Edison International’s Preferred Stock Tender Offers and SCE’s Trust Preferred Tender Offer

Cleary Gottlieb is representing Barclays Capital Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, and Santander US Capital Markets LLC, as dealer managers, in Edison International’s offers to purchase for cash any and all of its outstanding 5% fixed-rate reset cumulative perpetual preferred stock, Series B and 5.37% fixed-rate reset cumulative perpetual preferred stock, Series A.

The firm also served as counsel in Southern California Edison’s (SCE) offer to purchase for cash any and all of the outstanding 5.45% fixed-to-floating rate trust preference securities issued by SCE Trust V, a Delaware statutory trust subsidiary of SCE.

The offers launched on November 20, 2025, and are expected to expire on December 19, 2025, and settle shortly thereafter.

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, including SCE, is primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of Southern California.  

The Cleary team is led by partner David Lopez, senior attorney Elizabeth Chang, and associates Peter Simon and Jin Kwon, with assistance from law clerk Crystal Lee. Partner Matthew Brigham and associate Nathaniel Pribil advised on tax matters.