Debt and Credit Agreements

12 Months Ended

Dec. 31, 2019

Long-Term Debt

The following table summarizes long-term debt (rates and terms are as of December 31, 2019) of Edison International and SCE:



	December 31,
(in millions)	2019			2018
Edison International Parent and Other:
Debentures and notes:
2020 – 2028 (2.125% to 5.750%)	$	3,150		$	1,750
Current portion of long-term debt	(400		)	—
Unamortized debt discount/premium and issuance costs, net	(18		)	(10		)
Total Edison International Parent and Other	2,732			1,740
SCE:
First and refunding mortgage bonds:
2021 – 2049 (1.845% to 6.05%)	14,272			12,050
Pollution-control bonds:
2028 – 2035 (1.875% to 5.00%)	752			752
Debentures and notes:
2029 – 2053 (5.06% to 6.65%)	306			306
Current portion of long-term debt	(79		)	(79		)
Unamortized debt discount/premium and issuance costs, net	(119		)	(137		)
Total SCE	15,132			12,892
Total Edison International	$	17,864		$	14,632

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



(in millions)	Edison International		SCE
2020	$	479	$	79
2021	1,029		1,029
2022	1,064		364
2023	1,300		900
2024	500		—

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, 2019, 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, 2019:



(in millions)	Edison International Parent		SCE
Commitment	$	1,500	$	3,000
Outstanding borrowings (excluding discount)	—		(550		)
Outstanding letters of credit	—		(152		)
Amount available	$	1,500	$	2,298

In February 2019, SCE borrowed $750 million under a Term Loan Agreement due in February 2020 ("February 2019 SCE Term Loan"), 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. As noted below, the February 2019 SCE Term Loan was fully repaid in April 2019.

In April 2019, Edison International Parent borrowed $1.0 billion under a Term Loan Agreement due in April 2020 ("April 2019 Edison International Parent Term Loan"), with a variable interest rate based on the London Interbank Offered Rate plus 90 basis points. Of the proceeds, $750 million was contributed to SCE and SCE used this contribution to repay the February 2019 SCE Term Loan as discussed above. The remainder of the proceeds were used for general corporate and working capital purposes. The April 2019 Edison International Parent Term Loan was fully repaid in December 2019.

In June 2019, SCE and Edison International Parent amended the maturity date of their multi-year revolving credit facilities of

$3.0 billion and $1.5 billion, respectively. The facilities now mature in May 2024, with an option to extend for an additional

year, which may be exercised upon agreement between SCE or Edison International Parent and their respective lenders.

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, 2019, SCE's commercial paper, net of discount, was $550 million at a weighted average interest rate of 2.24%. At December 31, 2019, letters of credit issued under SCE's credit facility aggregated $152 million and are scheduled to expire in twelve months or less. At December 31, 2018, the outstanding commercial paper, net of discount, was $720 million at a weighted average interest rate of 3.23%.

At December 31, 2019 and December 31, 2018, Edison International Parent had no outstanding commercial paper.

Debt Financing Subsequent to December 31, 2019

In January 2020, SCE issued $100 million of 2.85% first and refunding mortgage bonds due in 2029 and $500 million of 3.65% first and refunding mortgage bonds due in 2050. The proceeds were primarily used to repay SCE's commercial

paper borrowings.