- Transaction provides approximately $625 million of equity
content
- Company will consider additional preferred equity, internal
programs, and, if needed, ATM program to satisfy balance of up to
$1 billion of equity content previously announced
Edison International (NYSE: EIX) today announced the pricing of
a public offering of 1.25 million shares of its 5.375% Series A
Fixed-Rate Reset Cumulative Perpetual Preferred Stock. The
transaction is expected to close on March 9, 2021, subject to
customary closing conditions, and is expected to result in net
proceeds of approximately $1.24 billion.
This $1.25 billion transaction follows from the company’s
announcement on its fourth quarter 2020 earnings call that it would
issue securities with up to $1 billion of equity content to support
its investment grade ratings. The offering provides approximately
$625 million of equity content. With a significant portion of the
equity content need addressed, Edison International will continue
to monitor market conditions and consider additional preferred
equity, internal programs, and, if needed, its existing
at-the-market program to satisfy the balance of the need.
“We are pleased with this transaction and the strong investor
support for the offering,” said Pedro J. Pizarro, president and CEO
of Edison International. “Raising this capital further strengthens
our balance sheet and demonstrates our commitment to maintaining
investment grade credit ratings. Edison International will also use
this capital to help Southern California Edison continue to
debt-finance the 2017/2018 Wildfire/Mudslide Events claims
payments, as we have previously stated.”
Wells Fargo Securities, BofA Securities, J.P. Morgan, RBC
Capital Markets, Barclays, Citigroup, Credit Suisse, and Morgan
Stanley are serving as joint book-running managers of the offering.
AmeriVet Securities, Blaylock Van, LLC, MFR Securities, Inc.,
Penserra Securities LLC, and Siebert Williams Shank 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 by visiting EDGAR on the Securities and Exchange
Commission’s website at www.sec.gov, or by contacting:
Wells Fargo Securities, LLC
608 2nd Avenue South, Suite 1000
Minneapolis, MN 55402
ATTN: WFS Customer Service
Email:
wfscustomerservice@wellsfargo.com
Telephone: 1-800-645-3751
BofA Securities, Inc.
NC1-004-03-43
200 North College Street, 3rd floor
Charlotte NC 28255-0001
Attn: Prospectus Department
Telephone: 1-800-294-1322
J.P. Morgan Securities LLC
c/o Broadridge Financial Solutions,
Attn: Prospectus Department
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: 1-866-803-9204
RBC Capital Markets, LLC
200 Vesey Street, 8th Floor
New York, NY 10281
Attention: DCM Transaction Management
Telephone: 1-866-375-6829
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) 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.
Safe Harbor Statement for
Investors
Statements contained in this press release about expectations of
capital spending and financing, and other statements that do not
directly relate to a historical or current fact, are
forward-looking statements. In this press release, the words
"expects," "will" and variations of such words and similar
expressions, or discussions of strategy, plans or actions, are
intended to identify forward-looking statements. Such statements
reflect our current expectations; however, such statements
necessarily involve risks and uncertainties. Actual results could
differ materially from current expectations. Other important
factors are discussed in Edison International’s Form 10-K and other
reports filed with the Securities and Exchange Commission, which
are available on our website: edisoninvestor.com. Edison
International has no obligation to publicly update or revise any
forward-looking statements, whether due to new information, future
events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20210303005349/en/
Investor Relations: Sam Ramraj, (626) 302-2540
Media Contact: Jeff Monford, (626) 476-8120
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