Issuer Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement No. 333-226383
$100,000,000
2.85% First and Refunding Mortgage Bonds,
Series 2019C, Due 2029
SUMMARY OF TERMS
Security: | 2.85% First and Refunding Mortgage Bonds, Series 2019C, Due 2029 (the “Reopened Series 2019C Bonds”) | |
Issuer: | Southern California Edison Company | |
Principal Amount: | $100,000,000. Upon settlement, the Reopened Series 2019C Bonds will form a part of the same series as, and will be fungible with, the Issuer’s outstanding $400,000,000 2.85% First and Refunding Mortgage Bonds, Series 2019C, Due 2029, issued on August 6, 2019 (the “Original Series 2019C Bonds”). The aggregate principal amount of this series of bonds will be $500,000,000. | |
Expected Ratings of Securities*: | A3 /A- / BBB+ (Stable / Stable / Stable) (Moody’s / S&P / Fitch) | |
Trade Date: | January 6, 2020 | |
Settlement Date**: | January 9, 2020 (T + 3) | |
Maturity: | August 1, 2029 | |
Benchmark US Treasury: | 1.750% due November 15, 2029 | |
Benchmark US Treasury Price: | 99-16 | |
Benchmark US Treasury Yield: | 1.806% | |
Spread to Benchmark US Treasury: | T + 90 bps | |
Reoffer Yield: | 2.706% | |
Coupon: | 2.85% | |
Coupon Payment Dates: | February 1 and August 1 | |
First Coupon Payment Date: | February 1, 2020 (short first coupon) | |
Public Offering Price: | 101.179% (plus $1,211,250 of accrued interest from and including August 6, 2019 to but excluding the Settlement Date) | |
Optional Redemption: | Callable at any time prior to May 1, 2029, in whole or in part, at a “make whole” premium of 15 bps, plus accrued and unpaid interest thereon to but excluding the date of redemption.
At any time on or after May 1, 2029, callable, in whole or in part, at 100% of the principal amount of the bonds being redeemed plus accrued and unpaid interest thereon to but excluding the date of redemption. | |
CUSIP/ISIN: | 842400GS6 / US842400GS60 | |
Joint Book-running Managers: | MUFG Securities Americas Inc. (“MUFG”) PNC Capital Markets LLC (“PNC”) RBC Capital Markets, LLC (“RBC”) Wells Fargo Securities, LLC (“Wells Fargo”) |
Co-managers: | Bancroft Capital, LLC Great Pacific Securities Mischler Financial Group, Inc. Samuel A. Ramirez & Company, Inc. Siebert Williams & Co., LLC Telsey Advisory Group LLC |
* | Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. |
** | Under Rule15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Reopened Series 2019C Bonds on the Trade Date will be required, by virtue of the fact that the Reopened Series 2019C Bonds initially will not settle in T+2, to specify an alternative settlement cycle at the time of any such trade to prevent a failed settlement and should consult their own advisor. |
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, MUFG, PNC, RBC or Wells Fargo can arrange to send you the prospectus if you request it by calling MUFG at1-877-649-6848, PNC at1-855-881-0697, RBC at1-866-375-6829 or Wells Fargo at1-800-645-3751.
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