FWP 1 d720650dfwp.htm FWP FWP

Issuer Free Writing Prospectus

Filed Pursuant to Rule 433

Registration Statement No. 333-226383

 

LOGO

$600,000,000

4.875% First and Refunding Mortgage Bonds,

Series 2019B, Due 2049

SUMMARY OF TERMS

 

Security:    4.875% First and Refunding Mortgage Bonds, Series 2019B, Due 2049 (the “Series 2019B Bonds”)
Issuer:    Southern California Edison Company
Principal Amount:    $600,000,000
Expected Ratings of Securities*:    A3 / A- / BBB+ (Negative Outlook / Negative Watch / Negative Watch) (Moody’s / S&P / Fitch)
Trade Date:    March 12, 2019
Settlement Date**:    March 15, 2019 (T + 3)
Maturity:    March 1, 2049
Benchmark US Treasury:    3.375% due November 15, 2048
Benchmark US Treasury Price:    107-20+
Benchmark US Treasury Yield:    2.985%
Spread to Benchmark US Treasury:    T + 190 bps
Reoffer Yield:    4.885%
Coupon:    4.875%
Coupon Payment Dates:    March 1 and September 1
First Coupon Payment Date:    September 1, 2019
Public Offering Price:    99.846%
Optional Redemption:   

Callable at any time prior to September 1, 2048, in whole or in part, at a “make whole” premium of 30 bps, plus accrued and unpaid interest thereon to but excluding the date of redemption.

 

At any time on or after September 1, 2048, callable, in whole or in part, at 100% of the principal amount of the bonds being redeemed plus accrued and unpaid interest thereon to but excluding the date of redemption.

CUSIP/ISIN:    842400GR8 / US842400GR87
Joint Book-running Managers:   

Barclays Capital Inc. (“Barclays”)

J.P. Morgan Securities LLC (“J.P. Morgan”)

PNC Capital Markets LLC (“PNC”)

Wells Fargo Securities, LLC (“Wells Fargo”)

BNP Paribas Securities Corp.

BNY Mellon Capital Markets, LLC


Co-managers:   

Blaylock Van, LLC

Cabrera Capital Markets, LLC

MFR Securities, Inc.

Mischler Financial Group, Inc.

Penserra Securities LLC

Samuel A. Ramirez & Company, Inc.

 

*

Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

**

Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Series 2019B Bonds on the Trade Date will be required, by virtue of the fact that the Series 2019B Bonds initially will not settle in T+2, to specify an alternative settlement cycle at the time of any such trade to prevent a failed settlement and should consult their own advisor.

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, Barclays, J.P. Morgan, PNC or Wells Fargo can arrange to send you the prospectus if you request it by calling Barclays at 1-888-603-5847, J.P. Morgan collect at 1-212-834-4533, PNC at 1-855-881-0697 or Wells Fargo at 1-800-645-3751.