SCE Trust’s $475 million 5% trust preference shares admitted to NYSE

By Stephanie N. Rotondo

Seattle, June 29 – Southern California Edison Co.’s SCE Trust VI’s $475 million of 5% series L trust preference securities began trading on the New York Stock Exchange on Thursday, according to a market source.

The ticker symbol is “SCEPrL.”

The deal – priced June 19 – was increased from an expected $200 million. It came to market richer than price talk of 5.125% to 5.25%.

J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets and Wells Fargo Securities LLC were the joint bookrunners.

Distributions will be made quarterly.

The preference shares become redeemable on June 26, 2022 at par plus accrued distributions. The issue can be redeemed prior to that date upon a tax or rating agency event, also at par plus accrued distributions.

Proceeds will be used to redeem some or all of the company’s outstanding 5.625% series F preference stock.

Southern California Edison is a Rosemead, Calif.-based investor-owned public utility.

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