Cleary Gottlieb represented BNY Mellon Capital Markets LLC, J.P. Morgan Securities LLC, MUFG Securities Americas Inc., and Truist Securities Inc., as representatives of the underwriters, in an offering of $400 million of 0.70% first-and-refunding mortgage bonds, Series 2021J, due 2023, and an offering of $450 million of 0.975% first-and-refunding mortgage bonds, Series 2021K, due 2024 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 net proceeds from the offering of the bonds will be used to repay commercial paper borrowings that were used to fund the payment of wildfire claims and for general corporate purposes. The bond transaction priced on August 5, 2021, and will close on August 10, 2021.
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.