-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, U4Xo4BD1AS8mp4GSpYtD6DRcTBUw6fX+gcNJlyT5/UoLGFhgeZRzjeBhFb0uJEdk Wlbmczwwcw5LXjryLgDOdg== 0000827052-02-000008.txt : 20020415 0000827052-02-000008.hdr.sgml : 20020415 ACCESSION NUMBER: 0000827052-02-000008 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020301 ITEM INFORMATION: Other events FILED AS OF DATE: 20020301 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EDISON INTERNATIONAL CENTRAL INDEX KEY: 0000827052 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 954137452 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09936 FILM NUMBER: 02564344 BUSINESS ADDRESS: STREET 1: 2244 WALNUT GROVE AVE, STE 369 STREET 2: P O BOX 800 CITY: ROSEMEAD STATE: CA ZIP: 91770 BUSINESS PHONE: 6263022222 MAIL ADDRESS: STREET 1: 2244 WALNUT GROVE AVE, STE 369 STREET 2: P O BOX 800 CITY: ROSEMEAD STATE: CA ZIP: 91770 FORMER COMPANY: FORMER CONFORMED NAME: SCECORP DATE OF NAME CHANGE: 19920703 8-K 1 eix8kmar.htm EDISON INTERNATIONAL MARCH 1, 2002 8-K EIX March 1, 2002 8-K
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                                        SECURITIES AND EXCHANGE COMMISSION
                                              Washington, D.C. 20549



                                                     FORM 8-K



                                                  CURRENT REPORT



                                      Pursuant to Section 13 or 15(d) of the
                                          Securities Exchange Act of 1934




                          Date of Report (Date of earliest event reported): March 1, 2002



                                               EDISON INTERNATIONAL
                              (Exact name of registrant as specified in its charter)



                 CALIFORNIA                           001-9936                              95-4137452
     (State or principal jurisdiction of          (Commission file                       (I.R.S. employer
       incorporation or organization)                  number)                          identification no.)



                                             2244 Walnut Grove Avenue
                                                  (P.O. Box 800)
                                            Rosemead, California 91770
                           (Address of principal executive offices, including zip code)

                                                   626-302-2222
                               (Registrant's telephone number, including area code)


===================================================================================================================







Items 1 through 4 and 6 through 9 are not included because they are inapplicable.

Item 5.  Other Events

On March 1, 2002, Southern California Edison Company (SCE), the public utility subsidiary of Edison
International, closed on a $1.6 billion syndicated senior secured credit facility providing for $600 million of
one-year Tranche A Term Loans, $700 million of three-year Tranche B Term Loans, and $300 million of two-year
Revolving Credit Loans.  J. P. Morgan Securities Inc. and Salomon Smith Barney Inc. are sole advisors, lead
arrangers, and bookrunners for the credit facility; Barclays Capital, TD Securities (USA) Inc., and Union Bank of
California are documentation agents; and the participating lenders include banks, investment funds, and other
financial institutions.  The Revolving Credit Loans and Tranche A Term Loans bear interest either at a eurodollar
rate plus a margin of 2.5 percent or at a bank prime or equivalent rate plus a margin of 1.5 percent, at SCE's
election.  The Tranche B Term Loans bear interest either at a eurodollar rate plus a margin of 3.0 percent or at
a bank prime or equivalent rate plus a margin of 2.0 percent, at SCE's election.  The credit facility is secured
by three newly issued series of SCE's first mortgage bonds.  On March 1, 2001, SCE sold to Lehman Brothers, as
remarketing agent, approximately $195 million of pollution control bonds that SCE repurchased in late 2000.  The
pollution control bonds will be remarketed to the public at a three-year fixed interest rate.

The net proceeds from the loans under the new credit facility and the sale of the pollution control bonds, plus
cash on hand, have been or will be used for the purposes described below.

o        On March 1, 2002, SCE repaid all outstanding loans, aggregating $1.65 billion, under its previous credit
         facilities.  Those credit facilities were then terminated.

o        On March 1, 2002, SCE deposited $531 million, plus accrued interest, with the paying agent for SCE's
         outstanding commercial paper for immediate payment through the Depository Trust Company (DTC) to holders
         of record as of February 28, 2002.  As a result, SCE no longer has any commercial paper outstanding.

o        On March 1, 2002, SCE deposited $400 million, plus accrued interest, with the paying agent for SCE's
         senior unsecured notes, 5-7/8% Series Due January 2001 and 6-1/2% Series Due June 2001, for immediate
         payment through DTC, or directly for certificated holders, to holders of record as of February 28,
         2002.  As a result, the previously existing payment defaults under the note indenture have been cured.

o        On March 1, 2002, SCE gave irrevocable notice that the interest extension period on its outstanding
         8-3/8% junior subordinated deferrable interest rate debentures (QUIDS) has ended.  SCE deposited
         approximately $7 million with the trustee for the QUIDS for payment of the deferred interest, and
         interest thereon, due on April 1, 2002, to holders of record as of the regular record date, March 29,
         2002.  Under the QUIDS indenture, the deferred and accrued interest may be paid only on a regular
         quarterly interest payment date.






o        On February 21, 2002, the board of directors of SCE declared the past due dividends, aggregating about
         $23 million, on all series of SCE's outstanding cumulative preferred stock and $100 cumulative preferred
         stock for each of the quarters ending in the period from February 28, 2001, through February 28, 2002.
         The dividends will be paid on March 11, 2002, to holders of record as of March 4, 2002.

o        On March 1, 2002, SCE made payments of past due power purchase obligations in the following approximate
         amounts:  $1.1 billion to qualifying facilities (QFs), $875 million to the California Power Exchange
         (PX), $99 million to the California Independent System Operator, and $96 million to energy service
         providers for PX energy credits.  SCE also paid $7 million to municipal power suppliers in a settlement
         of former power supply arrangements.  SCE also expects to pay an additional $97 million for PX energy
         credits to two Enron-affiliated energy service providers upon approval of the terms of an agreement in
         the Enron bankruptcy proceedings.

After making the above-described payments, SCE will have no material, undisputed obligations that are past due or
in default.  SCE has entered into an agreement with the California Department of Water Resources to pay in
installments through July 1, 2002, for $416 million of imbalance energy.


                                                    SIGNATURES


Pursuant to the  requirements  of the  Securities  Exchange Act of 1934, the registrant has duly caused this report
to be signed on its behalf by the undersigned thereunto duly authorized.


                                                 EDISON INTERNATIONAL
                                                            (Registrant)



                                                                       KENNETH S. STEWART
                                                 -------------------------------------------------------------
                                                                       KENNETH S. STEWART
                                                        Assistant General Counsel and Assistant Secretary


March 1, 2002


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