Edison International, Southern California Edison amend revolvers

By Toni Weeks

San Luis Obispo, Calif., July 17 – Edison International announced that it amended and restated its $1.25 billion revolving credit facility, originally dated May 18, 2012, and Southern California Edison Co. amended and restated its $2.75 billion revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

Both companies amended their agreements on July 14, extending the termination date of each facility to July 18, 2020 and implementing several technical amendments.

For the Edison International facility, borrowings bear interest at Libor plus 80 basis points to 127.5 bps. The letter-of-credit fee is 80 bps to 127.5 bps, and the facility fee is 7.5 bps to 22.5 bps.

For the Southern California Edison agreement, borrowings bear interest at Libor plus 70 basis points to 107.5 bps. The letter-of-credit fee is 70 bps to 107.5 bps, and the facility fee is 5 bps to 17.5 bps.

In either case, the exact rates are based on the borrower’s most current unsecured debt ratings.

Under the agreement terms, each company may not permit its consolidated capitalization ratio on the last day of any fiscal quarter to exceed 0.65 to 1.0.

For both facilities, JPMorgan Chase Bank, NA is the administrative agent. MUFG Union Bank, NA, Wells Fargo Bank, NA, Barclays Bank plc, Citibank, NA and U.S. Bank NA are co-syndication agents. Bank of China, Los Angeles Branch, Bank of New York Mellon, BNP Paribas, Morgan Stanley Senior Funding, Inc., Royal Bank of Canada, SunTrust Bank and Mizuho Bank, Ltd. are the documentation agents.

J.P. Morgan Securities LLC, MUFG Union Bank, Wells Fargo Securities LLC, Barclays, Citigroup Global Markets Inc. and U.S. Bank are joint lead arrangers and joint bookrunners.

The electric company is based in Rosemead, Calif.

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