Edison International to offer junior subordinated notes due 2054

By Mary-Katherine Stinson

Lexington, Ky., Dec. 4 – Edison International is preparing to price fixed-to-fixed reset rate junior subordinated notes due June 15, 2054, according to a 424B5 filing with the Securities and Exchange Commission.

The notes will bear interest at a fixed rate until the first reset date of June 15, 2029 when the interest rate will reset to the five-year Treasuries plus a spread. The reset date will be June 15 every five years thereafter.

The notes are redeemable during any par call period or 120 days after a tax event at par or after a rating agency event at 102.

The par call period is any period starting March 15 immediately preceding a reset date through and including the reset date.

Barclays, Citigroup Global Markets Inc. and Mizuho Securities USA LLC are the joint bookrunning managers for the offering.

Bank of New York Mellon Trust Co., NA is the trustee.

Cleary Gottlieb Steen & Hamilton LLP is advising the underwriters, with the issuer relying on in-house counsel.

Proceeds from the offering will be used to fund repurchases of preferreds, to repay commercial paper and for general corporate purposes. The current weighted average interest rate of Edison International’s commercial paper borrowings is 5.73%.

Edison International is the Rosemead, Calif.-based parent holding company of Southern California Edison Co., an investor-owned public utility.

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