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SoCalEd sells $650M of bonds

Southern California Edison Co. sold $650 million of its first and refunding mortgage bonds to repay outstanding commercial paper and for other general corporate purposes.

The Edison International subsidiary sold $350 million of 4.125% series 2018C bonds due March 1, 2048, and $300 million of 3.40% series 2018D bonds due June 1, 2023. Both issuances were expected to be rated Aa3 by Moody's, A by both S&P Global Ratings and A+ by Fitch Ratings.

Interest on the series 2018C bonds is payable semiannually on March 1 and Sept. 1 of each year, starting Sept. 1. Interest on the series 2018D is payable semiannually on June 1 and Dec. 1 of each year, starting Dec. 1.

The 2048 bonds have a spread to benchmark Treasury of 130 basis points, while the 2023 bonds have a spread to benchmark Treasury of 75 basis points, according to May 30 regulatory filings.

The series 2018C bonds are fully fungible and interchangeable with the utility's outstanding $400 million of 4.125% bonds. The aggregate principal amount of this series will be $750 million.

Barclays Capital Inc., BNP Paribas Securities Corp., J.P. Morgan Securities LLC, RBC Capital Markets LLC and SunTrust Robinson Humphrey Inc. acted as joint book-running managers. Academy Securities Inc., C.L. King & Associates Inc., Great Pacific Securities, Loop Capital Markets LLC and R. Seelaus & Co. Inc. served as co-managers.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.