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16 thoughts on “Southern California Edison to Sell Trust Preferred”

  1. does anyone know what symbol it will actually start trading at? not showing at sce.n and know it will eventually trade at that, but trying to find the initial trading symbol.

  2. I don’t see an FWP for the trust preferred. Is 6.95% the expected coupon or the actual coupon?

      1. I thought Jerry was suggesting the $750 m was the 5.45% mortgage lien debt issuance. No way in hell would they move the preferred capital stack onto their debt ledger.
        The new preferred is where the call risk would come from.

    1. Priced To Yield: 6.950%
      Deal Size: $350,000,000 (14mm $25 par securities)
      Settlement Date: 5/13/2024

      1. Seems likely they will use this to take out Series E, which has $350 outstanding. Series H may be safe for now

        1. You are correct!

          Southern California Edison Announces Redemption of SCE Series E Preference Stock
          Business Wire2:32 PM Eastern Daylight Time May 07, 2024

          1. We’ve been praying they’d survive, much less call any existing issues!!

            As a rate ho it has been just too easy buying them. Which, by definition, is always a reason for concern!

  3. I’d be very happy if they retire any of their issues. Though I’d be surprised if they did seeing they’ve been paying thru the teeth

    1. H is floating at 8.5% and Series E about 9.75%. They can improve on that. Since the 2 I own are in the crosshairs, I would be interested in a 7.5% or above fixed to flip again like their last issuance. Of course they tend to split issuances between retail and institutional so that may affect whether they go fixed or reset.

  4. Tim, considering it says this, I would say your correct, ha… We currently expect to use the net proceeds from the sale of the Series N Preference Shares for general corporate purposes, including but not limited to the redemption of outstanding preference stock.
    Likely candidates are SCE-H which just went floating, and The $1000 Series E floating and past call 2 years at a very bloated yield. Not surprising.

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