SoCalEd’s $600 Million Two-Tranche Offering

January 9, 2020

Cleary Gottlieb represented MUFG, PNC, RBC, and Wells Fargo, as representatives of the underwriters, in an offering of $500 million 3.65% first and refunding mortgage bonds, Series 2020A, due 2050 and $100 million re-opening of 2.85% first and refunding mortgage bonds, Series 2019C, due 2029 by Southern California Edison Company (SoCalEd).

The senior debt securities are secured by a lien on substantially all of SoCalEd’s property and franchises. The SEC-registered offering priced on January 6, 2020, and will closed on January 9, 2020.

SoCalEd 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 and merchant and other non-utility generators.