SoCalEd’s $1.1 Billion Offering

Cleary Gottlieb represented Barclays, BofA Securities, Citi, and Mizuho, as representatives of the underwriters, in an offering of $400 million 2.25% first and refunding mortgage bonds, Series 2020B, due 2030 and $700 million re-opening of 3.65% first and refunding mortgage bonds, Series 2020A, due 2050 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 March 4, 2020, and will close on March 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.