SCE’s $2.5 Billion Offering

May 18, 2022

Cleary Gottlieb represented Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, and TD Securities (USA) LLC, as representatives of the underwriters, in an offering of $1.25 billion aggregate principal amount of first-and-refunding mortgage bonds; $300 million of 4.2% first-and-refunding mortgage bonds, Series 2022C, due 2025; $600 million of 4.7% first-and-refunding mortgage bonds, Series 2022D, due 2027; and $350 million of 5.45% first-and-refunding mortgage bonds, Series 2022E, due 2052, 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 May 18, 2022, and will close on May 23, 2022.

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.