Edison International yesterday announced the pricing of $500 million aggregate principal amount of 8.125% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2053. The offering is expected to close on March 6, subject to customary closing conditions. The annualized after-tax interest expense on the notes will be approximately $29 million.
This transaction follows the company’s previous announcement that it would issue securities with $300 to $400 million of equity content this year to support the company’s commitment to maintaining its investment-grade credit ratings. These securities provide approximately $250 million of equity content. The company expects to raise any additional equity this year through its internal programs.
“This transaction is in line with our expectations, and we are pleased to see strong investor support for this offering, which was significantly oversubscribed,” said Maria Rigatti, executive vice president and chief financial officer of Edison International. “This opportunistic transaction accomplishes a significant portion of our 2023 financing plan and does so early in the year.”
BofA Securities, Credit Suisse, RBC Capital Markets, Truist Securities, Barclays and Morgan Stanley are serving as joint book-running managers of the offering. Bancroft Capital; CastleOak Securities, L.P.; Great Pacific Securities; Guzman & Company and Stern 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. Copies of the 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:
BofA Securities, Inc.
One Bryant Park
New York, N.Y. 10036
Attn: Prospectus Department
1-800-294-1322
Credit Suisse Securities (USA) LLC
Attn: Prospectus Department
11 Madison Ave.
New York, N.Y., 10010
newyork.prospectus@credit-suisse.com
1-800-221-1037
RBC Capital Markets, LLC
Brookfield Place
200 Vesey St., 8th Floor
New York, N.Y., 10281
Attn: DCM Transaction Management
1-866-375-6829
Truist Securities, Inc.
Attn: Prospectus Department
3333 Peachtree Road NE, 9th floor
Atlanta, GA., 30326
TruistSecurities.prospectus@Truist.com
This news 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.
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