Southern California Edison’s $1.1 Billion Offering

May 17, 2023

Cleary Gottlieb represented BMO Capital Markets, Citigroup Global Markets, J.P. Morgan Securities, and Wells Fargo Securities, as representatives of the underwriters, in an offering of $1.1 billion aggregate principal amount of first-and-refunding mortgage bonds, $400 million of 4.90% first-and-refunding mortgage bonds, Series 2023C, due 2026 and $700 million of 5.875% first-and-refunding mortgage bonds, Series 2023D, due 2053, 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 17, 2023, and is expected to close on May 22, 2023.

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.