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Southern California Edison to sell at least $250 million preferreds
By Stephanie N. Rotondo
Portland, Ore., Jan. 11 - Southern California Edison Co. announced plans to sell at least $250 million of $1,000-par series E cumulative perpetual preference stock.
The dividend rate will be fixed until 2022 and will then become Libor plus a spread, according to a prospectus filed with the Securities and Exchange Commission on Wednesday.
Dividends will be payable semiannually, when declared by the board of directors, until 2022. After that, dividends will be payable quarterly.
Additionally, the company can redeem the preferreds beginning in 2022 at par plus accrued dividends.
There is no stated maturity or sinking fund clause nor any mandatory redemption features.
The expected ratings are Baa2/BBB-/BBB+.
Barclays Capital Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Williams Capital Group LP are the bookrunners.
Proceeds will be used to repay commercial paper borrowings and for general corporate purposes.
The Rosemead, Calif.-based power company has no plans to list the preferreds on any exchange.
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