By Andrea Heisinger
New York, March 7 - Southern California Edison Co. priced $125 million, or 1.25 million shares, of 6.5% perpetual series D preference stock on Monday at par of $100, a market source said.
The shares (Baa2/BBB-/) are callable starting in 2016 at $100 plus accrued and unpaid dividends.
Citigroup Global Markets Inc., Goldman Sachs & Co. and J.P. Morgan Securities LLC were the bookrunners.
Co-managers were Loop Capital Markets LLC and Ramirez & Co. Inc.
Proceeds are being used for general corporate purposes.
The electric utility is based in Rosemead, Calif.
| Issuer: | Southern California Edison Co.
|
| Issue: | Series D preference stock
|
| Amount: | $125 million (1.25 million shares)
|
| Maturity: | Perpetual
|
| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC
|
| Co-managers: | Loop Capital Markets LLC, Ramirez & Co. Inc.
|
| Dividend: | 6.5%
|
| Price: | Par of $100
|
| Yield: | 6.5%
|
| Call: | Starting in 2016 at $100 plus accrued and unpaid dividends
|
| Trade date: | March 7
|
| Settlement date: | March 10
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB-
|
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