An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Edison International Announces Pricing of $750 million Preferred Stock Offering
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Edison International (NYSE: EIX), headquartered in Rosemead, California, announced the pricing of a public offering for 750,000 shares of its 5.00% Series B Fixed-Rate Reset Cumulative Perpetual Preferred Stock. This offering is expected to close on November 12, 2021, with net proceeds of approximately $742 million. The transaction completes Edison International's 2021 financing plan, which targeted up to $1 billion in equity content. Previous offerings included a $1.25 billion preferred stock issuance in March 2021.
Positive
Completed a cumulative total of $1 billion in equity content in 2021 financing plan.
Expected net proceeds of approximately $742 million from the current offering.
Negative
None.
Company completes cumulative total of $1 billion of equity content in 2021 financing plan
ROSEMEAD, Calif.--(BUSINESS WIRE)--
Edison International (NYSE: EIX) today announced the pricing of a public offering of 750 thousand shares of its 5.00% Series B Fixed-Rate Reset Cumulative Perpetual Preferred Stock. The transaction is expected to close on November 12, 2021, subject to customary closing conditions, and is expected to result in net proceeds of approximately $742 million.
This $750 million transaction follows from the company’s previous announcements that it would issue securities with up to $1 billion of equity content in 2021, to support its investment-grade ratings. This offering, together with the company’s $1.25 billion preferred stock offering in March 2021, completes Edison International’s 2021 financing plan.
Citigroup, Barclays; Credit Suisse; Mizuho Securities; BNY Mellon Capital Markets, LLC; SMBC Nikko; and Truist Securities are serving as joint book-running managers of the offering. Cabrera Capital Markets LLC; CastleOak Securities, L.P.; C.L. King & Associates; Guzman & Company; Mischler Financial Group, Inc.; and Tribal Capital Markets 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:
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.
What is the recent stock offering by Edison International (EIX)?
Edison International announced the pricing of a public offering of 750,000 shares of its 5.00% Series B Fixed-Rate Reset Cumulative Perpetual Preferred Stock, expected to close on November 12, 2021.
How much money does Edison International (EIX) expect to raise from the public offering?
The company expects to raise approximately $742 million from the public offering.
What does the recent offering mean for Edison International's (EIX) financing plan?
The offering completes Edison International's 2021 financing plan, which included a target of up to $1 billion in equity content.
