trending Market Intelligence /marketintelligence/en/news-insights/trending/YWzWA6PdEqDWZdMzGQ4JnA2 content esgSubNav
Log in to other products


Looking for more?

Contact Us
In This List

Edison International registers potential $1.5B common stock offering


COVID-19 Impact & Recovery: Energy Outlook for H2 2021


US utility commissioners: Who they are and how they impact regulation


Climate Credit Analytics: Linking climate scenarios to financial impacts


Essential Energy Insights, April 2021

Edison International registers potential $1.5B common stock offering

Edison International registered up to $1.5 billion worth of its common stock for potential sale from time to time through its sales agents under distribution agreements.

Under the distribution agreements, the company may enter into forward sale agreements with affiliates of the sales agents, according to a May 16 prospectus supplement. The relevant forward purchaser will borrow shares from third parties and sell a number of common shares equal to the number of Edison International common shares to hedge obligations under the forward sale agreement.

The common stock offering will terminate upon the earliest of either reaching the $1.5 billion cap; on May 16, 2022; or upon termination by the company or the relevant sales agent.

Edison International said it will not initially receive any proceeds from the sale of borrowed common shares by a forward seller. The company expects to receive proceeds from the share sale upon future physical settlement of the forward sale agreement.

Net proceeds are expected to be used for general corporate purposes.

The sales agents are J.P. Morgan Securities LLC, Barclays Capital Inc., Citigroup Global Markets Inc. and Wells Fargo Securities LLC. Their affiliates who will serve as forward purchasers are JPMorgan Chase Bank NA, Barclays Bank PLC, Citibank NA and Wells Fargo Bank NA.