Issuer Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement No. 333-258266
$600,000,000
5.35% First and Refunding Mortgage Bonds,
Series 2024C, Due 2026
SUMMARY OF TERMS
| Security: | 5.35% First and Refunding Mortgage Bonds, Series 2024C, Due 2026 (the “Series 2024C Bonds”) | |
| Issuer: | Southern California Edison Company | |
| Principal Amount: | $600,000,000 | |
| Expected Ratings of Securities*: | A2 / A- / A- (Stable / Stable / Stable) (Moody’s / S&P / Fitch) | |
| Trade Date: | February 27, 2024 | |
| Settlement Date**: | March 1, 2024 (T+3) | |
| Maturity: | March 1, 2026 | |
| Benchmark US Treasury: | 4.250% due January 31, 2026 | |
| Benchmark US Treasury Price: | 99-04 | |
| Benchmark US Treasury Yield: | 4.730% | |
| Spread to Benchmark US Treasury: | T + 62 bps | |
| Reoffer Yield: | 5.350% | |
| Coupon: | 5.35% | |
| Coupon Payment Dates: | March 1 and September 1 | |
| First Coupon Payment Date: | September 1, 2024 | |
| Public Offering Price: | 100.000% of Principal Amount | |
| Optional Redemption: | Callable at any time prior to maturity, in whole or in part, at a “make whole” premium of 10 bps, plus accrued and unpaid interest thereon to but excluding the date of redemption. | |
| CUSIP/ISIN: | 842400JB0/US842400JB09 | |
| Joint Book-running Managers: | Barclays Capital Inc. (“Barclays”) Citigroup Global Markets Inc. (“Citigroup”) J.P. Morgan Securities LLC (“J.P. Morgan”) Mizuho Securities USA LLC (“Mizuho”)
BMO Capital Markets Corp. SG Americas Securities, LLC TD Securities (USA) LLC | |
| Co-managers: | Cabrera Capital Markets LLC CastleOak Securities, L.P. CAVU Securities LLC C.L. King & Associates Drexel Hamilton, LLC Loop Capital Markets LLC Mischler Financial Group, Inc. Penserra Securities LLC Telsey Advisory Group LLC | |
| * | Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. |
| ** | Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Series 2024C Bonds on the Trade Date will be required, by virtue of the fact that the Series 2024C Bonds initially will not settle in T+2, to specify an alternative settlement cycle at the time of any such trade to prevent a failed settlement and should consult their own advisor. |
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, Barclays, Citigroup, J.P. Morgan or Mizuho can arrange to send you the prospectus if you request it by calling Barclays at 1-888-603-5847, Citigroup at 1-800-831-9146, J.P. Morgan at 1-212-834-4533 or Mizuho at 1-866-271-7403.
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