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LONG-TERM AND SHORT-TERM DEBT - SCEG

12 Months Ended

Dec. 31, 2011

4. 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:

		2011					2010
Dollars in millions	Maturity	Balance			Rate		Balance			Rate
Medium-Term Notes (unsecured)(a)	2012 - 2021	$	800		5.69	%	$	950		6.51	%
Senior Notes (unsecured)(b)	2034	101			6.47	%	106			6.47	%
First Mortgage Bonds (secured)	2013 - 2041	2,790			5.89	%	2,560			6.03	%
Junior Subordinated Notes (unsecured)(c)	2065	150			7.70	%	150			7.70	%
GENCO Notes (secured)	2012 - 2024	247			5.86	%	262			5.91	%
Industrial and Pollution Control Bonds(d)	2012 - 2038	194			4.48	%	228			4.63	%
Senior Debentures(e)	2012 - 2026	353			5.92	%	206			6.94	%
Fair Value of Interest Rate Swaps		—					5
Other	2012 - 2027	31					36
Total debt		4,666					4,503
Current maturities of long-term debt		(31		)			(337		)
Unamortized discount		(13		)			(14		)
Total long-term debt, net		$	4,622				$	4,152

(a) Includes fixed rate debt hedged by variable interest rate swaps of $250 million in 2011 and $550 million in 2010.

(b) Variable rate notes hedged by a fixed interest rate swap.

(c) May be extended through 2080.

(d) Includes variable rate debt hedged by fixed rate swaps of $71.4 million in 2011 and 2010.

(e) Includes fixed rate debt hedged by a variable interest rate swap of $3.2 million in 2011 and $6.4 million in 2010.

The annual amounts of long-term debt maturities for the years 2012 through 2016 are summarized as follows:

Year	Millions of dollars
2012	$	280
2013	171
2014	52
2015	13
2016	12

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 of 6.25% medium term notes due February 1, 2012. The borrowings refinanced by this 2012 issuance are classified within Long-term Debt, Net in the consolidated balance sheet.

In January 2012, SCE&G issued $250 million of 4.35% first mortgage bonds due February 1, 2042. Proceeds from the sale were used to repay short-term debt primarily incurred as a result of our construction program, to finance capital expenditures and for general corporate purposes.

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.

Lines of Credit and Short-Term Borrowings

At December 31, 2011 and 2010, 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	2011			2010			2011			2010			2011			2010
Lines of Credit:
Committed long-term
Total	$	300		$	300		$	1,100		$	1,100		$	100		$	100
LOC advances	—			—			—			—			—			—
Weighted average interest rate	—			—			—			—			—			—
Outstanding commercial paper (270 or fewer days)	$	131		$	39		$	512		$	381		$	10		—
Weighted average interest rate	.63		%	.35		%	.56		%	.42		%	.57		%	—
Letters of credit supported by LOC	$	3		$	3		$	.3		$	.3		—			—
Available	$	166		$	258		$	588		$	719		$	90		$	100

SCANA, SCE&G (including Fuel Company) and PSNC Energy are parties to five-year credit agreements in the amounts of $300 million, $1.1 billion (of which $400 million relates to Fuel Company), and $100 million, respectively, which expire October 23, 2015. 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% of the aggregate $1.5 billion credit facilities, Branch Banking and Trust Company, Credit Suisse AG, Cayman Islands Branch, JPMorgan Chase Bank, N.A., Mizuho Corporate Bank, Ltd., TD Bank N.A. and UBS Loan Finance LLC each provide 8%, and Deutsche Bank AG New York Branch, Union Bank, N.A. and U.S. Bank National Association each provide 5.3%. Three other banks provide the remaining 6%. These bank credit facilities support the issuance of commercial paper by SCANA, SCE&G (including Fuel Company) and PSNC Energy. When the commercial paper markets are dislocated (due to either price or availability constraints), the credit facilities are available to support the borrowing needs of SCANA, SCE&G (including Fuel Company) and PSNC Energy.

The Company is obligated with respect to an aggregate of $68.3 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 banks as compensation for maintaining committed lines of credit.

SOUTH CAROLINA ELECTRIC AND GAS COMPANY

LONG-TERM AND SHORT-TERM DEBT

4. 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:

		2011					2010
Dollars in millions	Maturity	Balance			Rate		Balance				Rate
First Mortgage Bonds (secured)	2013 - 2041	$	2,790		5.89	%	$	2,560			6.03	%
GENCO Notes (secured)	2012 - 2024	247			5.86	%	262				5.91	%
Industrial and Pollution Control Bonds(a)	2012 - 2038	194			4.48	%	228				4.63	%
Other	2012 - 2027	22					24
Total debt		3,253					3,074
Current maturities of long-term debt		(19		)			(23			)
Unamortized discount		(12		)			(14			)
Total long-term debt, net		$	3,222				$		3,037

(a) Includes variable rate debt hedged by fixed rate swaps of $71.4 million in 2011 and 2010.

The annual amounts of long-term debt maturities for the years 2012 through 2016 are summarized as follows:

Year	Millions of dollars
2012	$	19
2013	164
2014	47
2015	7
2016	7

In January 2012, SCE&G issued $250 million of 4.35% first mortgage bonds due February 1, 2042. Proceeds from the sale were used to repay short-term debt primarily incurred as a result of our construction program, to finance capital expenditures and for general corporate purposes.

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

Lines of Credit and Short-Term Borrowings

At December 31, 2011 and 2010, 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	2011			2010
Lines of credit:
Committed long-term
Total	$	1,100		$	1,100
LOC advances	—			—
Weighted average interest rate	—			—
Outstanding commercial paper (270 or fewer days)	$	512		$	381
Weighted average interest rate	.56		%	.42		%
Letters of credit supported by an LOC	$	.3		$	.3
Available	$	588		$	719

SCE&G and Fuel Company are parties to five-year credit agreements in the amount of $1.1 billion (of which $400 million relates to Fuel Company), which expire October 23, 2015. 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% of the aggregate $1.1 billion credit facilities, Branch Banking and Trust Company, Credit Suisse AG, Cayman Islands Branch, JPMorgan Chase Bank, N.A., Mizuho Corporate Bank, Ltd., TD Bank N.A. and UBS Loan Finance LLC each provide 8%, and Deutsche Bank AG New York Branch, Union Bank, N.A. and U.S. Bank National Association each provide 5.3%. Three other banks provide the remaining 6%. These bank credit facilities support the issuance of commercial paper by SCE&G (including Fuel Company). When the commercial paper markets are dislocated (due to either price or availability constraints), the credit facilities are available to support the borrowing needs of SCE&G (including Fuel Company).

Consolidated SCE&G is obligated with respect to an aggregate $68.3 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.

The Company pays fees to banks as compensation for maintaining committed lines of credit.

- 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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