Edison International to catch up on deferred trust preferred payments

New York, Oct. 16 - Edison International said it plans to catch up on all previously deferred distributions on the 7.875% Cumulative Quarterly Income Preferred Securities, series A issued by EIX Trust I and the 8.60% Cumulative Quarterly Income Preferred Securities, series B issued by EIX Trust II.

The Rosemead, Calif. energy company said it expects to pay $205 million on Nov. 30 to cover all the deferred distributions along with the distribution scheduled for that date.

Edison International added that it intends to resume regular quarterly payments on the securities.

The announcement follows the receipt Thursday of $945 million of cash dividends from its utility subsidiary Southern California Edison Co. and $225 million from its non-utility subsidiary Edison Capital.

The dividends raised its cash on hand to $1.3 billion, the company said in a filing with the Securities and Exchange Commission.

Edison International also intends to use $618 million of the dividend proceeds to repay the remaining principal amount of its 6 7/8% notes at maturity in September 2004.

In addition, the company said it continues to have the goal of declaring a dividend to holders of its common stock by the end of the year, with the payment to be made in early 2004.

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