LONG-TERM AND SHORT-TERM DEBT

12 Months Ended

Dec. 31, 2015

LONG-TERM AND SHORT-TERM DEBT

Total long-term debt, net reflects the retrospective adoption of accounting guidance for unamortized debt issuance costs in the fourth quarter of 2015 (see Note 1). Long-term debt by type with related weighted average effective interest rates and maturities at December 31 is as follows:



				2015					2014
Dollars in millions	Maturity			Balance			Rate		Balance			Rate
SCANA Medium Term Notes (unsecured)	2020	-	2022	$	800		5.42	%	$	800		5.42	%
SCANA Senior Notes (unsecured) (a)	2016	-	2034	84			1.11	%	88			0.93	%
SCE&G First Mortgage Bonds (secured)	2018	-	2065	4,340			5.78	%	3,840			5.56	%
GENCO Notes (secured)	2016	-	2024	220			5.92	%	227			5.90	%
Industrial and Pollution Control Bonds (b)	2028	-	2038	122			3.51	%	122			3.51	%
PSNC Senior Debentures	2020	-	2026	350			5.93	%	350			5.93	%
Nuclear Fuel Financing	2016			100			0.78	%	100			0.78	%
Other (c)	2016	-	2027	18			2.72	%	167			7.39	%
Total debt				6,034					5,694
Current maturities of long-term debt				(116		)			(166		)
Unamortized premium, net				—					3
Unamortized debt issuance costs				(36		)			(34		)
Total long-term debt, net				$	5,882				$	5,497

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

(b) Includes variable rate debt of $67.8 million at December 31, 2015 (rate of 0.03%) and 2014 (rate of 0.04%) which are hedged by fixed swaps.

(c) Includes Junior Subordinated Notes 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.

In May 2015, SCE&G issued $500 million of 5.1% first mortgage bonds due June 1, 2065. Proceeds from this sale 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 May 2014, SCE&G issued $300 million of 4.5% first mortgage bonds due June 1, 2064. Proceeds from this sale 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.

Long-term debt maturities will be $116 million in 2016, $15 million in 2017, $724 million in 2018, $13 million in 2019 and $363 million in 2020.

Substantially all 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, 2015, the Bond Ratio was 5.17.

Lines of Credit and Short-Term Borrowings

At December 31, 2015 and 2014, 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	2015			2014			2015			2014			2015			2014
Lines of Credit:
Total committed long-term	$	400		$	300		$	1,400		$	1,400		$	200		$	100
Outstanding commercial paper (270 or fewer days)	$	37		$	179		$	420		$	709		$	74		$	30
Weighted average interest rate	1.19		%	0.54		%	0.74		%	0.52		%	0.77		%	0.65		%
Letters of credit supported by LOC	$	3		$	3		$	0.3		$	0.3		—			—
Available	$	360		$	118		$	980		$	691		$	126		$	70

SCANA, SCE&G (including Fuel Company) and PSNC Energy are parties to five-year credit agreements in the amounts of $400 million, $1.2 billion (of which $500 million relates to Fuel Company) and $200 million, respectively. In addition, SCE&G is party to a three-year credit agreement in the amount of $200 million. In December 2015, the term of the five-year agreements was amended and extended by one year, such that they expire in December 2020. The three-year agreement expires in December 2018. 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 9.5% of the aggregate credit facilities, JPMorgan Chase Bank, N.A., Mizuho Corporate Bank, Ltd., TD Bank N.A., Credit Suisse AG, Cayman Islands Branch, UBS Loan Finance LLC, MUFG Union Bank, N.A., and Branch Banking and Trust Company each provide 7.9%, and Royal Bank of Canada and U.S. Bank National Association each provide 5.5%. 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.

SCE&G

Debt Instrument [Line Items]

Debt Disclosure [Text Block]

LONG-TERM AND SHORT-TERM DEBT



				2015					2014
Dollars in millions	Maturity			Balance			Rate		Balance			Rate
First Mortgage Bonds (secured)	2018	-	2065	$	4,340		5.78	%	$	3,840		5.56	%
GENCO Notes (secured)	2016	-	2024	220			5.92	%	227			5.90	%
Industrial and Pollution Control Bonds (a)	2028	-	2038	122			3.51	%	122			3.51	%
Nuclear Fuel Financing	2016			100			0.78	%	100			0.78	%
Other	2016	-	2027	17			2.63	%	14			2.63	%
Total debt				4,799					4,303
Current maturities of long-term debt				(110		)			(10		)
Unamortized premium, net				2					6
Unamortized debt issuance costs				(32		)			(29		)
Total long-term debt, net				$	4,659				$	4,270

(a) Includes variable rate debt of $67.8 million at December 31, 2015 (rate of 0.03%) and 2014 (rate of 0.04%), which are hedged by fixed swaps.

Long-term debt maturities will be $110 million in 2016, $10 million in 2017, $720 million in 2018, $9 million in 2019 and $8 million in 2020.

Substantially all electric utility plant is pledged as collateral in connection with long-term debt.

Lines of Credit and Short-Term Borrowings

At December 31, 2015 and 2014, 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	2015			2014
Lines of credit:
Total committed long-term	$	1,400		$	1,400
Outstanding commercial paper (270 or fewer days)	$	420		$	709
Weighted average interest rate	0.74		%	0.52		%
Letters of credit supported by an LOC	$	0.3		$	0.3
Available	$	980		$	691

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 December 2015, the term of the five-year agreements was amended and extended by one year, such that they expire in December 2020. The three-year agreement expires in December 2018. 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 9.5% of the aggregate credit facilities, JPMorgan Chase Bank, N.A., Mizuho Corporate Bank, Ltd., TD Bank N.A., Credit Suisse AG, Cayman Islands Branch, UBS Loan Finance LLC, MUFG Union Bank, N.A., and Branch Banking and Trust Company each provide 7.9%, and Royal Bank of Canada and U.S. Bank National Association each provide 5.5%. 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 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, 2015 Consolidated SCE&G had outstanding money pool borrowings due to an affiliate of $33 million and money pool investments due from an affiliate of $9 million. 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. 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.