Southern California Edison to repay loan via mortgage bonds

By Marisa Wong

Los Angeles, Dec. 1 – Southern California Edison Co. plans to partially repay its AB 1054 credit facility using proceeds from an offering of floating-rate first and refunding mortgage bonds due December 2021, according to a 424B5 filing with the Securities and Exchange Commission.

Proceeds from the new bonds will also be used to partially repay the company’s commercial paper borrowings.

As of Nov. 30, borrowings under the AB 1054 credit facility totaled roughly $800 million. Those borrowings bear interest at Libor plus 65 basis points. The credit facility matures on March 10, 2021, subject to two 364-day extensions.

The current weighted average interest rate of the company’s commercial paper borrowings is about 0.42%.

The electric utility is based in Rosemead, Calif.

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