Edison International’s $1.25 Billion Preferred Stock Offering

Cleary Gottlieb represented the underwriters in the offering.

Edison International executed its public offering of 1.25 million shares of its 5.375% Fixed-Rate Reset Cumulative Perpetual Preferred Stock, Series A, with a $1,000 liquidation preference per share. The offering priced on March 2, 2021, and is expected to close on March 9, 2021.

Wells Fargo Securities, BofA Securities, J.P. Morgan, RBC Capital Markets, Barclays, Citigroup, Credit Suisse, and Morgan Stanley acted as joint book-running managers of the offering. AmeriVet Securities, Blaylock Van, LLC, MFR Securities, Inc., Penserra Securities LLC, and Siebert Williams Shank acted as co-managers of the offering.

The net proceeds from the offering will be used either to repay commercial paper borrowings or for general corporate purposes.

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.

The Cleary team representig the underwriters was led by partner Jeff Karpf (Picture) and included senior attorney Elizabeth Chang, associate Emily Arndt and law clerk Laura Bournhonesque. Counsel Jonathan Gifford and associates Michael Eis and Andrew Wasilick advised on tax matters. Counsel Mary Alcock and associate Shelbi Vaughn advised on ERISA matters. Counsel Richard Bidstrup advised on environmental issues from Washington, D.C. 

Involved fees earner: Mary Alcock – Cleary Gottlieb Steen & Hamilton; Emily Arndt – Cleary Gottlieb Steen & Hamilton; Richard Bidstrup – Cleary Gottlieb Steen & Hamilton; Elizabeth Chang – Cleary Gottlieb Steen & Hamilton; Michael Eis – Cleary Gottlieb Steen & Hamilton; Jonathan Gifford – Cleary Gottlieb Steen & Hamilton; Jeffrey Karpf – Cleary Gottlieb Steen & Hamilton; Shelbi Vaughn – Cleary Gottlieb Steen & Hamilton; Andrew Wasilick – Cleary Gottlieb Steen & Hamilton;

Law Firms: Cleary Gottlieb Steen & Hamilton;

Clients: AmeriVet Securities; Bank of America Securities; Barclays Capital ; Blaylock Van, LLC; Citigroup Inc.; Credit Suisse; J.P. Morgan Securities LLC; MFR Securities, Inc.; Morgan Stanley; Penserra Securities; RBC Capital Markets; Siebert Williams Shank & Co. LLC; Wells Fargo Securities;

Author: Martina Bellini