Southern California Edison Company (SCE) today issued, through a public offering, $250 million of 30-year first and refunding mortgage bonds at a record low 3.90 percent interest rate.
The bonds were sold through a selling group jointly led by four investment banks, including Deutsche Bank Securities, UBS Investment Bank, Wells Fargo Securities and Ramirez & Co., a minority-owned firm. Also participating in the transaction as co-managers were Mitsubishi UFJ Securities, RBC Capital Markets and SunTrust Robinson Humphrey, as well as two women-owned firms, MFR Securities and Lebenthal & Co.
This transaction marks the fourth transaction this year, and the sixth transaction since 2010, for which SCE has utilized minority-, woman-, or service disabled veteran-owned investment banks in lead underwriting roles.
"Our commitment to working with diverse investment banks for our financing needs is stronger than ever," said Robert Boada, vice president and treasurer of SCE. "This transaction, along with three other financings earlier this year and two last year, demonstrates the strength of the company’s supplier diversity efforts, particularly in the financial services area."
Said Commissioner Timothy Alan Simon of the California Public Utilities Commission, "I applaud Southern California Edison for again utilizing a minority-owned banking firm as a co-lead manager and book runner. This acknowledgement extends to the inclusion of two women-owned firms in the co-manager capacity. Southern California Edison is demonstrating that given the opportunity these competitive firms bring value to the utility capital markets."
This news release does not constitute an offer to sell, or the solicitation of an offer to buy any of these securities. The reoffering was made solely by means of a prospectus supplement containing information relating to the bonds and SCE.
About Southern California Edison
An Edison International (NYSE:EIX) company, Southern California Edison is one of the nation’s largest electric utilities, serving a population of nearly 14 million via 4.9 million customer accounts in a 50,000-square-mile service area within central, coastal and southern California.