LONG-TERM AND SHORT-TERM DEBT

12 Months Ended

Dec. 31, 2014

LONG-TERM AND SHORT-TERM DEBT

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



				2014					2013
Dollars in millions	Maturity			Balance			Rate		Balance			Rate
Medium Term Notes (unsecured)	2020	-	2022	$	800		5.42	%	$	800		5.42	%
Senior Notes (unsecured) (a)	2015	-	2034	88			0.93	%	92			0.94	%
First Mortgage Bonds (secured)	2018	-	2064	3,840			5.56	%	3,540			5.60	%
Junior Subordinated Notes (unsecured) (b)	2065			150			7.92	%	150			7.92	%
GENCO Notes (secured)	2015	-	2024	227			5.90	%	233			5.89	%
Industrial and Pollution Control Bonds (c)	2028	-	2038	122			3.51	%	158			3.83	%
Senior Debentures	2020	-	2026	350			5.93	%	350			5.93	%
Nuclear Fuel Financing	2016			100			0.78	%	100			0.78	%
Other	2015	-	2027	17			2.90	%	20			2.73	%
Total debt				5,694					5,443
Current maturities of long-term debt				(166		)			(54		)
Unamortized premium				3					6
Total long-term debt, net				$	5,531				$	5,395

(a) Variable rate notes hedged by a fixed interest rate swap (fixed rate of 6.17%)

(b) Redeemed at par prior to maturity on February 2, 2015, and included in the current portion of long-term debt on the balance sheet at December 31, 2014.

(c) Includes variable rate debt of $67.8 million at December 31, 2014 (rate of 0.04%) and 2013 (rate of 0.11%) which are hedged by fixed swaps.

The annual amounts of long-term debt maturities for the next five years are summarized as follows:



Year	Millions of dollars
2015	$	166
2016	115
2017	14
2018	723
2019	13

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, 2014, the Bond Ratio was 5.41.

Lines of Credit and Short-Term Borrowings

At December 31, 2014 and 2013, SCANA, SCE&G (including Fuel Company) and PSNC Energy had available the following committed LOC and had outstanding the following LOC-related obligations and commercial paper borrowings:



	SCANA						SCE&G						PSNC Energy
Millions of dollars	2014			2013			2014			2013			2014			2013
Lines of Credit:
Total committed long-term	$	300		300			1,400			1,400			100			100
Outstanding commercial paper (270 or fewer days)	$	179		$	125		$	709		$	251		$	30		—
Weighted average interest rate	0.54		%	0.39		%	0.52		%	0.27		%	0.65		%	—
Letters of credit supported by LOC	$	3		$	3		$	0.3		$	0.3		—			—
Available	$	118		$	172		$	691		$	1,149		$	70		$	100

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 2014, the term of the five-year agreements was extended by one year, such that they expire in October 2019. 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.

On January 29, 2015, SCANA entered into an unsecured, three-month credit agreement in the amount of $150 million. SCANA entered this agreement to ensure sufficient liquidity was available to redeem its junior subordinated notes on February 2, 2015. No borrowings were made under this agreement, and it expired according to its terms on February 6, 2015.

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 TD Bank N.A. The letters of credit expire, subject to renewal, in the fourth quarter of 2019.

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 effective interest rates and maturities at December 31 is as follows:



				2014					2013
Dollars in millions	Maturity			Balance			Rate		Balance			Rate
First Mortgage Bonds (secured)	2018	-	2064	$	3,840		5.56	%	$	3,540		5.60	%
GENCO Notes (secured)	2015	-	2024	227			5.90	%	233			5.89	%
Industrial and Pollution Control Bonds (a)	2028	-	2038	122			3.51	%	158			3.83	%
Nuclear Fuel Financing	2016			100			0.78	%	100			0.78	%
Other	2015	-	2027	14			2.63	%	16			2.26	%
Total debt				4,303					4,047
Current maturities of long-term debt				(10		)			(48		)
Unamortized premium				6					8
Total long-term debt, net				$	4,299				$	4,007

(a) Includes variable rate debt of $67.8 million at December 31, 2014 (rate of 0.04%) and 2013 (rate of 0.11%), which are hedged by fixed swaps.

The annual amounts of long-term debt maturities for the next five years are summarized as follows:



Year	Millions of dollars
2015	$	10
2016	109
2017	9
2018	719
2019	8

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, 2014 and 2013, SCE&G (including Fuel Company) had available the following committed LOC and had outstanding the following LOC-related obligations and commercial paper borrowings:



Millions of dollars	2014			2013
Lines of credit:
Total committed long-term	$	1,400		$	1,400
Outstanding commercial paper (270 or fewer days)	$	709		$	251
Weighted average interest rate	0.52		%	0.27		%
Letters of credit supported by an LOC	$	0.3		$	0.3
Available	$	691		$	1,149

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 2014, the term of the five-year agreements was extended by one year, such that they expire in October 2019. 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 TD Bank N.A. These letters of credit expire, subject to renewal, in the fourth quarter of 2019.

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 were not significant for any period presented. At December 31, 2014 Consolidated SCE&G had outstanding money pool borrowings due to an affiliate of $83 million and money pool investments due from an affiliate of $80 million. At December 31, 2013 Consolidated SCE&G had outstanding money pool borrowings due to an affiliate of $27.3 million. On the consolidated balance sheets, amounts due from an affiliate are included within Receivables-affiliated companies, and amounts due to an affiliate are included within Affiliated payables.

- 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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