Cleary Gottlieb represented MUFG Securities Americas Inc., PNC Capital Markets LLC, SMBC Nikko Securities America Inc., and Wells Fargo Securities LLC, as representatives of the underwriters, in an offering of $750 million of 2.95% first and refunding mortgage bonds, Series 2021A, due 2051, and a reopening of $150 million 2.25% first and refunding mortgage bonds, Series 2020B, due 2030 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 and for general corporate purposes. The bond transaction priced on January 5, 2021, and will close on January 8, 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.