Cleary Gottlieb represented BofA Securities Inc., Barclays Capital Inc., BMO Capital Markets Corp., and MUFG Securities Americas Inc., as representatives of the underwriters, in an offering of $500 million of 2.75% first-and-refunding mortgage bonds, Series 2022A, due 2032, and $700 million of 3.45% first-and-refunding mortgage bonds, Series 2022B, 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 January 10, 2022, and will close on January 13, 2022.
The bonds are sustainability bonds. The proceeds from the sustainability bonds are intended to be used for SCE’s various environmental and social initiatives, including projects promoting renewable energy, clean transportation, energy efficiency and carbon reduction, climate change adaptation, and socioeconomic advancement and empowerment, including gender inclusion.
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.