Edison International, Southern California ink $4.5 billion revolvers

By Wendy Van Sickle

Columbus, Ohio, May 18 – Edison International entered into a second amended and restated credit agreement providing for a $1.5 billion revolving credit facility on Thursday, while subsidiary Southern California Edison Co. entered a second amended and restated credit agreement providing for a $3 billion revolver, according to an 8-K filing with the Securities and Exchange Commission.

JPMorgan Chase Bank, NA, Citibank, NA, MUFG Union Bank, NA, Wells Fargo Bank, NA, Barclays Bank plc, Mizuho Bank, Ltd. and U.S. Bank NA are the lead arrangers and bookrunners.

Citibank, MUFG Union Bank, Wells Fargo Bank, Barclays, Mizuho Bank, and U.S. Bank are co-syndication agents.

Bank of China, Los Angeles Branch, Bank of New York Mellon, BNP Paribas, Morgan Stanley Senior Funding, Inc., PNC Capital Markets LLC, Royal Bank of Canada, Sumitomo Mitsui Banking Corp., SunTrust Bank and TD Bank, NA are the documentation agents.

JPMorgan is the administrative agent.

Edison International revolver

The Edison International $1.5 billion revolver matures on May 17, 2023 and replaces the company's $1.25 billion revolver that was due to terminate on July 20, 2022.

Borrowings bear interest at Libor plus a margin ranging from 80 basis points to 127.5 bps, and the facility fee ranges from 7.5 bps to 22.5 bps, both depending on credit ratings.

Proceeds may be used to support commercial paper borrowings and for general corporate purposes.

The borrower must maintain at the end of each quarter a maximum ratio of total consolidated recourse debt to total consolidated capital of 0.7 times.

Southern California revolver

The Southern California Edison $3 billion revolver matures on May 17, 2023 and replaces a $2.75 billion revolver that was due to terminate on July 20, 2022.

Borrowings bear interest at Libor plus a margin ranging from 70 bps to 107.5 bps, and the facility fee ranges from 5 bps to 17.5 bps, both depending on credit ratings.

Proceeds are expected to be used to support commercial paper borrowings and letters of credit issued for procurement-related collateral requirements, balancing account undercollections and for general corporate purposes, including working capital requirements.

The borrower must maintain at the end of each quarter a maximum ratio of total consolidated recourse debt to total consolidated capital of 0.65 times.

Edison International is a Rosemead, Calif., energy company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.