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4-Traders Homepage  >  Equities  >  Nyse  >  Edison International    EIX

EDISON INTERNATIONAL (EIX)
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Southern California Edison : Announces Redemption of SCE Trust I 5.625% Trust Preference Securities

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06/20/2017 | 12:33am CEST

Southern California Edison (SCE) announced today that it will redeem all of the outstanding shares of its Series F Preference Stock, which will cause SCE Trust I to redeem all of its outstanding 5.625% Trust Preference Securities (“Trust Preference Securities”). The redemption date will be July 19, 2017, and the redemption price will be $25.00 per Trust Preference Security, plus accrued and unpaid dividends up to, but excluding the redemption date. The amount of accrued and unpaid distributions to but excluding July 19, 2017 is $0.13 per Trust Preference Security. SCE will redeem the Trust Preference Securities using the proceeds of an offering of a new series of preference securities.

Trust Preference Securities held through The Depository Trust Company will be redeemed according to The Depository Trust Company’s procedures. Holders who have their Trust Preference Securities in brokerage accounts should contact their brokers with any questions. For Trust Preference Securities not held through The Depository Trust Company, in order to collect the redemption price, plus any accrued and unpaid distributions to but excluding July 19, 2017, the Trust Preference Securities must be surrendered to the Trustee accompanied by proper instruments of assignment and transfer if payment is to be made other than to the registered holder(s), at the following address:

First Class/Registered/Certified Mail:                     The Bank of New York Mellon
P.O. Box 396
East Syracuse, New York 13057
Attn: Corporate Trust Operations
 
Express/Overnight Delivery: The Bank of New York Mellon
111 Sanders Creek
East Syracuse, New York 13057
Attn: Corporate Trust Operations
 
By Hand or in Person: The Bank of New York Mellon
101 Barclay Street
New York, New York 10286
Attn: Trust Services Window
 

On and after the redemption date, all of the outstanding Trust Preference Securities shall be deemed no longer to be outstanding, dividends on the Trust Preference Securities shall cease to accrue, and all rights with respect to the shares called for redemption will thereafter cease and terminate at the close of business on the redemption date, except only the right of the holders to receive the redemption price, but without interest, upon surrender of their Trust Preference Securities.

Questions relating to, and request for additional copies of, the notice of redemption and related materials should be directed to The Bank of New York Mellon at 312-827-8547.

This news release does not constitute an offer to sell or a solicitation of any offer to buy such securities nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

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.


© Business Wire 2017
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Sales 2018 12 489 M
EBIT 2018 2 341 M
Net income 2018 1 373 M
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Yield 2018 3,88%
P/E ratio 2018 15,41
P/E ratio 2019 13,68
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Number of Analysts 16
Average target price 69,4 $
Spread / Average Target 11%
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NameTitle
Pedro J. Pizarro President, Chief Executive Officer & Director
William P. Sullivan Non-Executive Chairman
Maria C. Rigatti Chief Financial Officer & Executive Vice President
Vanessa C. L. Chang Independent Director
Brett W. White Lead Independent Director
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