Southern California Edison Calls Preferreds and Trust Preferred

Utility Southern California Edison (a division of Edison International EIX) has announced a call of some old preferreds with coupons ranging from a low of 4.08% to 4.78% as well as their 5.10% Trust Preferred shares–the redemption date is 9/27/2020.

All of the old preferred will be redeemed at premiums–with the SCE-D issue garnering a $28.75 redemption price (plus accrued dividends)–it is currently trading at $23.87.

The company has an additional 4 issues of trust preferreds outstanding, but they are not yet callable.

The company press release can be found here.

The issues–SCE-B,C,D,E can be seen here and well as the SCE-G issue.

Thanks to Ptrader for being up early and noting this call.

4 thoughts on “Southern California Edison Calls Preferreds and Trust Preferred”

  1. The company’s press release re this redemption indicates a partial call of
    SCE-G to the tune of $180 million face amount out of $400 million outstanding. The company says after these redemptions (all of the various issues mentioned in the press release), it will have a preferred equity layer of 5 percent which is what CPUC requires.

    1. California utilities have 99 problems, but having ‘a preferred equity layer in excess of 5%’ ain’t one of them. I wonder how many insiders are getting paid off the back end of this.

  2. wow i had 800 of these babies i just made about $5 a share. nice little start to the weekend. the funny thing is i had them up for sale for 24.50. i rushed into fidelity to cancel my sale at 1 minute before opening. i thought i’d sold but it didn’t matter as they had already been redeemed.

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