Southern California Edison offers trust preference securities

By Marisa Wong

Los Angeles, Nov. 16 – SCE Trust VII plans to price $25-par trust preference securities guaranteed by Southern California Edison Co., according to a 424B2 filing with the Securities and Exchange Commission.

Distributions on the fixed-rate securities will be payable quarterly, in arrears, on March 15, June 15, Sept. 15 and Dec. 15 of each year, beginning on March 15, 2024.

The securities are redeemable in whole or in part at par at any time beginning in November 2028. They are also callable in whole upon the occurrence of certain changes in tax or investment company law or interpretation.

BofA Securities, Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC, Wells Fargo Securities, LLC and Truist Securities, Inc. are the joint bookrunners.

Richards, Layton & Finger, PA will handle matters of Delaware law for the issuer. The issuer will also use in-house counsel. Munger, Tolles & Olson LLP is counsel for the guarantor. Cleary Gottlieb Steen & Hamilton LLP will represent the underwriters.

Proceeds will be used to redeem the issuer’s series M preference stock.

The company plans to list the new issue on the New York Stock Exchange under the ticker symbol “SCEPrM.”

Southern California Edison is a Rosemead, Calif.-based public utility subsidiary of Edison International.

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