Southern California Edison trust’s 5.45% fixed-to-floating preference shares list on NYSE

By Stephanie N. Rotondo

Seattle, March 10 – The 5.45% fixed-to-floating rate trust preference securities sold by Southern California Edison Co.’s SCE Trust V listed on the New York Stock Exchange on Thursday, according to a market source.

The ticker symbol is “SCEPK.” The $300 million deal priced March 1.

The deal came upsized from $150 million. Initial price talk was 5.5% to 5.625%, a market source reported.

J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC were the joint bookrunners.

The cumulative dividends will be paid on the 15th day of March, June, September and December. From issuance to March 15, 2026, the perpetual preference shares will have a fixed-rate dividend. After that date, the dividend will float at Libor plus 379 basis points.

The securities become redeemable on or after March 26, 2026 at par plus accrued dividends. Additionally, the company can redeem the issue prior to that date, in whole, upon the occurrence of certain changes in tax or investment company law or interpretation.

Proceeds will be used to redeem $125 million of 6.5% $100-par series D preference stock and for general corporate purposes.

Southern California Edison is a Rosemead, Calif.-based public utility subsidiary of Edison International.

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