Debt and Credit Agreements

3 Months Ended

Mar. 31, 2022

Debt and Credit Agreements

Debt and Credit Agreements

Note 5.Debt and Credit Agreements

Long-Term Debt

In January 2022, SCE issued $500 million of 2.75% first and refunding mortgage bonds due in 2032 and $700 million of 3.45% first and refunding mortgage bonds due in 2052. The proceeds were used to finance or refinance eligible sustainable projects.

Senior Secured Recovery Bonds

In February 2022, SCE Recovery Funding LLC issued $533 million of Senior Secured Recovery Bonds, Series 2022-A, in three tranches ("Recovery Bonds") and used the proceeds to acquire Recovery Property. The three tranches of Recovery Bonds consisted of $100 million, 1.98% with final maturity in 2030; $305 million, 2.94% with final maturity in 2044; and $128 million, 3.24% with final maturity in 2048. The Recovery Bonds are payable only from and secured by the Recovery Property. SCE Recovery Funding LLC is consolidated by SCE for financial reporting purposes, however, the Recovery Bonds do not constitute a debt or other legal obligation of, or interest in, SCE or any of its affiliates, except for SCE Recovery Funding LLC. SCE used the proceeds it received from the sale of Recovery Property to reimburse itself for

previously incurred AB 1054 Excluded Capital Expenditures, including the retirement of related debt and financing costs. For further details, see Note 3.

Credit Agreements and Short-Term Debt

The following table summarizes the status of the credit facilities at March 31, 2022:

(in millions, except for rates)
Execution	Termination	Secured Overnight Financing Rate ("SOFR")				Outstanding		Outstanding		Amount
date	date	plus (bps)	Use of proceeds	Commitment		borrowings		letters of credit		available
Edison International Parent
June 2019	May 2025	128	Support commercial paper borrowings and general corporate purposes1, 3	$	1,500	$	—	$	—	$	1,500
Total Edison International Parent:				$	1,500	$	—	$	—	$	1,500
SCE
June 2019	May 2025	108	Support commercial paper borrowings and general corporate purposes2, 3	$	3,350	$	295	$	202	$	2,853
Total SCE:				$	3,350	$	295	$	202	$	2,853
Total Edison International:				$	4,850	$	295	$	202	$	4,353

1 At March 31, 2022 Edison International Parent did not have any outstanding commercial paper.

2 At March 31, 2022 SCE had $295 million outstanding commercial paper, net of discount, at a weighted-average interest rate of 0.82%.

3 The aggregate maximum principal amount under the SCE and Edison International Parent revolving credit facilities may be increased up to $4.0 billion and $2.0 billion, respectively, provided that additional lender commitments are obtained.

Debt Financing Subsequent to March 31, 2022

In April 2022, Edison International Parent borrowed $600 million under a term loan agreement due in April 2023 that bears interest at either an adjusted term SOFR plus 0.70% or a base rate with no applicable margin. Edison International expects to use the proceeds for general corporate purposes.