FWP 1 d936119dfwp.htm FWP FWP

Issuer Free Writing Prospectus

Filed Pursuant to Rule 433

Registration Statement No. 333-281011

 

LOGO

$850,000,000

5.25% First and Refunding Mortgage Bonds,

Series 2025C, Due 2030

SUMMARY OF TERMS

 

 

 

Security:    5.25% First and Refunding Mortgage Bonds, Series 2025C, Due 2030 (the “Series 2025C Bonds”)
Issuer:    Southern California Edison Company
Principal Amount:    $850,000,000
Expected Ratings of Securities*:    A2 / A- / A- (Stable / Negative / Stable) (Moody’s / S&P / Fitch)
Trade Date:    March 12, 2025
Settlement Date**:    March 17, 2025 (T+3)
Maturity:    March 15, 2030
Benchmark US Treasury:    4.000% due February 28, 2030
Benchmark US Treasury Price:    99-20
Benchmark US Treasury Yield:    4.084%
Spread to Benchmark US Treasury:    T + 118 bps
Reoffer Yield:    5.264%
Coupon:    5.25%
Coupon Payment Dates:    March 15 and September 15
First Coupon Payment Date:    September 15, 2025


Public Offering Price:    99.940% of Principal Amount
Optional Redemption:   

Callable at any time prior to February 15, 2030 in whole or in part, at a “make whole” premium of 20 bps, plus accrued and unpaid interest thereon to but excluding the date of redemption.

 

At any time on or after February 15, 2030, 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:    842400JJ3/US842400JJ35
Joint Book-running Managers:   

Barclays Capital Inc. (“Barclays”)

Citigroup Global Markets Inc. (“Citigroup”)

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

MUFG Securities Americas Inc. (“MUFG”)

BNP Paribas Securities Corp.

SMBC Nikko Securities America, Inc.

TD Securities (USA) LLC

Co-managers:   

Apto Partners, LLC

Bancroft Capital, LLC

Drexel Hamilton, LLC

Loop Capital Markets LLC

Mischler Financial Group, Inc.

Penserra Securities LLC

Samuel A. Ramirez & Company, Inc.

Stern Brothers & Co.

Telsey Advisory Group LLC

 

*

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 one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Series 2025C Bonds on the Trade Date or the following business day will be required, by virtue of the fact that the Series 2025C Bonds initially will not settle in T+1, 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 and prospectus supplement) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus and prospectus supplement 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, Citigroup, J.P. Morgan or MUFG can arrange to send you the prospectus and prospectus supplement if you request them by calling Barclays at 1-888-603-5847, Citigroup at 1-800-831-9146, J.P. Morgan at 1-212-834-4533 or MUFG at 1-877-649-6848.