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

By Cristal Cody

Tupelo, Miss., Aug. 1 – Southern California Edison Co. (A3/A-/A) plans to price new and reopened first and refunding mortgage bonds, according to a 424B5 filing with the Securities and Exchange Commission on Thursday.

The company is offering new series 2019C bonds due 2029.

Southern California Edison plans to price an add-on to its 4% series 2017A first and refunding bonds due April 1, 2047.

The 4% bonds were first issued March 24, 2017 in a $700 million offering at 99.93 to yield 4.004% and a spread of 95 basis points over Treasuries. The issue was reopened in a $300 million offering at 107.283 to yield 3.594%, or a Treasuries plus 90 bps spread, on Sept. 8, 2017. The total outstanding is $1 billion.

Bookrunners are J.P. Morgan Securities LLC, BofA Securities, Inc., MUFG, SMBC Nikko Securities America, Inc. and TD Securities (USA) LLC.

Proceeds will be used to repay commercial paper borrowings and for general corporate purposes, including contributions of $1.2 billion to a wildlife insurance fund required under California law.

Southern California Edison is a Rosemead, Calif.-based electric utility company and subsidiary of Edison International.

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