By Andrea Heisinger
New York, March 17 - Southern California Edison Co. priced $750 million of first mortgage bonds (A2/A/A+) in two tranches Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The $250 million of 4.15% notes due Sept. 15, 2014 priced at 99.986 to yield 4.153%, or Treasuries plus 220 basis points. This was at the tight end of price guidance of 220 bps to 225 bps, a source close to the deal said.
The $500 million of 6.05% 30-year notes priced at 99.181 to yield 6.11%, or Treasuries plus 235 bps. This was also at the tight end of guidance of 235 bps to 240 bps.
Both tranches have a make-whole call at Treasuries plus 35 bps.
Bookrunners were Banc of America Securities LLC, Barclays Capital Inc., Morgan Stanley & Co. Inc., SunTrust Robinson Humphrey, UBS Investment Bank and Wachovia Capital Markets.
Co-managers were Blaylock Robert Van, Cabrera Capital Markets, Siebert Capital Markets and Williams Capital Group.
Proceeds will be used for general corporate purposes and to finance fuel inventories.
The electric subsidiary of holding company Edison International is based in Rosemead, Calif.
| Issuer: | Southern California Edison Co.
|
| Issue: | First mortgage bonds
|
| Total amount: | $750 million
|
| Bookrunners: | Banc of America Securities LLC, Barclays Capital Inc., Morgan Stanley & Co. Inc., SunTrust Robinson Humphrey, UBS Investment Bank, Wachovia Capital Markets
|
| Co-managers: | Blaylock Robert Van, Cabrera Capital Markets, Siebert Capital Markets, Williams Capital Group
|
| Trade date: | March 17
|
| Settlement date: | March 20
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A+
|
|
|
| Notes due 2014
|
| Amount: | $250 million
|
| Maturity: | Sept. 15, 2014
|
| Coupon: | 4.15%
|
| Price: | 99.986
|
| Yield: | 4.153%
|
| Spread: | Treasuries plus 220 bps
|
| Call: | Make-whole at Treasuries plus 35 bps
|
| Price talk: | 220 to 225 bps
|
|
|
| 30-year notes
|
| Amount: | $500 million
|
| Maturity: | March 15, 2039
|
| Coupon: | 6.05%
|
| Price: | 99.181
|
| Yield: | 6.11%
|
| Spread: | Treasuries plus 235 bps
|
| Call: | Make-whole at Treasuries plus 35 bps
|
| Price talk: | 235 to 240 bps
|
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