Cleary Gottlieb represented Loop Capital Markets LLC, Samuel A. Ramirez & Company Inc., and Wells Fargo Securities LLC, as the underwriters, in an offering of $550 million of floating-rate first-and-refunding mortgage bonds, Series 2021L, due 2022, 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 partially repay SCE’s floating-rate first mortgage bonds, Series 2020D, and for general corporate purposes. The bond transaction priced on December 1, 2021, and will close on December 3, 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.