Southern California Edison Announces Redemption of Cumulative Preferred Stock 4.32% Series, 4.08% Series, 4.24% Series, & 4.7...
August 28 2020 - 5:55AM
Business Wire
Southern California Edison (SCE) announced today that it will
redeem $120 million of its cumulative preferred stock consisting of
all of the outstanding shares of the 4.32% Series, 4.08% Series,
4.24% Series, and the 4.78% Series (collectively, the “Preferred
Stock”) and $180 million of the outstanding shares of its Series G
Preference Stock, which will cause SCE Trust II to redeem $180
million of its outstanding 5.10% Trust Preference Securities
(“Trust Preference Securities”). Upon redemption, SCE’s preferred
equity layer will be in line with its CPUC-authorized level of 5%.
The Redemption Date will be September 27, 2020, and the Redemption
Prices and accrued and unpaid dividends per relevant security will
be as follows:
Series
Name
Redemption Price
Accrued
and Unpaid Dividends/Share
NYSE
Ticker Symbol
4.32% Series
$28.75
$0.261
SCEpD
4.08% Series
$25.50
$0.0765
SCEpB
4.24% Series
$25.80
$0.0795
SCEpC
4.78% Series
$25.80
$0.089625
SCEpE
5.10% Trust Preference
Securities
$25.00
$0.042500
SCEpG
For the Preferred Stock, accrued and unpaid dividends will be
paid up to and including, the Redemption Date and for the Trust
Preferred Securities, accrued and unpaid dividends will be paid up
to but excluding the Redemption Date.
Preferred Stock
Preferred Stock held through the Depository Trust Company will
be redeemed according to The Depository Trust Company’s procedures.
Holders who have their Preferred Stock in brokerage accounts should
contact their brokers with any questions. For Preferred Stock not
held through The Depository Trust Company, in order to collect the
Redemption Price, plus any accrued and unpaid distributions to and
including September 27, 2020, the Preferred Stock must be
surrendered to Equiniti Trust Company, as Redemption Agent,
accompanied by proper instruments of assignment and transfer if
payment is to be made other than to the registered holder(s), at
the following address:
EQ Shareowner Services
Attn: Account Management Team
1110 Centre Pointe Curve, Suite
101
Mendota Heights, Minnesota
55120-4101
An amount sufficient to redeem all outstanding shares of the
Preference Stock will be deposited by the SCE with Equiniti Trust
Company, in trust, for the payment to the holders of the Preferred
Stock. On and after the date of such deposit, the redeemed
Preferred Stock shall be deemed no longer to be outstanding, and
all rights with respect to the Preferred Stock called for
redemption will thereafter cease and terminate, except only the
right of the holders to receive the Redemption Price, but without
interest, upon surrender of their Preferred Stock, which will
include dividends on the redeemed Preferred Stock, such dividends
shall cease to accrue as of the close of business on the Redemption
Date. Questions relating to, and request for additional copies of,
the notice of redemption and related materials should be directed
to EQ Shareowner Services at 800-689-8788
Regular quarterly dividends on the 4.08%, 4.24%, and 4.78%
series will be paid for the third quarter of 2020 on August 31,
2020 to holders of record on August 5, 2020 per the SCE’s press
release dated June 24, 2020. Regular quarterly dividends on the
4.32% series for the third quarter of 2020 would have been paid on
September 30, 2020 to holders of record on September 4, 2020 per
the SCE’s press release dated June 24, 2020, but will be replaced
with the accrued and unpaid dividends that will be paid out to
holders on the Redemption Date.
Trust Preference
Securities
Trust Preference Securities held through the Depository Trust
Company will be redeemed according to The Depository Trust
Company’s procedures. Holders who have their Trust Preference
Securities in brokerage accounts should contact their brokers with
any questions. For Trust Preference Securities not held through The
Depository Trust Company, in order to collect the Redemption Price,
plus any accrued and unpaid distributions to but excluding
September [27], 2020, the Trust Preference Securities must be
surrendered to the Trustee accompanied by proper instruments of
assignment and transfer if payment is to be made other than to the
registered holder(s), at the following address:
The Bank of New York Mellon Bond
Redemption Unit 111 Sanders Creek Parkway East Syracuse, NY
13057
On and after the Redemption Date, the redeemed Trust Preference
Securities shall be deemed no longer to be outstanding, dividends
on the redeemed Trust Preference Securities shall cease to accrue,
and all rights with respect to the shares called for redemption
will thereafter cease and terminate at the close of business on the
Redemption Date, except only the right of the holders to receive
the Redemption Price, but without interest, upon surrender of their
Trust Preference Securities. Questions relating to, and request for
additional copies of, the notice of redemption and related
materials should be directed to The Bank of New York Mellon at
312-827-8547.
Regular quarterly dividends on the Trust Preference Securities
will be paid for the third quarter of 2020 on September 15, 2020 to
holders of record on September 14, 2020 per the SCE’s press release
dated August 27, 2020.
Wells Fargo Securities acted as financial advisor to SCE.
This news release does not constitute an offer to sell or a
solicitation of any offer to buy such securities nor shall there be
any sale of these securities in any state or other jurisdiction
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or other jurisdiction.
About Edison
International
Edison International (NYSE: EIX) is one of the nation’s largest
electric utility holding companies, providing clean and reliable
energy and energy services through its independent companies.
Headquartered in Rosemead, California, Edison International is the
parent company of Southern California Edison Company, a utility
that delivers electricity to 15 million people across Southern,
Central and Coastal California. Edison International is also the
parent company of Edison Energy, a global energy advisory company
delivering comprehensive, data-driven energy solutions to
commercial and industrial users to meet their cost, sustainability
and risk goals.
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