Cleary Gottlieb represented MUFG and Truist Securities, as representatives of the underwriters, in an offering of $350 million 1.2% first and refunding mortgage bonds, Series 2020C, due 2026 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 fund the payment of settlements related to wildfire claims in connection with 2018 Montecito Mudslides. The bond transaction priced on September 28, 2020, and will close on October 1, 2020.
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.