Debt and Credit Agreements

9 Months Ended

Sep. 30, 2023

Debt and Credit Agreements

Debt and Credit Agreements

Note 5.Debt and Credit Agreements

Long-Term Debt

In the first quarter of 2023, Edison International Parent issued $500 million of 8.125% junior subordinated notes due in 2053. The 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.

In the second quarter of 2023, Edison International Parent issued $600 million of 5.25% senior notes due in 2028. The proceeds were used to repay commercial paper borrowings and for general corporate purposes.

During the nine months ended September 30, 2023, SCE issued the following first and refunding mortgage bonds:

Description	Month of Issuance	Rate	Maturity Date	Amount (in millions)
Series 2023A1	March 2023	5.30%	2028	$	750
Series 2023B2	March 2023	5.70%	2053		450
Series 2023C1	May 2023	4.90%	2026		400
Series 2023D2	May 2023	5.88%	2053		700
Series 2023E1	September 2023	5.65%	2028		550

1 The proceeds were used to fund the payment of wildfire claims and related expenses above the amount of expected insurance proceeds.

2 The proceeds were used to repay commercial paper borrowings and for general corporate purposes.

Senior Secured Recovery Bonds

In the second quarter of 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 bonds and $350 million, 5.112% with final maturity in 2049 bonds. For further details, see Note 3. SCE used the proceeds from the sale of Recovery Property to pay down the entire $730 million outstanding amount of a term loan due in May 2023.

Credit Agreements and Short-Term Debt

The following table summarizes the status of the credit facilities at September 30, 2023:

(in millions, except for rates)
Borrower	Termination Date	Secured Overnight Financing Rate ("SOFR") plus (bps)	Commitment		Outstanding borrowings		Outstanding letters of credit		Amount available
Edison International Parent1, 3	May 2027	128	$	1,500	$	389	$	—	$	1,111
SCE2, 3	May 2027	108		3,350		621		202		2,527
Total Edison International			$	4,850	$	1,010	$	202	$	3,638

1 At September 30, 2023, Edison International Parent had $388 million outstanding commercial paper, net of discount, at a weighted-average interest rate of 5.84%.

2 At September 30, 2023, SCE had $616 million outstanding commercial paper, net of discount, at a weighted-average interest rate of 5.73%.

3 In May 2023, Edison International Parent and SCE amended their credit facilities to extend the maturity date to May 2027, with two additional one-year extension options. 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.

Uncommitted Letters of Credit Subsequent to September 30, 2023

In October 2023, SCE entered into agreements with certain lenders for bilateral unsecured standby letters of credit ("SBLC") with a total capacity of $625 million that is uncommitted and supported by reimbursement agreements. The SBLCs are not subject to any collateral or security requirements.