Southern California Edison’s $550 Million Bonds Offering

Cleary Gottlieb Steen & Hamilton represented the underwriters in the offering.

Southern California Edison Co. (SCE) executed an offering of $550 million of floating rate first-and-refunding mortgage bonds, Series 2021L, due 2022.

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 partially repay SCE’s floating rate first mortgage bonds, Series 2020D and for general corporate purposes. The bond transaction priced on December 1, 2021, and will close on December 3, 2021.

Loop Capital Markets LLC, Samuel A. Ramirez & Company, Inc., and Wells Fargo Securities, LLC acted as the underwriters for the offering,

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 team was led by partner Jeff Karpf (Picture) and included senior attorney Elizabeth Chang and Jesse Benov. Partner Jason Factor, associate Eugene Woo, and law clerk Daniel Solecki advised on tax matters. Counsel Mary Alcock and associate Suzannah Golick advised on ERISA matters. Counsel Richard Bidstrup advised on environmental issues.

Involved fees earner: Mary Alcock – Cleary Gottlieb Steen & Hamilton; Jesse Benov – Cleary Gottlieb Steen & Hamilton; Richard Bidstrup – Cleary Gottlieb Steen & Hamilton; Elizabeth Chang – Cleary Gottlieb Steen & Hamilton; Jason Factor – Cleary Gottlieb Steen & Hamilton; Suzannah Golick – Cleary Gottlieb Steen & Hamilton; Jeffrey Karpf – Cleary Gottlieb Steen & Hamilton; Eugene Wei?En Woo – Cleary Gottlieb Steen & Hamilton;

Law Firms: Cleary Gottlieb Steen & Hamilton;

Clients: Loop Capital Markets; Samuel A. Ramirez & Company, Inc.; Wells Fargo Securities;