Debt and Credit Agreements

12 Months Ended

Dec. 31, 2012

Long-Term Debt

The following table summarizes long-term debt (rates and terms are as of December 31, 2012) of Edison International and SCE:



	December 31,
(in millions)	2012			2011
Edison International Parent and Other:
Debentures and notes:
2017 (3.75%)	$	400		$	400
Other long-term debt	4			4
Unamortized debt discount, net	(1		)	(1		)
Total Edison International Parent and Other	403			403
SCE:
First and refunding mortgage bonds:
2014 – 2042 (3.875% to 6.05% and floating)	7,775			7,375
Pollution-control bonds:
2028 – 2035 (2.875% to 5.0% and variable)	939			939
Bonds repurchased	(161		)	(161		)
Debentures and notes:
2029 – 2053 (5.06% to 6.65%)	307			307
Unamortized debt discount, net	(32		)	(29		)
Total SCE	8,828			8,431
Total Edison International	$	9,231		$	8,834

Edison International and SCE long-term debt maturities over the next five years are the following:



(in millions)	Edison International		SCE
2013	$	—	$	—
2014	1,200		1,200
2015	300		300
2016	400		400
2017	400		—

Liens and Security Interests

Almost all of SCE's properties are subject to a trust indenture lien. SCE has pledged first and refunding mortgage bonds as collateral for borrowed funds obtained from pollution-control bonds issued by government agencies. SCE has a debt covenant that requires a debt to total capitalization ratio be met. At December 31, 2012, SCE was in compliance with this debt covenant.

Credit Agreements and Short-Term Debt

During the second quarter of 2012, SCE replaced its credit facilities with a $2.75 billion five-year revolving credit facility that matures in May 2017. The credit facility is generally used to support commercial paper and letters of credit issued for procurement-related collateral requirements, balancing account undercollections and for general corporate purposes, including working capital requirements to support operations and capital expenditures. At December 31, 2012, SCE's outstanding commercial paper supported by the credit facility was $175 million at a weighted-average interest rate of 0.37%. At December 31, 2012, letters of credit issued under SCE's credit facility aggregated $162 million and are scheduled to expire in twelve months or less. At December 31, 2011, the outstanding commercial paper was $419 million at a weighted-average interest rate of 0.44%.

During the second quarter of 2012, Edison International Parent replaced its credit facility with a $1.25 billion five-year revolving credit facility that matures in May 2017. Borrowings under this credit facility are used for general corporate purposes. At December 31, 2012, Edison International Parent had no outstanding short-term debt. At December 31, 2011, the outstanding short-term debt was $10 million at a weighted-average interest rate of 0.66%.

The following table summarizes the status of the credit facilities at December 31, 2012:



(in millions)	Edison International Parent		SCE
Commitment	$	1,250	$	2,750
Outstanding borrowings	—		(175		)
Outstanding letters of credit	—		(162		)
Amount available	$	1,250	$	2,413

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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