Debt and Credit Agreements

12 Months Ended

Dec. 31, 2022

Debt and Credit Agreements

Debt and Credit Agreements

Note 5.Debt and Credit Agreements

Long-Term Debt

The following table summarizes long-term debt (rates and terms are as of December 31, 2022) of Edison International and SCE:

	December 31,
(in millions)	2022		2021
Edison International Parent and Other:
Debentures and notes:
2023 – 2029 (2.95% to 6.95%)	$	3,400	$	3,150
Current portion of long-term debt		(400)		(700)
Unamortized debt discount/premium and issuance costs, net		(19)		(13)
Total Edison International Parent and Other		2,981		2,437
SCE:
First and refunding mortgage bonds:
2023 – 2052 (0.70% to 6.05%)		23,900		20,314
Pollution-control bonds:
2023 – 2035 (1.45% to 2.63%)		752		752
Debentures and notes:
2029 – 2053 (5.06% to 6.65%)		306		306
Senior secured recovery bonds1:
2028 – 2046 (0.86% to 3.24%)		849		333
Other long-term debt2		600		518
Current portion of long-term debt		(2,214)		(377)
Unamortized debt discount/premium and issuance costs, net		(149)		(113)
Total SCE		24,044		21,733
Total Edison International	$	27,025	$	24,170

1 The senior secured recovery bonds are payable only from and secured by the Recovery Property at SCE Recovery Funding LLC, and 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. For further details, see Note 3.

2 2022 amount represents a term loan due in 2024 with an interest rate of adjusted term secured overnight financing rate ("SOFR") plus 0.90%. 2021 amount represent short-term obligations refinanced on a long-term basis subsequent to December 31, 2021.

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

	Edison
(in millions)	International		SCE
2023	$	2,614	$	2,214
2024		2,680		2,180
2025		2,030		1,230
2026		381		381
2027		1,981		1,381

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, 2022, SCE's debt to total capitalization ratio was 0.56 to 1 and was in compliance with all other financial covenants that affect access to capital. Edison International Parent's credit facility requires a consolidated debt to total capitalization ratio as defined in the applicable agreements of less than or equal to 0.70 to 1. At December 31, 2022, Edison International consolidated debt to total capitalization ratio was 0.64 to 1.

Credit Agreements and Short-Term Debt

The following table summarizes the status of the credit facilities at December 31, 2022:

(in millions, except for rates)
	Termination	SOFR			Outstanding		Outstanding		Amount
Borrower	date	plus (bps)	Commitment		borrowings		letters of credit		available
Edison International Parent1, 3	May 2026	128	$	1,500	$	90	$	—	$	1,410
SCE2, 3	May 2026	108		3,350		195		431		2,724
Total Edison International			$	4,850	$	285	$	431	$	4,134

1 At December 31, 2022, Edison International Parent had $90 million outstanding commercial paper, net of discount, at a weighted-average interest rate of 4.92%. At December 31, 2021 Edison International Parent did not have any outstanding commercial paper.

2 At December 31, 2022 and December 31, 2021, SCE had $195 million and $601 million outstanding commercial paper, net of discount, at a weighted-average interest rate of 5.20% and 0.45%, respectively.

3 Proceeds are used to support commercial paper borrowings and general corporate purposes. 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.

Short-term Term Loans

As of December 31, 2022, Edison International Parent had outstanding term loans of $600 million due in April 2023 and $400 million due in November 2023, each bearing interest at either an adjusted term SOFR plus 0.70% and 0.95%, respectively, or a base rate with no applicable margin. The term loan proceeds were used for general corporate purposes.

As of December 31, 2022, SCE had a $730 million outstanding balance on its green term loan agreement due in May 2023 and bears interest at an adjusted term SOFR plus 0.55%.