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:



The Company
December 31,				2018					2017
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)	2019	-	2034	70			3.44	%	75			2.18	%
SCE&G First Mortgage Bonds (secured)	2021	-	2065	4,990			5.52	%	4,840			5.80	%
GENCO Notes (secured)	2019	-	2024	40			5.49	%	207			5.94	%
Industrial and Pollution Control Bonds (b)	2028	-	2038	122			3.52	%	122			3.52	%
PSNC Energy Senior Debentures and Notes	2020	-	2047	700			5.07	%	600			5.19	%
Other	2019	-	2027	73			3.46	%	28			2.83	%
Total debt				6,795					6,672
Current maturities of long-term debt				(59		)			(727		)
Unamortized discount, net				(2		)			(1		)
Unamortized debt issuance costs				(39		)			(38		)
Total long-term debt, net				$	6,695				$	5,906



Consolidated SCE&G
December 31,				2018					2017
Dollars in millions	Maturity			Balance			Rate		Balance			Rate
First Mortgage Bonds (secured)	2021	-	2065	$	4,990		5.52	%	$	4,840		5.80	%
GENCO Notes (secured)	2019	-	2024	40			5.49	%	207			5.94	%
Industrial and Pollution Control Bonds (b)	2028	-	2038	122			3.52	%	122			3.52	%
Other	2019	-	2027	30			2.97	%	28			2.83	%
Total debt				5,182					5,197
Current maturities of long-term debt				(14		)			(723		)
Unamortized premium (discount), net				(1		)			1
Unamortized debt issuance costs				(35		)			(34		)
Total long-term debt, net				$	5,132				$	4,441

(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, 2018 (rate of 1.72%) and 2017 (rate of 1.85%) which are hedged by fixed swaps.

In September 2018, SCANA borrowed $40 million under the five-year credit agreement expiring December 2020. The interest rate on this draw at December 31, 2018 was 3.87%. This draw was repaid January 10, 2019. Proceeds from the draw had been used to provide contractually required credit support, and this deposit is reflected within other assets on the consolidated balance sheet.

In August 2018, SCE&G issued $300 million of 3.50% first mortgage bonds due August 15, 2021, and $400 million of 4.25% first mortgage bonds due August 15, 2028. Proceeds from these sales were used on September 28, 2018, to repay prior to maturity $250 million of 5.25% first mortgage bonds and $300 million of 6.50% first mortgage bonds, each due November 1, 2018. In addition, proceeds were used for general corporate purposes.

In June 2018, GENCO redeemed at maturity $160 million of 6.06% secured notes. The repayment was funded using a combination of money pool borrowings and an equity contribution from SCANA.

In June 2018, PSNC Energy issued $100 million of 4.33% senior notes due June 15, 2028. In June 2017, PSNC Energy issued $150 million of 4.18% senior notes due June 30, 2047. Proceeds from each of these sales were used to repay short-term debt, to finance capital expenditures, and for general corporate purposes.

In March 2018, SCE&G borrowed $100 million under the five-year credit agreement expiring December 2020. The proceeds of this draw were deposited with a natural gas supplier to provide contractually required credit support. In September 2018, SCE&G obtained a surety bond to replace this credit support and, as a result, the deposit was returned and this draw was repaid in September 2018. Also, SCANA obtained letters of credit in favor of natural gas suppliers to provide contractually required credit support.

As of December 31, 2018, the Company's long-term debt maturities are $59 million in 2019, $368 million in 2020, $797 million in 2021, $266 million in 2022 and $14 million in 2023. These amounts include, for Consolidated SCE&G, $14 million in 2019, $13 million in 2020, $342 million in 2021, $11 million in 2022 and $9 million in 2023.

In February 2019, SCANA launched a tender offer for certain of its medium term notes having an aggregate purchase price of up to $300 million that expires in March 2019. Also in February 2019, SCE&G launched a tender offer for any and all of certain of its first mortgage bonds pursuant to which it purchased first mortgage bonds having an aggregate purchase price of approximately $1.0 billion. SCE&G simultaneously launched a tender offer that expires in March 2019 for certain other of its first mortgage bonds having an aggregate purchase price equal to $1.2 billion less the aggregate purchase price paid in the any and all tender offer.

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 issued (Bond Ratio). For the year ended December 31, 2018, the Bond Ratio was 4.01. Adjusted Net Earnings, as therein defined, excludes the impairment loss.

Lines of Credit and Short-Term Borrowings

At December 31, 2018 and 2017, 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:



Millions of dollars	Total		SCANA			SCE&G			PSNC Energy
December 31, 2018
Lines of credit:
Five-year, expiring December 2020	$	1,300.0	$	400.0		$	700.0		$	200.0
Fuel Company five-year, expiring December 2020	500.0		—			500.0			—
Total committed long-term	1,800.0		400.0			1,200.0			200.0
LOC advances	40.0		40.0			—			—
Weighted average interest rate			3.87		%
Outstanding commercial paper (270 or fewer days)	172.9		2.0			73.2			97.7
Weighted average interest rate			3.65		%	3.82		%	3.49		%
Letters of credit supported by LOC	37.6		37.3			0.3			—
Available	$	1,549.5	$	320.7		$	1,126.5		$	102.3



December 31, 2017
Lines of credit:
Five-year, expiring December 2020	$	1,300.0	$	400.0	$	700.0		$	200.0
Fuel Company five-year, expiring December 2020	500.0		—		500.0			—
Three-year, expiring December 2018	200.0		—		200.0			—
Total committed long-term	2,000.0		400.0		1,400.0			200.0
Outstanding commercial paper (270 or fewer days)	350.3		—		251.6			98.7
Weighted average interest rate					1.92		%	1.93		%
Letters of credit supported by LOC	3.3		3.0		0.3			—
Available	$	1,646.4	$	397.0	$	1,148.1		$	101.3

At December 31, 2018, SCANA, SCE&G (including Fuel Company) and PSNC Energy were parties to credit agreements in the amounts and for the terms described above. 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.

In December 2018, SCE&G's three-year credit facility expired and was not replaced. In February 2019, Fuel Company's commercial paper program and its credit facility were terminated. Fuel Company's financing needs in the future are expected to be met using the money pool described below.

SCE&G has obtained FERC authority to issue short-term indebtedness and to assume liabilities as a guarantor (pursuant to Section 204 of the Federal Power Act). SCE&G may issue unsecured promissory notes, commercial paper and direct loans in amounts not to exceed $1.6 billion outstanding with maturity dates of one year or less, and may enter into guaranty agreements in favor of lenders, banks, and dealers in commercial paper in amounts not to exceed $600 million. GENCO has obtained FERC authority to issue short-term indebtedness not to exceed $200 million outstanding with maturity dates of one year or less. The authority described herein will expire in October 2019, which reflects a one-year authorization period rather than the two-year period SCE&G and GENCO had requested. In granting the authorization for a shorter period, FERC cited several matters which, at the time, were ongoing, including proceedings involving the ORS and Act 258, as well as the merger between SCANA and Dominion Energy, that could affect SCE&G's and GENCO's circumstances. Were adverse developments to occur with respect to uncertainties highlighted elsewhere, the ability of SCE&G or GENCO to secure renewal of this short-term borrowing authority may be adversely impacted. In January 2019, SCE&G and GENCO applied to FERC for a two-year short-term borrowing authorization, and that application is pending.

Each of the Company and 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. The 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 another regulated subsidiary of SCANA. Money pool borrowings and investments bear interest at short-term market rates. For the twelve months ended December 31, 2018, Consolidated SCE&G recorded interest income from money pool transactions of $4.1 million and interest expense from money pool transactions of $4.1 million, respectively. Interest income and interest expense for periods in 2017 were not significant. Consolidated SCE&G had outstanding money pool borrowings due to an affiliate of $282 million and investments due from an affiliate of $353 million at December 31, 2018. At December 31, 2017 Consolidated SCE&G had outstanding money pool borrowings due to an affiliate of $37 million and investments due from an affiliate of $28 million. For each period presented, money pool borrowings were made by Fuel Company and GENCO, and money pool investments were made by SCE&G. On its consolidated balance sheet, Consolidated SCE&G includes money pool borrowings within Affiliated payables and money pool investments within Affiliated companies receivables.