Debt and Credit Agreements

3 Months Ended

Mar. 31, 2021

Note 5.Debt and Credit Agreements

Long-Term Debt

In January 2021, SCE issued $150 million of 2.25% first and refunding mortgage bonds due in 2030 and $750 million of 2.95% first and refunding mortgage bonds due in 2051. The proceeds were primarily used to repay SCE's commercial paper borrowings and for general corporate purposes.

Senior Secured Recovery Bonds

In February 2021, SCE Recovery Funding LLC issued $338 million of Senior Secured Recovery Bonds, Series 2021-A, in three tranches ("Recovery Bonds") and used the proceeds to acquire SCE's right, title and interest in and to non-bypassable rates and other charges associated with the AB 1054 Excluded Capital Expenditures to be collected from certain existing and future customers in SCE's service territory ("Recovery Property"). The three tranches of Recovery Bonds consisted of: $138 million, 0.86% with final maturity in 2033; $100 million, 1.94% with final maturity in 2040; and $100 million, 2.51% with final maturity in 2045. The Recovery Bonds are payable only from and secured by the Recovery Property. SCE Recovery Funding LLC is consolidated by SCE for financial reporting purposes, however, the

Recovery Bonds do not constitute a debt or other legal obligation of, or interest in, SCE or any of its affiliates, except for SCE Recovery Funding LLC. SCE used the proceeds it received from the sale of Recovery Property to reimburse itself for previously incurred AB 1054 Excluded Capital Expenditures, including the retirement of related debt and financing costs. For further details, see Note 3.

Credit Agreements and Short-Term Debt

The following table summarizes the status of the credit facilities at March 31, 2021:


(in millions, except for rates)
Execution	Termination	LIBOR				Outstanding		Outstanding		Amount
date	date	plus (bps)	Use of proceeds	Commitment		borrowings		letters of credit		available
Edison International Parent
June 2019	May 2024	128	Support commercial paper borrowings and general corporate purposes^{1, 4}	$	1,500	$	—	$	—	$	1,500
Total Edison International Parent:				$	1,500	$	—	$	—	$	1,500
SCE
March 2020	May 2021	65	Finance a portion of the AB 1054 Capital Expenditures²	$	800	$	800	$	—	$	—
May 2020	May 2021	150	Undercollections related to COVID-19 and general corporate purposes		1,500		—		—		1,500
June 2019	May 2024	108	Support commercial paper borrowings and general corporate purposes^{3, 4}		3,000		674		120		2,206
Total SCE:				$	5,300	$	1,474	$	120	$	3,706
Total Edison International:				$	6,800	$	1,474	$	120	$	5,206

1	At March 31, 2021 Edison International Parent had no outstanding commercial paper.

In February 2021, SCE and the lenders amended the March 2020 credit agreement and have extended the termination date from March 2021 to May 2021. This credit facility may also be extended for two 364-day periods, at the lenders' discretion. The aggregate maximum principal amount may be increased up to $1.1 billion provided that additional lender commitments are obtained.

3	At March 31, 2021 SCE had $674 million outstanding commercial paper, net of discount, at a weighted-average interest rate of 0.32%.

4	The aggregate maximum principal amount under the SCE and Edison International Parent revolving credit facilities may be increased up to $4.0 billion and $2.0 billion, respectively, provided that additional lender commitments are obtained.

Term loan and other short-term debt

In February 2021, SCE and the lenders amended the term loan agreement and extended the termination date from March 2021 to May 2021.

Financing Subsequent to March 31, 2021

In April 2021, SCE issued $400 million of Secured Overnight Financing Rate ("SOFR") plus 0.64% first and refunding mortgage bonds due in 2023, $400 million of SOFR plus 0.83% of first and refunding mortgage bonds due in 2024, $350 million of 0.70% first and refunding mortgage bonds due in 2023 and $700 million of 1.10% first and refunding mortgage bonds due in 2024. The proceeds of these issuances were used to fund the payment of wildfire claims

exceeding insurance proceeds and repay commercial paper borrowings that were used to fund the payment of wildfire claims, including amounts paid under the Woolsey Subrogation Settlement.