By Aleesia Forni
Virginia Beach, May 6 - Southern California Edison Co. sold $400 million of 1.125% first and refunding mortgage bonds (Aa3/A/A+), series 2014B, due 2017 with a spread of Treasuries plus 25 basis points, according to a FWP filed with the Securities and Exchange Commission on Tuesday.
The notes sold at 99.968 to yield 1.136%.
Barclays, Mitsubishi UFJ Securities (USA) Inc. and CastleOak Securities LP were the joint bookrunners.
Proceeds will be used to repay commercial paper borrowings and for general corporate purposes.
The electric utility is based in Rosemead, Calif.
| Issuer: | Southern California Edison Co.
|
| Amount: | $400 million
|
| Description: | First and refunding mortgage bonds, series 2014B
|
| Maturity: | May 1, 2017
|
| Bookrunners: | Barclays, Mitsubishi UFJ Securities (USA) Inc., CastleOak Securities LP
|
| Co-managers: | Drexel Hamilton LLC, MFR Securities Inc.
|
| Coupon: | 1.125%
|
| Price: | 99.968
|
| Yield: | 1.136%
|
| Spread: | Treasuries plus 25 bps
|
| Make-whole call: | Treasuries plus 5 bps
|
| Trade date: | May 6
|
| Settlement date: | May 9
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A
|
| Fitch: A+
|
| Distribution: | SEC registered
|
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