By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, Nov. 7 – Edison International sold an upsized $550 million of 6.95% seven-year senior notes (Baa3/BBB-/BBB-) at 99.089 on Monday, according to an FWP filed with the Securities and Exchange Commission.
The notes yield 7.117%, or 280 basis points over Treasuries, which was tighter than initial talk in the Treasuries plus 310 bps area, according to a market source. The issue size was initially planned at $300 million.
The bookrunners are Barclays and Mizuho Securities USA LLC.
Proceeds will be used for general corporate purposes.
Edison International is the Rosemead, Calif.-based parent holding company of Southern California Edison Co., an investor-owned public utility.
| Issuer: | Edison International
|
| Amount: | $550 million
|
| Issue: | Senior notes
|
| Maturity: | Nov. 15, 2029
|
| Bookrunners: | Barclays and Mizuho Securities USA LLC
|
| Co-managers: | Loop Capital Markets LLC, Samuel A. Ramirez & Co., Inc. and Siebert Williams Shank & Co., LLC
|
| Trustee: | Bank of New York Mellon Trust Co., NA
|
| Counsel to issuer: | In-house
|
| Counsel to underwriters: | Cleary Gottlieb Steen & Hamilton LLP
|
| Coupon: | 6.95%
|
| Price: | 99.089
|
| Yield: | 7.117%
|
| Spread: | Treasuries plus 280 bps
|
| Call features: | Make-whole call at Treasuries plus 45 bps until Sept. 15, 2029, then par call
|
| Trade date: | Nov. 7
|
| Settlement date: | Nov. 10
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB-
|
| Talk: | $300 million issue size at Treasuries plus 310 bps area
|
| Cusip: | 281020AW7
|
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