PRICING SUPPLEMENT NO. 2 (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: $150,000,000 Original Issue Date: January 31, 2002
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Issue Price: 100% Maturity Date: February 1, 2004
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Net Proceeds to Company: $149,662,500 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."
Initial Redemption Date: August 1, 2002
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):
Fixed Rate Note. If this box is checked, the interest rate on
the Notes shall be % per annum.
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x Floating Rate Note. The Initial Interest Rate on the Notes
-------- shall be determined on January 29, 2002 for the Interest
Payment Period commencing January 31, 2002. The Rate of
Interest on the Notes shall be calculated as set forth in the
prospectus dated October 23, 2001 and as further described below
under "Rate of Interest," using the following terms, as
applicable:
Base Rate: LIBOR
Index Maturity: 3 Month
Spread: +.625%
Designated Libor Page: Libor Telerate, page 3750
Interest Payment Period: Quarterly
Interest Payment Dates: 1st day of each
February, May, August and November,
commencing May 1, 2002, provided
that if any such date (other than
the Maturity Date) is not a
Business Day (as defined in the
prospectus dated October 23, 2001)
the next succeeding day that is a
Business Day
Interest Reset Period: Quarterly
Interest Reset Dates: Same as Interest Payment Dates
Record Dates: 15 days prior to each Interest
Payment Date
Interest Determination
Date: 2 London Banking Days (as defined
in the prospectus dated October 23,
2001) prior to each Interest Reset
Date 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 will be redeemable at the option of the Company, in whole but
not in part, upon notice given as described in the prospectus dated October 23,
2001 at any time on or after August 1, 2002, at a redemption price equal to 100%
of the principal amount plus accrued and unpaid interest on such Notes to the
date of redemption.
Notice of Redemption
The Notes will be subject to redemption upon not less than 30 Business
Days prior notice mailed to each holder of Notes to be redeemed at its
registered address by first-class mail. On and after the redemption date,
interest will cease to accrue on the Notes unless the Company defaults in the
payment thereof.
Except as set forth above, the Notes will not be redeemable by the Company
prior to maturity.
Rate of Interest
Each Note will bear interest from January 31, 2002, at the rate determined
for each Interest Payment Period, in accordance with the prospectus dated
October 23, 2001 and the terms of this pricing supplement. Interest will be
payable on each Interest Payment Date.
The Notes will bear interest at a floating rate, reset for each
Interest Payment Period, at a per annum rate determined by The Bank of New
York or its successor appointed by the Company, acting as calculation
agent, and in accordance with the procedures described in this pricing
supplement and the prospectus dated October 23, 2001.
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 .125% of the principal amount of the
Notes. The underwriters may allow and such dealers may reallow a concession
not in excess of .1% 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