Debt and Credit Agreements

12 Months Ended

Dec. 31, 2023

Debt and Credit Agreements

Debt and Credit Agreements

Note 5.Debt and Credit Agreements

Long-Term Debt

The following table summarizes long-term debt (rates and terms are as of December 31, 2023) of Edison International and SCE:

	December 31,
(in millions)	2023		2022
Edison International Parent and Other:
Debentures and notes:
2024 – 2054 (3.55% to 8.13%)	$	4,550	$	3,400
Current portion of long-term debt		(500)		(400)
Unamortized debt discount/premium and issuance costs, net		(31)		(19)
Total Edison International Parent and Other		4,019		2,981
SCE:
First and refunding mortgage bonds:
2024 – 2053 (0.98% to 6.05%)		24,700		23,900
Pollution-control bonds:
2028 – 2035 (1.45% to 4.50%)		752		752
Debentures and notes:
2029 – 2053 (5.06% to 6.65%)		306		306
Senior secured recovery bonds1:
2028 – 2047 (0.86% to 5.11%)		1,579		849
Other long-term debt2		1,322		600
Current portion of long-term debt		(2,197)		(2,214)
Unamortized debt discount/premium and issuance costs, net		(165)		(149)
Total SCE		26,297		24,044
Total Edison International	$	30,316	$	27,025

1 The senior secured recovery bonds are payable only from and secured by the Recovery Property at SCE Recovery Funding LLC, and 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. For further details, see Note 3.

2 Subsequent to December 31, 2023, SCE issued first and refunding mortgage bonds which were used to partially pay down its commercial paper balance, see "Debt Financing Subsequent to December 31, 2023" for more information. Accordingly, SCE included the pay down amount of $722 million in other long-term debt. In addition, 2023 and 2022 amounts both include a term loan due in 2024 with an interest rate of adjusted term secured overnight financing rate ("SOFR") plus 0.90%.

Edison International and SCE long-term debt maturities over the next five years are as follows:

	Edison
(in millions)	International		SCE
2024	$	2,697	$	2,197
2025		2,049		1,249
2026		800		800
2027		2,001		1,401
2028		2,942		1,792

Liens and Security Interests

Almost all of SCE's properties are subject to a trust indenture lien. SCE has pledged first and refunding mortgage bonds as collateral for borrowed funds obtained from pollution-control bonds issued by government agencies. SCE has a debt covenant that requires a debt to total capitalization ratio to be less than or equal to 0.65 to 1. At December 31, 2023, SCE's debt to total capitalization ratio was 0.56 to 1 and was in compliance with all other financial covenants that affect access to capital. Edison International Parent's credit facility requires a consolidated debt to total capitalization ratio as defined in the applicable agreements of less than or equal to 0.70 to 1. At December 31, 2023, Edison International consolidated debt to total capitalization ratio was 0.63 to 1.

Credit Agreements and Short-Term Debt

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

(in millions, except for rates)
Borrower	Termination Date	SOFR plus (bps)	Commitment		Outstanding borrowings		Outstanding letters of credit		Amount available
Edison International Parent1, 3	May 2027	128	$	1,500	$	246	$	—	$	1,254
SCE2, 3	May 2027	108		3,350		1,558		29		1,763
Total Edison International			$	4,850	$	1,804	$	29	$	3,017

1 At December 31, 2023 and December 31, 2022, Edison International Parent had $246 million and $90 million outstanding commercial paper, net of discount, at a weighted-average interest rate of 5.82% and 4.92%, respectively.

2 At December 31, 2023 and December 31, 2022, SCE had $1,554 million and $195 million outstanding commercial paper, net of discount, at a weighted-average interest rate of 5.82% and 5.20%, respectively.

3 The credit facilities have 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

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. At December 31, 2023, SCE had $53 million in standby letters of credit outstanding under these agreements, which expire in 2024. The unused capacity under these agreements was $572 million.

Debt Financing Subsequent to December 31, 2023

In January 2024, SCE issued $500 million of 4.875% first and refunding mortgage bonds due in 2027 and $900 million of 5.20% first and refunding mortgage bonds due in 2034. The proceeds were used to fund the payment of wildfire claims and related expenses above the amount of expected insurance proceeds, repay commercial paper borrowings and for general corporate purposes.