Media relations contact: Charles Coleman, (626) 302-7982
Investor relations contact: Scott Cunningham, (626) 302-2540
ROSEMEAD, Calif., Jan. 18, 2012 – Southern California Edison Company (SCE) yesterday completed the sale, through a public offering, of $250 million of preference shares with a 6.25 percent dividend rate.
The securities were sold through a selling group jointly led by four investment banks, including Barclays Capital, J.P. Morgan, Morgan Stanley, and The Williams Capital Group, a minority-owned firm. Also participating in the transaction as co-managers were minority-owned firms CastleOak Securities and Ramirez & Co., Los Angeles-based minority- and service-disabled veteran-owned firm SL Hare Capital, and woman-owned firm MFR Securities.
This transaction marks the seventh transaction since 2010, for which SCE has utilized minority-, woman-, or service-disabled veteran-owned investment banks in lead underwriting roles.
"Our ongoing efforts to utilize diverse investment banks for Edison’s financing needs is again highlighted in the marketing group for this securities sale," said Robert Boada, vice president and treasurer of SCE. "This transaction continues the emphasis on and depth of the company’s supplier diversity efforts, particularly in the financial services area.”
"Southern California's Edison's successful efforts to engage women, minority and disabled veteran firms in this preferred share offering is a market game changer,” said Commissioner Timothy Alan Simon of the California Public Utilities Commission. “I congratulate SCE for its commitment to creating greater access for these dynamic firms."
This news release does not constitute an offer to sell, or the solicitation of an offer to buy any of these securities. The offering was made solely by means of a prospectus containing information relating to the securities and SCE.
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 nearly 14 million via 4.9 million customer accounts in a 50,000-square-mile service area within central, coastal and southern California.
Southern California Edison Issues $250 Million in Preference Shares Jointly Led by Minority-Owned Investment Bank