South Carolina Electric & Gas Company
List of Deals
- 1950 acquisition in dissolution of assets of South Carolina Power Company, assumption of liabilities of South Carolina Power Company, and issuance of $22,200,000 first and refunding mortgage bonds, 3% series due 1980, under indenture of South Carolina Power Company dated as of January 1, 1945, refunding all outstanding bonds of South Carolina Electric & Gas Company
South Carolina Electric & Gas Company was organized in South Carolina in 1924 under the name Broad River Power Company. It was a wholly owned subsidiary of General Gas & Electric Corporation. The following year, Broad River purchased the electric and gas properties of Columbia Railway, Gas & Electric Company, which had been founded in 1891 as Columbia Electric Street Railway, Light & Power Company.
As a result of the purchase of Columbia Railway, Broad River gained control of the following subsidiary companies that possessed important franchises, easements, and rights of way or valuable land or water rights: Parr Shoals Power Company, Columbia Gas Light Company, Richland Public Service Company, Saluda Manufacturing Company, Public Service Company of South Carolina, and Central Carolina Power Company.
Associated Gas & Electric System acquired ownership of Broad River Power in 1929 when it purchased General Gas & Electric Corporation from the Barstow interests. In 1937 Broad River Power Company’s name was changed to South Carolina Electric & Gas Company, and in 1943 Lexington Water Power Company and South Carolina Electric & Gas Company merged.
Associated Gas & Electric went into receivership in 1940, and in 1946 South Carolina Electric & Gas Company became a unit of General Public Utilities Corporation, which had set up a new corporate structure to salvage remaining assets of the Associated System.
In compliance with the Public Utility Holding Company Act of 1935, in November 1946 General Public Utilities Corporation divested itself of ownership of South Carolina Electric & Gas Company by a stock distribution. In 1948 South Carolina Electric & Gas Company acquired all the common stock of South Carolina Power Company, which, under the same statute, was being separated from its parent, Commonwealth & Southern Corporation. South Carolina Power Company merged with South Carolina Electric & Gas Company under the latter name in 1950.