New Issue: Southern California Edison sells $700 million 4% 30-year bonds at 95 bps spread

By Cristal Cody

Tupelo, Miss., March 21 – Southern California Edison Co. priced $700 million of 4% 30-year series 2017A first and refunding mortgage bonds on Tuesday at a spread of 95 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.

The bonds (Aa3/A/A+) priced at 99.93 to yield 4.004%.

The bookrunners were J.P. Morgan Securities LLC, Mizuho Securities USA Inc., SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc., BNY Mellon Capital Markets LLC and TD Securities (USA) LLC.

Proceeds will be used to repay commercial paper borrowings and for general corporate purposes.

Southern California Edison is an electric utility company based in Rosemead, Calif.

Issuer:	Southern California Edison Co.
Amount:	$700 million
Description:	First and refunding mortgage bonds
Maturity:	April 1, 2047
Bookrunners:	J.P. Morgan Securities LLC, Mizuho Securities USA Inc., SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc., BNY Mellon Capital Markets LLC and TD Securities (USA) LLC
Co-managers:	Apto Partners, LLC, Guzman & Co., Telsey Advisory Group LLC and Williams Capital Group, LP
Coupon:	4%
Price:	99.93
Yield:	4.004%
Spread:	Treasuries plus 95 bps
Call feature:	Make-whole call before Oct. 1, 2046 at Treasuries plus 15 bps; thereafter at par
Trade date:	March 21
Settlement date:	March 24
Ratings:	Moody’s: Aa3
	S&P: A
	Fitch: A+
Distribution:	SEC registered

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