LONG-TERM AND SHORT-TERM DEBT

12 Months Ended

Dec. 31, 2013

LONG-TERM AND SHORT-TERM DEBT

Long-term debt by type with related weighted average interest rates and maturities at December 31 is as follows:



		2013					2012
Dollars in millions	Maturity	Balance			Rate		Balance			Rate
Medium Term Notes (unsecured)	2020 - 2022	$	800		5.42	%	$	800		5.02	%
Senior Notes (unsecured) (a)	2034	92			0.94	%	96			1.01	%
First Mortgage Bonds (secured)	2018 - 2042	3,540			5.60	%	3,290			5.66	%
Junior Subordinated Notes (unsecured) (b)	2065	150			7.92	%	150			7.70	%
GENCO Notes (secured)	2018 - 2024	233			5.89	%	240			5.87	%
Industrial and Pollution Control Bonds (c)	2014 - 2038	158			3.83	%	161			4.32	%
Senior Debentures	2020- 2026	350			5.93	%	350			5.90	%
Nuclear Fuel Financing	2016	100			0.78	%	—			—
Other	2014 - 2027	20			2.73	%	27			2.39	%
Total debt		5,443					5,114
Current maturities of long-term debt		(54		)			(172		)
Unamortized premium (discount)		6					7
Total long-term debt, net		$	5,395				$	4,949

(a) Variable rate notes hedged by a fixed interest rate swap (fixed rate of 6.47%)

(b) May be extended through 2080

(c) Includes variable rate debt of $67.8 million at December 31, 2013 (rate of 0.11%) and 2012 (rate of 0.17%) which are hedged by fixed swaps.

The annual amounts of long-term debt maturities for the years 2014 through 2018 are summarized as follows:



Year	Millions of dollars
2014	$	54
2015	15
2016	114
2017	13
2018	722

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 March 2013, SCE&G entered into a contract for the purchase of nuclear fuel totaling $100 million and payable in 2016.

In January 2013, JEDA issued 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. The borrowings refinanced by these 2013 issuances are classified within Long-term Debt, Net in the consolidated balance sheet.

In July 2012, SCE&G issued $250 million of 4.35% first mortgage bonds due February 1, 2042, which constituted a reopening of the prior offering of $250 million of 4.35% first mortgage bonds issued in January 2012. Proceeds from these sales were used 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 2012, SCANA issued $250 million of 4.125% medium term notes due February 1, 2022. Proceeds from the sale were used to retire SCANA's $250 million 6.25% medium term notes due February 1, 2012.

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

SCE&G is subject to a bond indenture dated April 1, 1993 (Mortgage) covering substantially all of its electric properties under which all of its first mortgage bonds (Bonds) have been issued. Bonds may be issued under the Mortgage in an aggregate principal amount not exceeding the sum of (1) 70% of Unfunded Net Property Additions (as therein defined), (2) the aggregate principal amount of retired Bonds and (3) cash deposited with the trustee. Bonds, other than certain Bonds issued on the basis of retired Bonds, may be issued under the Mortgage only if Adjusted Net Earnings (as therein defined) for 12 consecutive months out of the 18 months immediately preceding the month of issuance are at least twice (2.0) the annual interest requirements on all outstanding Bonds and Bonds to be outstanding (Bond Ratio). For the year ended December 31, 2013, the Bond Ratio was 5.28.

Lines of Credit and Short-Term Borrowings

At December 31, 2013 and 2012, 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	2013			2012			2013			2012			2013		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)	$	125		$	142		$	251		$	449		—		$	32
Weighted average interest rate	0.39		%	0.58		%	0.27		%	0.42		%	—		0.44		%
Letters of credit supported by LOC	$	3		$	3		$	0.3		$	0.3		—		—
Available	$	172		$	155		$	1,149		$	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 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. 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.

The Company pays fees to the banks as compensation for maintaining committed lines of credit. Such fees were not material in any period presented.

SCE&G

Debt Instrument [Line Items]

Debt Disclosure [Text Block]

LONG-TERM AND SHORT-TERM DEBT

Long-term debt by type with related weighted average interest rates and maturities at December 31 is as follows:



		2013					2012
Dollars in millions	Maturity	Balance			Rate		Balance			Rate
First Mortgage Bonds (secured)	2018 - 2042	$	3,540		5.60	%	$	3,290		5.66	%
GENCO Notes (secured)	2018 - 2024	233			5.89	%	240			5.87	%
Industrial and Pollution Control Bonds (a)	2014 - 2038	158			3.83	%	161			4.32	%
Nuclear Fuel Financing	2016	100			0.78	%	—			—
Other	2014 - 2027	16			2.26	%	21			1.62	%
Total debt		4,047					3,712
Current maturities of long-term debt		(48		)			(165		)
Unamortized premium		8					10
Total long-term debt, net		$	4,007				$	3,557

(a) Includes variable rate debt of $67.8 million at December 31, 2013 (rate of 0.11%) and 2012 (rate of 0.17%), which are hedged by fixed swaps.

The annual amounts of long-term debt maturities for the years 2014 through 2018 are summarized as follows:



Year	Millions of dollars
2014	$	48
2015	9
2016	109
2017	8
2018	718

In March 2013, SCE&G entered into a contract for the purchase of nuclear fuel totaling $100 million and payable in 2016.

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

Lines of Credit and Short-Term Borrowings

At December 31, 2013 and 2012, 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	2013			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)	$	251		$	449
Weighted average interest rate	0.27		%	0.42		%
Letters of credit supported by an LOC	$	0.3		$	0.3
Available	$	1,149		$	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 $1,400 million 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. These letters of credit expire, subject to renewal, in the fourth quarter of 2014.

Consolidated SCE&G pays fees to the banks as compensation for maintaining committed lines of credit. Such fees were not material in any period presented.

Consolidated SCE&G participates in a utility money pool with SCANA and certain other subsidiaries of SCANA. 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 December 31, 2013 and 2012, Consolidated SCE&G had outstanding money pool borrowings due to an affiliate of $27.3 million and $49.4 million, respectively, which are included within affiliated payables on the consolidated balance sheet.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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