Edison International Announces Upsizing and Pricing of Public Offering
July 30 2019 - 07:20PM
Business Wire
Edison International (NYSE: EIX) announced today the pricing of
an underwritten public offering of 28,000,000 shares of its common
stock, at a price to the public of $68.50 per share. The offering
was upsized from the previously announced offering size of
25,000,000 shares. In conjunction with this offering, Edison
International granted the underwriters involved in the offering a
30-day option to purchase up to an additional 4,200,000 shares of
its common stock. The offering is expected to close on August 2,
2019, subject to customary closing conditions.
The net proceeds from the offering will be used for general
corporate purposes, including contributions to Southern California
Edison (SCE). Contributions to SCE will be used to repay commercial
paper borrowings and for general corporate purposes, including a
$1.2 billion contribution to the wildfire insurance fund to be
established pursuant to Assembly Bill 1054, which was recently
enacted by the California Legislature and signed into law by Gov.
Newsom.
J.P. Morgan, Barclays, Morgan Stanley, Citigroup and Wells Fargo
are acting as joint book-running managers of the offering. Mizuho
Securities, MUFG, RBC Capital Markets, BNP Paribas, BNY Mellon
Capital Markets, LLC, PNC Capital Markets LLC, SunTrust Robinson
Humphrey, TD Securities, BMO Capital Markets, Great Pacific
Securities, Loop Capital Markets, Mischler Financial Group, Inc.,
Ramirez & Co., Inc., Telsey Advisory Group and The Williams
Capital Group, L.P. are acting as co-managers of the offering.
This offering is being made under an effective shelf
registration statement filed with the U.S. Securities and Exchange
Commission, and only by means of a prospectus supplement for this
offering and a related base prospectus. Copies of the prospectus
supplement and accompanying prospectus related to the offering may
be obtained, when available, by visiting EDGAR on the Securities
and Exchange Commission’s website at www.sec.gov or by
contacting:
J.P. Morgan Securities LLC
Barclays Capital Inc.
Morgan Stanley & Co. LLC
c/o Broadridge Financial Solutions
1155 Long Island Ave.
Edgewood, NY 11717
c/o Broadridge Financial Solutions
1155 Long Island Ave.
Edgewood, NY 11717
Attention: Prospectus Department
170 Varick St., 2nd Floor
New York, NY 10014
Telephone: (866) 803 -9204
Telephone: (888) 603-5847
Email:
barclaysprospectus@broadridge.com
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any jurisdiction
in which such an offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of
any such jurisdiction.
About Edison International
Edison International (NYSE:EIX), through its subsidiaries, is a
distributor and generator of electric power, as well as a provider
of energy services and technologies, including renewable energy.
Headquartered in Rosemead, Calif., Edison International is the
parent company of Southern California Edison, one of the nation’s
largest electric utilities.
Forward-Looking Statements
This press release contains forward-looking statements regarding
our planned offer and sale of common stock and the use of the net
proceeds from any such sale. Edison International cannot be sure
that we will complete the offering or, if we do, on what terms we
will complete it. Forward-looking statements are based on current
beliefs and expectations and are subject to inherent risks and
uncertainties, including those discussed under the caption “Risk
Factors” in the base prospectus and prospectus supplement related
to the offering. In addition, Edison International’s management
retains discretion with respect to the allocation of the net
proceeds of this offering. The forward-looking statements speak
only as of the date of this release, and Edison International is
under no obligation to, and expressly disclaims any such obligation
to, update or alter its forward-looking statements, whether as a
result of new information, future events, or otherwise, except as
may otherwise be required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20190730006110/en/
Media Contact: Gloria Quinn, (626) 302-2255 Investor Relations:
Sam Ramraj, (626) 302-2540
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