By Aleesia Forni
Virginia Beach, Sept. 25 - Southern California Edison Co. sold $1.6 billion of first and refunding mortgage bonds on Wednesday in three tranches, a syndicate source said.
There was $200 million one-year floating-rate notes sold at par to yield Libor plus 5 basis points.
A $600 million tranche of 3.5% 10-year notes priced at 99.824 to yield 3.521%, or Treasuries plus 90 bps.
The company also priced $800 million of 4.65% 30-year bonds with a spread of Treasuries plus 100 bps. Pricing was at 99.312 to yield 4.693%.
Barclays, J.P. Morgan Securities LLC, Loop Capital Markets LLC, Mitsubishi UFJ Securities USA Inc., BNP Paribas Securities Corp., BNY Mellon Capital Markets LLC, RBS Securities Inc. and Wells Fargo Securities LLC were the joint bookrunners.
Proceeds will be used to redeem part of the company's outstanding first mortgage bonds, with any remaining proceeds to repay commercial paper borrowings and for general corporate purposes.
The electric utility is based in Rosemead, Calif.
| Issuer: | Southern California Edison Co.
|
| Issue: | First and refunding mortgage bonds
|
| Amount: | $1.6 billion
|
| Joint bookrunners: | Barclays, J.P. Morgan Securities LLC, Loop Capital Markets LLC, Mitsubishi UFJ Securities USA Inc., BNP Paribas Securities Corp., BNY Mellon Capital Markets LLC, RBS Securities Inc., Wells Fargo Securities LLC
|
| Trade date: | Sept. 25
|
| Settlement date: | Oct. 2
|
|
|
| One-year bonds
|
| Amount: | $200 million
|
| Maturity: | Oct. 1, 2014
|
| Coupon: | Libor plus 5 bps
|
| Price: | Par
|
| Yield: | Libor plus 5 bps
|
|
|
| 10-year bonds
|
| Amount: | $600 million
|
| Maturity: | Oct. 1, 2023
|
| Coupon: | 3.5%
|
| Price: | 99.824
|
| Yield: | 3.521%
|
| Spread: | Treasuries plus 90 bps
|
|
|
| 30-year bonds
|
| Amount: | $800 million
|
| Maturity: | Oct. 1, 2043
|
| Coupon: | 4.65%
|
| Price: | 99.312
|
| Yield: | 4.693%
|
| Spread: | Treasuries plus 100 bps
|
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