Southern California Edison offers new and reopened first and refunding mortgage bonds

By Cristal Cody

Tupelo, Miss., May 30 – Southern California Edison Co. (Aa3/A/A+) is marketing new series 2018D first and refunding mortgage bonds due June 1, 2023 and an add-on to its 4.125% series 2018C first and refunding mortgage bonds due March 1, 2048, according to a 424B5 filing with the Securities and Exchange Commission.

The company first sold $400 million of the 4.125% 30-year bonds on Feb. 28 at 99.812 to yield 4.136%, or a spread of Treasuries plus 100 basis points.

Southern California Edison may redeem the five-year bonds at any time before May 1, 2023 at a make-whole call and thereafter at par.

The 2048 bonds have a make-whole call before Sept. 1, 2047 at Treasuries plus 15 bps and are callable thereafter at par.

The bookrunners are Barclays, BNP Paribas Securities Corp., J.P. Morgan Securities LLC, RBC Capital Markets, LLC and SunTrust Robinson Humphrey Inc.

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.

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