Edison International’s $2 Billion Offering
July 30, 2019
Cleary Gottlieb is representing the underwriters, led by J.P. Morgan, Barclays, Morgan Stanley, Citigroup, and Wells Fargo, in the pricing of Edison International’s public offering of 28 million shares of its common stock, at a price to the public of $68.50 per share, upsized from the previously announced offering size of 25 million shares.
The offering priced on July 30, 2019, and is expected to close on August 2, 2019.
The net proceeds from the offering will be used for general corporate purposes, including contributions to its subsidiary, Southern California Edison (SCE). Contributions to SCE will be used to repay commercial paper borrowings and for general corporate purposes, including a $1.2 billion contribution to the wildfire insurance fund. Cleary has been longtime designated underwriters’ counsel on securities offerings by Edison International and SCE.
For more information, please see the press release here.