March 27, 2001
ROSEMEAD, Calif., March 27, 2001--Southern California Edison (SCE) today announced that the company will commence payments of interest on all deferred indebtedness. These payments include:
- Past due interest on two series of first mortgage bonds, 93H and 93C;
- Past due interest on 5-7/8 percent notes, which matured in January 2001;
- Interest on matured commercial paper;
- Interest on extendable commercial notes.
Payments will be made as soon as practicable and all interest will be brought current to the end of March 2001. Payments will also include interest on past due interest. Beginning today, regular payments are to resume on all interest due going forward, including payments due under SCE's bank credit agreements. Commercial paper interest will be paid monthly going forward, and interest on the 5-7/8 percent notes will resume a semi-annual interest payment schedule going forward.
On Jan. 16, 2001, SCE announced its intention to temporarily defer payments on purchased power and financial indebtedness. On March 26, the California Public Utilities Commission (CPUC) ordered SCE to resume payments for purchased power from Qualifying Facilities (QFs) on a going forward basis. Given the CPUC's action, and under the principle of fairness to all SCE creditors, SCE has decided to make these payments.
These interest payments are financial obligations of SCE, not the parent company, Edison International (EIX). EIX and its unregulated subsidiaries, Edison Mission Energy, Edison Capital, Edison O&M Services and Edison Enterprises, remain current on all obligations.
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An Edison International company, Southern California Edison is one of the nation's largest electric utilities, serving more than 11 million people in a 50,000-square-mile area within central, coastal and Southern California.
