Southern California Edison’s $1.4 Billion Offering

January 8, 2024

Cleary Gottlieb represented MUFG Securities, SMBC Nikko Securities America Inc., and Truist Securities Inc., as representatives of the underwriters, in an offering of $1.4 billion aggregate principal amount of first-and-refunding mortgage bonds, including $500 million of 4.875% first-and-refunding mortgage bonds, Series 2024A, due 2027, and $900 million of 5.2% first-and-refunding mortgage bonds, Series 2024B, due 2034, by Southern California Edison Co. (SCE).

The senior debt securities are secured by a lien on substantially all of SCE’s property and franchises. The bond transaction priced on January 8, 2024, and is expected to close on January 11, 2024.

SCE is an investor-owned public utility primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of Southern California, excluding the City of Los Angeles and certain other cities. It owns and operates transmission, distribution, and generation facilities, and procures power from a variety of sources, including other utilities, merchant generators, and other nonutility generators.