Cleary Gottlieb represented MUFG and Truist Securities, as representatives of the underwriters, in the offering.
Southern California Edison Co. (SCE) executed an offering of $350 million 1.20% first and refunding mortgage bonds, Series 2020C, due 2026. The bond transaction priced on September 28, 2020 and will close on October 1, 2020.
The senior debt securities are secured by a lien on substantially all of SCE’s property and franchises. The net proceeds from the offering of the bonds will be used to fund the payment of settlements related to wildfire claims in connection with 2018 Montecito Mudslides.
SCE is an investor-owned public utility primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of Southern California, excluding the City of Los Angeles and certain other cities. It owns and operates transmission, distribution, and generation facilities, and procures power from a variety of sources, including other utilities, merchant generators, and other nonutility generators.
The Cleary represented MUFG and Truist Securities team led by partner Jeff Karpf (Picture) and included senior attorney Elizabeth Chang, associate Emily Arndt, and law clerk Laura Bournhonesque. Senior attorney David Stewart Fisher and associate Michael Eis advised on tax matters. Counsel Mary Alcock and associate Jina Davidovich advised on ERISA matters. Counsel W. 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; Jina Davidovich – Cleary Gottlieb Steen & Hamilton; Michael Eis – Cleary Gottlieb Steen & Hamilton; Jeffrey Karpf – Cleary Gottlieb Steen & Hamilton; David Stewart Fisher – Cleary Gottlieb Steen & Hamilton;
Law Firms: Cleary Gottlieb Steen & Hamilton;