SoCal Edison unit to sell minimum $300 million fixed-to-floating trust preference securities

By Stephanie N. Rotondo

Phoenix, Aug. 17 – Southern California Edison Co.’s SCE Trust IV is issuing at least $300 million of fixed-to-floating rate trust preference securities (expected ratings: Baa1/BBB-/BBB+), according to a prospectus filed with the Securities and Exchange Commission on Monday.

Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC and RBC Capital Markets are the active bookrunners. BNY Mellon Capital Markets LLC and BNP Paribas Securities Corp. are the passive bookrunners.

Each preference share represents an undivided beneficial interest in the trust’s only asset, the series J preference shares. Distributions on the new issue will only be made if dividends are paid on the series Js.

When declared, distributions will be made and payable quarterly at a fixed rate. Beginning Sept. 15, 2025, the distribution rate will float at Libor plus a spread.

The shares become redeemable Sept. 15, 2025 or upon certain changes in tax law, investment company law or interpretations at par plus accrued distributions.

The securities will be listed on the New York Stock Exchange under the ticker symbol “SCEPJ.”

The Rosemead, Calif.-based subsidiary of Edison International will use proceeds to redeem all outstanding series A floating-rate noncumulative preference shares and for general corporate purposes.

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