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Prudential Capital Group Invests $160 Million in South Carolina Generating Company, Inc.
DALLAS-(Business Wire)-June 18, 2008 - Prudential Capital Group announced today that it has provided $160 million of senior secured notes to South Carolina Generating Company, Inc., in Berkeley County, S.C., a wholly owned subsidiary of SCANA Corporation (NYSE: SCG). SCANA is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses located in Columbia, S.C. Prudential Capital Group is a private capital institutional investment business of Prudential Financial, Inc. (NYSE: PRU).
"We have a great relationship with SCANA and are very pleased to provide financing to support this project's growth," said Ric Abel, managing director, Electric Finance Group, Prudential Capital Group in Dallas.
The Electric Finance Group of Prudential Capital Group structured the project financing and provided $160 million in two $80 million senior tranches with a 10-year maturity. The proceeds will be used for environmental upgrades.
Prudential Capital Group has been a leading provider of private capital to companies for more than 70 years, investing private debt and equity securities worldwide. Prudential Capital manages a portfolio of nearly $43 billion (as of 03/31/08). The global regional office network has locations in Atlanta, Chicago, Dallas, Frankfurt, London, Newark, N.J., New York, and San Francisco. For more information, please visit http://www.prudentialcapitalgroup.com.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $631 billion of assets under management as of March 31, 2008, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping more than 50 million individual and institutional customers grow and protect their wealth. The company's well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. For more information, please visit http://www.news.prudential.com.
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