Southern California Edison (SCE) has announced the start of a cash tender offer to purchase any and all outstanding 5.45% Fixed-to-Floating Rate Trust Preference Securities issued by SCE Trust V, a Delaware statutory trust subsidiary of the company. The aggregate liquidation amount outstanding for these securities is $300 million, with each security having a liquidation amount of $25. The offer price is set at $25 per $25 liquidation amount, plus accrued and unpaid distributions from the last distribution payment date up to, but not including, the settlement date.
The offer will expire on December 19, 2025 at 5 p.m., New York City time, unless extended or terminated earlier by SCE. The company expects the settlement date to occur promptly after the expiration date and acceptance of the securities for purchase. SCE plans to fund the transaction using cash on hand.
Securities tendered under this offer may be withdrawn at any time before the expiration date if holders follow procedures described in the Offer to Purchase document. “The Offer Materials contain important information that holders are urged to read before any decision is made with respect to the Offer,” according to Southern California Edison.
Barclays Capital Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC and Santander US Capital Markets LLC are serving as dealer managers for this offer. Global Bondholder Services Corporation is acting as both tender agent and information agent.
SCE has filed an Issuer Tender Offer Statement on Schedule TO with the Securities and Exchange Commission (SEC), which contains additional details about this transaction. These documents can be accessed through the SEC’s website at https://www.sec.gov/.
Southern California Edison is a subsidiary of Edison International (NYSE: EIX) and operates as one of the largest electric utilities in the United States, serving approximately 15 million people across 5 million customer accounts in Central, Coastal and Southern California over a service area of 50,000 square miles.
“Statements contained in this press release about expectations regarding the Offer, financings and other statements that do not directly relate to a historical or current fact are forward-looking statements. In this press release, the words ‘expects,’ ‘will’ and variations of such words and similar expressions, or discussions of strategy, plans or actions, are intended to identify forward-looking statements. Such statements reflect our current expectations; however, such statements necessarily involve risks and uncertainties. Actual results could differ materially from current expectations. Other important factors are discussed in Southern California Edison’s Form 10-K and other reports filed with the SEC, which are available on our website: edisoninvestor.com. Southern California Edison has no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise.”
This announcement serves informational purposes only and does not constitute an offer or solicitation for purchase of securities.
