Debt and Credit Agreements

Long-Term Debt

The following table summarizes long-term debt (rates and terms are as of December 31, 2018) of Edison International and SCE:



	December 31,
(in millions)	2018			2017
Edison International Parent and Other:
Debentures and notes:
2020 – 2028 (2.125% to 4.125%)	$	1,750		$	1,200
Other long-term debt¹	—			29
Current portion of long-term debt	—			(2		)
Unamortized debt discount and issuance costs, net	(10		)	(13		)
Total Edison International Parent and Other	1,740			1,214
SCE:
First and refunding mortgage bonds:
2021 – 2048 (1.845% to 6.05%)	12,050			9,779
Pollution-control bonds:
2028 – 2035 (1.875% to 5.0%)²	752			909
Debentures and notes:
2029 – 2053 (5.06% to 6.65%)	306			307
Current portion of long-term debt	(79		)	(479		)
Unamortized debt discount and issuance costs, net	(137		)	(88		)
Total SCE	12,892			10,428
Total Edison International	$	14,632		$	11,642


¹	Includes $29 million of long-term debt as of December 31, 2017 for SoCore Energy, which was sold in April 2018. See Note 1 for further details on the sale of SoCore Energy.


²	Balance as of December 31, 2017 excludes outstanding bonds due in 2031 that may be remarketed to investors in the future. These bonds were retired in April 2018.

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



(in millions)	Edison International		SCE
2019	$	79	$	79
2020	479		79
2021	1,029		1,029
2022	764		364
2023	1,300		900

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 to be less than or equal to 0.65 to 1. At December 31, 2018, SCE was in compliance with this debt covenant and all other financial covenants that affect access to capital.

Credit Agreements and Short-Term Debt

The following table summarizes the status of the credit facilities at December 31, 2018:



(in millions)	Edison International Parent		SCE
Commitment	$	1,500	$	3,000
Outstanding borrowings (excluding discount)	—		(721		)
Outstanding letters of credit	—		(190		)
Amount available	$	1,500	$	2,089

In May 2018, SCE and Edison International Parent amended their multi-year revolving credit facilities to increase the facilities to $3.0 billion and $1.5 billion from $2.75 billion and $1.25 billion, respectively. Both facilities mature in May 2023 and have two 1-year extension options. SCE's credit facility is generally used to support commercial paper borrowings 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. Edison International Parent's credit facility is used to support commercial paper borrowings and for general corporate purposes.

At December 31, 2018, commercial paper, net of discount, was $720 million at a weighted-average interest rate of 3.23%.

At December 31, 2018, letters of credit issued under SCE's credit facility aggregated $190 million and are scheduled to expire in twelve months or less. At December 31, 2017, the outstanding commercial paper, net of discount, was $738 million at a weighted-average interest rate of 1.75%. In December 2017, SCE borrowed $500 million from the credit facility which had an interest rate of 2.46% on December 31, 2017; this borrowing was repaid in January 2018 with cash on hand.

At December 31, 2018, Edison International Parent had no outstanding commercial paper. At December 31, 2017, the outstanding commercial paper, net of discount, was $639 million at a weighted-average interest rate of 1.70%. In December 2017, Edison International borrowed $500 million from the credit facility which had an interest rate of 2.56% on December 31, 2017; this borrowing was repaid in January 2018 with cash on hand.

Debt Financing Subsequent to December 31, 2018

In February 2019, SCE borrowed $750 million under a Term Loan Agreement due in February 2020, with a variable interest rate based on the London Interbank Offered Rate plus 70 basis points. The proceeds were used to repay SCE's commercial paper borrowings and for general corporate purposes.