Edison International’s $750 Million Tender Offers

Cleary Gottlieb represented Barclays Capital Inc., Citigroup Global Markets Inc., and Mizuho Securities USA LLC, as the dealer managers, in Edison International’s offers to purchase its 5% fixed-rate reset cumulative perpetual preferred stock, Series B and 5.375% fixed-rate reset cumulative perpetual preferred stock, Series A for a maximum aggregate purchase price in cash of up to $750 million.

The offers launched on October 11, 2023, and are expected to expire on November 8, 2023 and settle shortly thereafter.

The offers by Edison International include several conditions including a minimum offer condition of $300 million. Cleary has been longtime designated underwriters’ counsel on securities offerings by Edison International and its subsidiary Southern California Edison and was the sole external counsel engaged for this transaction.

Edison International is a public utility that, through its subsidiaries, is primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of Southern California.