Southern California Edison to price mortgage bonds due 2026, 2053

By William Gullotti

Buffalo, N.Y., May 17 – Southern California Edison Co. plans to price first and refunding mortgage bonds in two series, including series 2023C due June 1, 2026 and series 2023D due Dec. 1, 2053, according to a 424B2 filing with the Securities and Exchange Commission.

The three-year bonds feature a make-whole call option until May 1, 2026, one month before maturity, and then a par call option. The 30-year bonds feature a make-whole call option until June 1, 2053, six months prior to maturity, and then a par call option.

BMO Capital Markets Corp., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, BNP Paribas Securities Corp. and SMBC Nikko Securities America, Inc. are the joint bookrunning managers for the offering.

Bank of New York Mellon Trust Co., NA is the trustee.

The issuer is using in-house counsel. Cleary Gottlieb Steen & Hamilton LLP is counsel for the underwriters.

Proceeds from the three-year bonds will be used to fund the payment of wildfire claims above the amount of expected insurance proceeds. Proceeds from the 30-year bonds will be used to repay commercial paper borrowings and for general corporate purposes.

The current weighted average interest rate for the company’s commercial paper is 5.53%.

Southern California Edison, a subsidiary of Edison International, is an electric utility based in Rosemead, Calif.

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