SoCal Edison-linked unit’s 5.375% fixed-to-floating trust securities to trade on NYSE

By Stephanie N. Rotondo

Phoenix, Aug. 25 – Southern California Edison Co.’s SCE Trust IV’s $325 million of 5.375% fixed-to-floating rate trust preference securities will list on the New York Stock Exchange on Wednesday, according to a market source.

The ticker symbol is “SCEPJ.” The deal came Aug. 17.

Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC and RBC Capital Markets were the active bookrunners. BNY Mellon Capital Markets LLC and BNP Paribas Securities Corp. were the passive bookrunners.

Each preference share represents an undivided beneficial interest in the trust’s only asset, the series J preference shares. Distributions on the issue will only be made if dividends are paid on the series Js.

When declared, distributions will be payable quarterly at a fixed rate until Sept. 15, 2025, when the distribution rate will begin to float at Libor plus 313.2 basis points.

The preferreds become redeemable Sept. 15, 2025 or upon certain changes in tax law, investment company law or interpretations at par plus accrued distributions.

The Rosemead, Calif.-based subsidiary of Edison International will use the proceeds to redeem all outstanding series A floating-rate noncumulative preference shares and for general corporate purposes.

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