Debt and Credit Agreements

3 Months Ended

Mar. 31, 2023

Debt and Credit Agreements

Debt and Credit Agreements

Note 5.Debt and Credit Agreements

Long-Term Debt

In March 2023, SCE issued $750 million of 5.30% first and refunding mortgage bonds due in 2028. The proceeds were used to fund the payment of wildfire claims above the amount of expected insurance proceeds. SCE also issued $450 million of 5.70% first and refunding mortgage bonds due in 2053. The proceeds were used to repay commercial paper borrowings and for general corporate purposes.

In March 2023, Edison International Parent issued $500 million of 8.125% junior subordinated notes due in 2053, with interest rate resets every five years at a rate equal to the Five-year U.S. Treasury rate plus a spread of 3.864%. The proceeds were used to repay commercial paper borrowings and for general corporate purposes.

Credit Agreements and Short-Term Debt

The following table summarizes the status of the credit facilities at March 31, 2023:

(in millions, except for rates)
	Termination	SOFR			Outstanding		Outstanding		Amount
Borrower	date	plus (bps)	Commitment		borrowings		letters of credit		available
Edison International Parent1, 3	May 2026	128	$	1,500	$	622	$	—	$	878
SCE2, 3	May 2026	108		3,350		628		255		2,467
Total Edison International			$	4,850	$	1,250	$	255	$	3,345

1 At March 31, 2023, Edison International Parent had $622 million outstanding commercial paper, net of discount, at a weighted-average interest rate of 5.61%.

2 At March 31, 2023, SCE had $628 million outstanding commercial paper, net of discount, at a weighted-average interest rate of 5.63%.

3 Edison International Parent's and SCE's credit facilities have one additional one-year extension option. 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, 2023

In April 2023, SCE Recovery Funding LLC issued $775 million of Senior Secured Recovery Bonds, Series 2023-A, in two tranches and used the proceeds to acquire SCE's right, title and interest in and to the Recovery Property. The two tranches of Senior Secured Recovery Bonds consisted of $425 million, 4.697% with final maturity in 2042 and $350 million, 5.112% with final maturity in 2049. For further details, see Note 3. SCE used the proceeds it received from the sale of Recovery Property to pay down the entire $730 million outstanding amount of its green term loan due in May 2023, which was reclassified as a long-term obligation as of March 31, 2023.