By Andrea Heisinger
New York, Oct. 7 - Southern California Edison Co. priced $500 million 5.75% first and refunding mortgage bonds due 2014 Tuesday to yield Treasuries plus 340 basis points, an informed source said.
The bonds (A2/A/A+) priced at 99.492 to yield 5.862%.
The issuance came at the tight end of price talk, which was whispered at 340 bps to 350 bps over Treasuries.
Bookrunners were Banc of America Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities and J.P. Morgan Securities Inc.
Proceeds will be used to repay short-term debt or to fund general corporate purposes.
The subsidiary of Edison International is based in Rosemead, Calif.
| Issuer: | Southern California Edison Co.
|
| Issue: | First and refunding mortgage bonds
|
| Amount: | $500 million
|
| Maturity: | March 15, 2014
|
| Bookrunners: | Banc of America Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities, J.P. Morgan Securities Inc.
|
| Coupon: | 5.75%
|
| Price: | 99.492
|
| Yield: | 5.862%
|
| Spread: | Treasuries plus 340 bps
|
| Trade date: | Oct. 7
|
| Settlement date: | Oct. 15
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A+
|
| Price talk: | 340 bps to 350 bps, whispered
|
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