SCE’s $1.6 Billion Offering

Cleary Gottlieb represented Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, and Mizuho Securities USA LLC, as representatives of the underwriters, in an offering of $1.6 billion aggregate principal amount of first-and-refunding mortgage bonds by Southern California Edison Co. (SCE).

The offering consisted of $600 million of 5.35% first-and-refunding mortgage bonds, Series 2024C, due 2026; $600 million of 5.15% first-and-refunding mortgage bonds, Series 2024D, due 2029; and $400 million of 5.75% first-and-refunding mortgage bonds, Series 2024E, due 2054.

The senior debt securities are secured by a lien on substantially all of SCE’s property and franchises. The bond transaction priced on February 27, 2024, and is expected to close on March 1, 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.