PRICING SUPPLEMENT NO. 1 (To Prospectus dated October 23, 2001)
DATED JANUARY 24, 2002
Rule 424(b) (2)
File Nos. 333-49960, 333-90073 and 333-68266
SCANA CORPORATION
Medium-Term Notes
Due Nine Months or More From Date of Issue
Principal Amount: $250,000,000 Original Issue Date: January 31, 2002
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Issue Price: 99.545% Maturity Date: February 1, 2012
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Net Proceeds to Company: $247,300,000 x Book-Entry Note
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Certificated Note
Agent. Agent's Commission: %
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x Principal.
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Redemption by Company (check one):
No. The Notes are not subject to redemption.
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x Yes. The Notes are subject to redemption as described below
-------- under "Optional Redemption by the Company."
Optional Repayment at Option of Holder (if applicable, check one):
x No. The Notes are not subject to repayment.
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Yes. The Holder may elect repayment as follows:
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Optional Repayment Date(s):
Optional Repayment Price(s):
Provisions:
Interest (check one):
x Fixed Rate Note. If this box is checked, the interest rate
on the Notes shall be 6.25% per annum.
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Initial Interest Payment
Period: January 31, 2002 to August 1, 2002
Interest Payment Dates: February 1 and August 1, commencing August 1, 2002
Record Dates: January 15 and July 15
To the extent of any conflict between the terms of the prospectus and this
pricing supplement, this pricing supplement shall govern.
Optional Redemption by the Company
The Notes may be redeemed at any time at the option of the Company, in
whole or in part, upon notice given as described in the prospectus dated October
23, 2001 at a redemption price equal to the sum of (i) the principal amount of
the Notes being redeemed, plus accrued interest thereon to the redemption date,
and (ii) the Make-Whole Amount, if any, with respect to such Notes.
"Make-Whole Amount" means the excess, if any, of (i) the aggregate
present value as of the date of any optional redemption of each dollar of
principal being redeemed and the amount of interest (exclusive of interest
accrued to date of redemption) that would have been payable in respect of such
dollar of principal if such redemption had not been made, determined by
discounting, on a semi-annual basis, such principal and interest at the
Reinvestment Rate (determined on the third Business Day (as defined in the
prospectus dated October 23, 2001) preceding the date notice of such redemption
is given) from the respective dates on which such principal and interest would
have been payable if such redemption has not been made, over (ii) the aggregate
principal amount of the Notes being redeemed.
"Reinvestment Rate" means .20% (twenty one-hundredths of one percent)
plus the arithmetic mean of the yields under the respective headings "This Week"
and "Last Week" published in the Statistical Release under the caption "Treasury
Constant Maturities" for the maturity (rounded to the nearest month)
corresponding to the remaining life to maturity, as of the payment date of the
principal being redeemed. If no maturity exactly corresponds to such maturity,
yields for the two published maturities most closely corresponding to such
maturity shall be calculated pursuant to the immediately preceding sentence and
the Reinvestment Rate shall be interpolated or extrapolated from such yields on
a straight-line basis, rounding in each of such relevant periods to the nearest
month. For purposes of calculating the Reinvestment Rate, the most recent
Statistical Release published prior to the date of determination of the
Make-Whole Amount shall be used.
"Statistical Release" means the statistical release designated
"H.15(519)" or any successor publication which is published weekly by the
Federal Reserve System and which establishes yields on actively traded United
States government securities adjusted to constant maturities or, if such
statistical release is not published at the time of any determination, then such
other reasonably comparable index which shall be designated by the Company.
Underwriting
We have been advised by the underwriters that they propose initially to
offer the Notes to the public at the public offering price set forth on the
cover page of this pricing supplement, and to certain dealers at such price less
a concession not in excess of .375% of the principal amount of the Notes. The
underwriters may allow and such dealers may reallow a concession not in excess
of .250% of the principal amount. After the initial public offering, the public
offering price and the concession may be changed.
In connection with the offering, the underwriters are permitted to
engage in certain transactions that stabilize the price of the Notes. Possible
transactions consist of bids or purchases for the purpose of pegging, fixing or
maintaining the price of the Notes.
If the underwriters create a short position in the Notes in connection
with this offering, that is, if they sell a greater aggregate principal amount
of Notes than is set forth on the cover page of this pricing supplement, the
underwriters may reduce that short position by purchasing Notes in the open
market. The underwriters may also impose a penalty bid on certain selling group
members. This means that if an underwriter purchases Notes in the open market to
reduce its short position or to stabilize the price of the Notes, it may reclaim
the amount of the selling concession from the selling group members who sold
those Notes as part of the offering.
In general, purchases of a security for the purposes of stabilization
or to reduce a short position could cause the price of the security to be higher
than it might be in the absence of such purchases. The imposition of a penalty
bid might also have an effect on the price of a Note to the extent that it were
to discourage resales of the Notes.
Neither we nor the underwriters make any representation or prediction
as to the direction or magnitude of any effect that the transactions described
above might have on the price of the Notes. In addition, neither we nor the
underwriters make any representation that the underwriters will engage in such
transactions. Such transactions, once commenced, may be discontinued without
notice.
Original Issue Date Statement
It is expected that delivery of the Notes will be made against payment
therefor on or about the Original Issue Date, which is the fifth business day
following the date of this pricing supplement. Under Rule 15c6-1 of the
Securities and Exchange Commission under the Securities Exchange Act of 1934,
trades in the secondary market generally are required to settle in three
business days unless the parties to any such trade expressly agree otherwise.
Accordingly, purchasers who wish to trade Notes on the date hereof or the next
succeeding business day will be required, by virtue of the fact that the Notes
initially will settle in T + 5, to specify an alternate settlement cycle at the
time of any such trade to prevent a failed settlement and should consult their
own advisor.
UBS Warburg
Credit Suisse First Boston
Banc of America Securities LLC
Wachovia Securities