Southern California Edison Co. on Feb. 28 agreed to sell $1.25 billion of its first and refunding mortgage bonds.
The bonds consist of $450 million of its 2.90% first and refunding mortgage bonds, series 2018A, due 2021; $400 million of its 3.65% first and refunding mortgage bonds, series 2018B, due 2028; and $400 million of its 4.125% first and refunding mortgage bonds, series 2018C, due 2048.
Interest on the bonds is payable every March 1 and Sept. 1, starting Sept. 15. The Edison International subsidiary intends to use the net proceeds from the sale of the bonds due 2021 to fund fuel inventories and for general corporate purposes, and the net proceeds from the sale of the bonds due 2028 and bonds due 2048 to repay commercial paper borrowings and/or for general corporate purposes.
BNY Mellon Capital Markets LLC, Citigroup Global Markets Inc., MUFG Securities Americas Inc., U.S. Bancorp Investments Inc., Mizuho Securities USA LLC and PNC Capital Markets LLC served as joint book-running managers for the transaction. BNP Paribas Securities Corp., RBC Capital Markets LLC, SunTrust Robinson Humphrey Inc., Blaylock Van LLC, Cabrera Capital Markets LLC, MFR Securities Inc., Mischler Financial Group Inc., Penserra Securities LLC and Siebert Cisneros Shank & Co. LLC served as co-managers.
