U.S. markets closed
  • S&P 500

    3,465.39
    +11.90 (+0.34%)
     
  • Dow 30

    28,335.57
    -28.09 (-0.10%)
     
  • Nasdaq

    11,548.28
    +42.28 (+0.37%)
     
  • Russell 2000

    1,640.50
    +10.25 (+0.63%)
     
  • Crude Oil

    39.78
    -0.86 (-2.12%)
     
  • Gold

    1,903.40
    -1.20 (-0.06%)
     
  • Silver

    24.70
    -0.01 (-0.04%)
     
  • EUR/USD

    1.1868
    +0.0042 (+0.36%)
     
  • 10-Yr Bond

    0.8410
    -0.0070 (-0.83%)
     
  • GBP/USD

    1.3038
    -0.0042 (-0.32%)
     
  • USD/JPY

    104.7200
    -0.1200 (-0.11%)
     
  • BTC-USD

    12,949.48
    +52.89 (+0.41%)
     
  • CMC Crypto 200

    260.05
    -1.40 (-0.54%)
     
  • FTSE 100

    5,860.28
    +74.63 (+1.29%)
     
  • Nikkei 225

    23,516.59
    +42.32 (+0.18%)
     

Southern California Edison Announces Redemption of Cumulative Preferred Stock 4.32% Series, 4.08% Series, 4.24% Series, and 4.78% Series and Partial Redemption of SCE Trust II 5.10% Trust Preference Securities

·5 mins read

Southern California Edison (SCE) announced today that it will redeem $120 million of its cumulative preferred stock consisting of all of the outstanding shares of the 4.32% Series, 4.08% Series, 4.24% Series, and the 4.78% Series (collectively, the "Preferred Stock") and $180 million of the outstanding shares of its Series G Preference Stock, which will cause SCE Trust II to redeem $180 million of its outstanding 5.10% Trust Preference Securities ("Trust Preference Securities"). Upon redemption, SCE’s preferred equity layer will be in line with its CPUC-authorized level of 5%. The Redemption Date will be September 27, 2020, and the Redemption Prices and accrued and unpaid dividends per relevant security will be as follows:

Series Name

Redemption
Price

Accrued and Unpaid
Dividends/Share

NYSE Ticker Symbol

4.32% Series

$28.75

$0.261

SCEpD

4.08% Series

$25.50

$0.0765

SCEpB

4.24% Series

$25.80

$0.0795

SCEpC

4.78% Series

$25.80

$0.089625

SCEpE

5.10% Trust Preference Securities

$25.00

$0.042500

SCEpG

For the Preferred Stock, accrued and unpaid dividends will be paid up to and including, the Redemption Date and for the Trust Preferred Securities, accrued and unpaid dividends will be paid up to but excluding the Redemption Date.

Preferred Stock

Preferred Stock held through the Depository Trust Company will be redeemed according to The Depository Trust Company’s procedures. Holders who have their Preferred Stock in brokerage accounts should contact their brokers with any questions. For Preferred Stock not held through The Depository Trust Company, in order to collect the Redemption Price, plus any accrued and unpaid distributions to and including September 27, 2020, the Preferred Stock must be surrendered to Equiniti Trust Company, as Redemption Agent, accompanied by proper instruments of assignment and transfer if payment is to be made other than to the registered holder(s), at the following address:

EQ Shareowner Services

Attn: Account Management Team

1110 Centre Pointe Curve, Suite 101

Mendota Heights, Minnesota 55120-4101

An amount sufficient to redeem all outstanding shares of the Preference Stock will be deposited by the SCE with Equiniti Trust Company, in trust, for the payment to the holders of the Preferred Stock. On and after the date of such deposit, the redeemed Preferred Stock shall be deemed no longer to be outstanding, and all rights with respect to the Preferred Stock called for redemption will thereafter cease and terminate, except only the right of the holders to receive the Redemption Price, but without interest, upon surrender of their Preferred Stock, which will include dividends on the redeemed Preferred Stock, such dividends shall cease to accrue as of the close of business on the Redemption Date. Questions relating to, and request for additional copies of, the notice of redemption and related materials should be directed to EQ Shareowner Services at 800-689-8788

Regular quarterly dividends on the 4.08%, 4.24%, and 4.78% series will be paid for the third quarter of 2020 on August 31, 2020 to holders of record on August 5, 2020 per the SCE’s press release dated June 24, 2020. Regular quarterly dividends on the 4.32% series for the third quarter of 2020 would have been paid on September 30, 2020 to holders of record on September 4, 2020 per the SCE’s press release dated June 24, 2020, but will be replaced with the accrued and unpaid dividends that will be paid out to holders on the Redemption Date.

Trust Preference Securities

Trust Preference Securities held through the Depository Trust Company will be redeemed according to The Depository Trust Company’s procedures. Holders who have their Trust Preference Securities in brokerage accounts should contact their brokers with any questions. For Trust Preference Securities not held through The Depository Trust Company, in order to collect the Redemption Price, plus any accrued and unpaid distributions to but excluding September [27], 2020, the Trust Preference Securities must be surrendered to the Trustee accompanied by proper instruments of assignment and transfer if payment is to be made other than to the registered holder(s), at the following address:

The Bank of New York Mellon
Bond Redemption Unit
111 Sanders Creek Parkway
East Syracuse, NY 13057

On and after the Redemption Date, the redeemed Trust Preference Securities shall be deemed no longer to be outstanding, dividends on the redeemed Trust Preference Securities shall cease to accrue, and all rights with respect to the shares called for redemption will thereafter cease and terminate at the close of business on the Redemption Date, except only the right of the holders to receive the Redemption Price, but without interest, upon surrender of their Trust Preference Securities. Questions relating to, and request for additional copies of, the notice of redemption and related materials should be directed to The Bank of New York Mellon at 312-827-8547.

Regular quarterly dividends on the Trust Preference Securities will be paid for the third quarter of 2020 on September 15, 2020 to holders of record on September 14, 2020 per the SCE’s press release dated August 27, 2020.

Wells Fargo Securities acted as financial advisor to SCE.

This news release does not constitute an offer to sell or a solicitation of any offer to buy such securities nor shall there be any sale of these securities in any state or other jurisdiction which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Edison International

Edison International (NYSE: EIX) is one of the nation’s largest electric utility holding companies, providing clean and reliable energy and energy services through its independent companies. Headquartered in Rosemead, California, Edison International is the parent company of Southern California Edison Company, a utility that delivers electricity to 15 million people across Southern, Central and Coastal California. Edison International is also the parent company of Edison Energy, a global energy advisory company delivering comprehensive, data-driven energy solutions to commercial and industrial users to meet their cost, sustainability and risk goals.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200828005040/en/

Contacts

Investor Relations: Sam Ramraj, (626) 302-2540
Media Contact: Jeff Monford, (626) 476-8120