August 14, 2002
ROSEMEAD, Calif., Aug. 14, 2002 - Southern California Edison (SCE) has prepaid $300 million of the $600-million tranche A term loan that is part of a $1.6-billion credit facility the utility secured on March 1, 2002.
"We continue to be focused on paying down debt as quickly as possible, returning the utility to investment grade status and lowering the costs for customers," commented Al Fohrer, Chairman and Chief Executive Officer of SCE.
Edison officials reported last week that SCE's financial performance may allow it to prepay part of the loan the utility used, along with cash, to pay all undisputed past-due creditor obligations and near-term maturing debts.
The balance of the tranche A term loan is scheduled to mature on March 3, 2003.
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An Edison International company, Southern California Edison is one of the nation's largest electric utilities, serving a population of more than 12 million via 4.3 million customer accounts in a 50,000-square-mile service area within central, coastal and Southern California. For more information on the California electricity market, see www.sce.com.