South Carolina Electric & Gas Sells $175 Million Of Bonds
The bonds sold were priced to SCE&G at 98.709 percent, and are initially being offered to the public at 99.584 percent plus accrued interest from January 15, 2009, with a yield to maturity of 6.08 percent. BNY Mellon Capital Markets, and Mizuho Securities USA acted as the joint book-running managers.
SCE&G plans to apply the net proceeds from the sale of the bonds toward the repayment of short-term borrowings made under a cash management money pool, to finance capital expenditures (including costs to construct new nuclear units) and for general corporate purposes.
The company said that the bonds are scheduled be issued on March 17.
Columbia, South Carolina-based South Carolina Electric & Gas is a regulated public utility engaged in the generation, transmission, distribution and sale of electricity and in the purchase, sale and transport at retail of natural gas in portions of South Carolina.
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