Southern California Edison Announces Redemption of SCE Series E Preference Stock

Rhea-AI Summary

Southern California Edison announced the redemption of all outstanding shares of its Series E Preference Stock on June 6, 2024, at a price of $1,000 per share, plus accrued dividends. The redemption will be funded through an offering of new preference securities and managed by The Depository Trust Company. After redemption, all rights and dividends on the Series E Preference Stock will cease.

ROSEMEAD, Calif.--(BUSINESS WIRE)-- Southern California Edison announced today that it will redeem all of the outstanding shares of its Series E Preference Stock. The redemption date will be June 6, 2024, and the redemption price will be $1,000 per share of Series E Preference Stock, plus accrued and unpaid dividends up to, but excluding, the redemption date. The amount of accrued and unpaid distributions to, but excluding, June 6, 2024, will be $9.7874 per share of Series E Preference Stock. SCE will redeem the Series E Preference Stock using the proceeds of an offering of a new series of preference securities.

All shares of the Series E Preference Stock are held through The Depository Trust Company (DTC), and the shares will be redeemed according to DTC’s procedures. On or before the redemption date, SCE will have deposited in escrow for the benefit of the holders the funds necessary for the aggregate payment of the redemption price.

On and after the redemption date, all of the outstanding shares of Series E Preference Stock shall be deemed no longer to be outstanding, dividends on the Series E Preference Stock 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 shares.

Questions relating to and requests for additional copies of, the notice of redemption and related materials should be directed to Equiniti Trust Company, LLC at 800-347-8625.

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 in 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 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 approximately 15 million via 5 million customer accounts in a 50,000-square-mile service area within Central, Coastal and Southern California.

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Investor Relations: Sam Ramraj, (626) 302-2540

Media Relations: (626) 302-2255

News@sce.com

Source: Southern California Edison

FAQ

When will Southern California Edison redeem its Series E Preference Stock?

Southern California Edison will redeem its Series E Preference Stock on June 6, 2024.

What will be the redemption price per share of the Series E Preference Stock?

The redemption price will be $1,000 per share, plus accrued and unpaid dividends up to, but excluding, the redemption date.

How will the redemption of the Series E Preference Stock be funded?

The redemption will be funded through an offering of a new series of preference securities.

Who will manage the redemption process of the Series E Preference Stock?

The redemption will be managed by The Depository Trust Company (DTC).

What happens to the outstanding shares of the Series E Preference Stock after redemption?

After redemption, all outstanding shares of the Series E Preference Stock shall cease to accrue dividends and all rights will terminate, except the right to receive the redemption price.