Debt and Credit Agreements

6 Months Ended

Jun. 30, 2024

Debt and Credit Agreements

Debt and Credit Agreements

Note 5.Debt and Credit Agreements

Long-Term Debt

In the first six months of 2024, SCE issued the following first and refunding mortgage bonds:

Description	Month of Issuance	Rate	Maturity Date	Amount (in millions)
Series 2024A	January 2024	4.875%	2027	$	500
Series 2024B	January 2024	5.20%	2034		900
Series 2024C	March 2024	5.35%	2026		600
Series 2024D	March 2024	5.15%	2029		600
Series 2024E	March 2024	5.75%	2054		400
Series 2024F	May 2024	5.45%	2031		750

The proceeds were used to fund and refinance debt for the payment of wildfire claims and related expenses above the amount of insurance proceeds, repay commercial borrowings, and for general corporate purposes.

In June 2024, Edison International Parent issued $500 million of 5.45% senior notes due in 2029. The proceeds were used for general corporate purposes and to repay commercial paper borrowings.

Credit Agreements and Short-Term Debt

The following table summarizes the status of the credit facilities at June 30, 2024:

(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 2028	128	$	1,500	$	—	$	—	$	1,500
SCE2, 3	May 2028	108		3,350		1,506		9		1,835
Total Edison International			$	4,850	$	1,506	$	9	$	3,335

1 At June 30, 2024, Edison International Parent did not have any outstanding commercial paper.

2 At June 30, 2024, SCE had $1.5 billion outstanding commercial paper, net of discount, at a weighted-average interest rate of 5.64%.

3 In May 2024, Edison International Parent and SCE amended their credit facilities to extend the maturity date to May 2028, with 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

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 June 30, 2024, SCE had $104 million outstanding under these agreements, which expire between July 2024 and June 2025. The unused capacity under these agreements was $521 million.