0001193125-17-207215.txt : 20170619 0001193125-17-207215.hdr.sgml : 20170619 20170619171503 ACCESSION NUMBER: 0001193125-17-207215 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20170619 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: SCE TRUST VI CENTRAL INDEX KEY: 0001709317 IRS NUMBER: 826364289 STATE OF INCORPORATION: DE FISCAL YEAR END: 1217 FILING VALUES: FORM TYPE: FWP SEC ACT: 1934 Act SEC FILE NUMBER: 333-206060-05 FILM NUMBER: 17919221 BUSINESS ADDRESS: STREET 1: 2244 WALNUT GROVE AVENUE CITY: ROSEMEAD STATE: CA ZIP: 91770 BUSINESS PHONE: 626 302 2662 MAIL ADDRESS: STREET 1: 2244 WALNUT GROVE AVENUE CITY: ROSEMEAD STATE: CA ZIP: 91770 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SOUTHERN CALIFORNIA EDISON CO CENTRAL INDEX KEY: 0000092103 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 951240335 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP BUSINESS ADDRESS: STREET 1: 2244 WALNUT GROVE AVE STREET 2: P O BOX 800 CITY: ROSEMEAD STATE: CA ZIP: 91770 BUSINESS PHONE: 6263021212 MAIL ADDRESS: STREET 1: 2244 WALNUT GROVE AVE CITY: ROSEMEAD STATE: CA ZIP: 91770 FWP 1 d399147dfwp.htm FWP FWP

Issuer Free Writing Prospectus

Filed Pursuant to Rule 433

Registration Statement No. 333-206060

 

LOGO

SCE Trust VI

19,000,000 5.00% Trust Preference Securities

(Cumulative, Liquidation Amount $25 per Trust Preference Security)

Fully and unconditionally guaranteed, to the extent described in the related Prospectus, by

Southern California Edison Company

SUMMARY OF TERMS

 

Issuer:    SCE Trust VI (the “Issuer”), a Delaware statutory trust, the sole assets of which will be the shares of Series L Preference Stock (the “Series L Preference Shares”) issued by Southern California Edison Company (the “Company”). The Company will own all of the common securities of the Issuer.
Guarantor:    The Company, to the extent described in the related prospectus dated June 19, 2017 (the “Prospectus”)
Securities Offered:    19,000,000 5.00% Trust Preference Securities (Cumulative)
Liquidation Amount:    $25 per Trust Preference Security
Aggregate Liquidation Amount:    $475,000,000
Expected Ratings of Securities*:    Baa1 (Stable) / BBB- (Stable) / BBB+ (Stable)
Trade Date:    June 19, 2017
Settlement Date:    June 26, 2017 (T+5)
Maturity:    Perpetual
Public Offering Price:    100% per Trust Preference Security
Distributions:    5.00% of the liquidation amount of $25 per Trust Preference Security per annum, payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, beginning on September 15, 2017 (short first distribution period), subject to the Issuer receiving dividend payments on the Series L Preference Shares when, as, and if declared by the Company. Distributions on the Trust Preference Securities, and dividends on the Series L Preference Shares, are cumulative from the date of issue.
Optional Redemption:    The Company may redeem the Series L Preference Shares (i) at its option, in whole or in part, at any time, or from time to time, on or after June 26, 2022 at 100% of their liquidation preference, (ii) in whole, but not in part, at any time prior to June 26, 2022 within 90 days after the occurrence of certain changes in tax or investment company law or interpretation, as described in the Prospectus, at 101% of their liquidation preference, and (iii) in whole, but not in part, at any time prior to June 26, 2022 after the occurrence of certain changes in rating agency equity credit criteria, as described in the Prospectus, at 102% of their liquidation preference, plus, in all cases, accrued and unpaid dividends, if any. Upon any redemption of the Series L Preference Shares, a corresponding amount of Trust Preference Securities will be redeemed.
Voting Rights:    None generally, except as described in the Prospectus.
Ranking:    The Series L Preference Shares will rank equally with other series of the Company’s preference stock, including the Company’s Series E, F, G, H, J and K Preference Stock; junior to the Company’s cumulative preferred stock and secured and unsecured debt; and senior to the Company’s common stock. The Trust Preference Securities will effectively have the same ranking as the Series L Preference Shares, as described in the Prospectus.
Issuance of Senior Shares:    As long as any Series L Preference Shares are outstanding, the Company does not intend to issue any shares of capital stock ranking senior to the Series L Preference Shares with respect to payment of dividends and distribution of the Company’s assets upon the Company’s liquidation, dissolution or winding up.
No Conversion Rights:    Neither the Trust Preference Securities nor the Series L Preference Shares will be convertible into shares of any other class or series of the Company’s capital stock or any other security.
Use of Proceeds:    The Issuer will use all the proceeds from the sale of the Trust Preference Securities (and the sale of the Issuer’s common securities to the Company) to purchase the Series L Preference Shares from the Company. The Company intends to use the net proceeds from the sale of the Series L Preference Shares to the Issuer to redeem all or a portion of the outstanding shares of the Company’s 5.625% Series F Preference Stock.
U.S. Federal Income Tax Treatment:        Under current law, generally eligible for the “dividend-received deduction” (DRD) and “qualified dividend income” (QDI) treatment, as long as the Company has sufficient current or accumulated earnings and profits.


Listing:    Application will be made to list the Trust Preference Securities on the New York Stock Exchange under the symbol “SCE PR L.” If approved for listing, the Company expects the Trust Preference Securities will begin trading on the New York Stock Exchange within 30 days of their original issue date of June 26, 2017.
Form:    Book-entry only
CUSIP/ISIN:    78410V 200/ US78410V2007
Joint Book-Running Managers:   

J.P. Morgan Securities LLC (“J.P. Morgan”)

Morgan Stanley & Co. LLC (“Morgan Stanley”)

RBC Capital Markets, LLC (“RBC Capital Markets”)

Wells Fargo Securities, LLC (“Wells Fargo Securities”)

Sr. Co-Managers:   

Citigroup Global Markets Inc.

Mizuho Securities USA LLC

MUFG Securities Americas Inc.

PNC Capital Markets LLC

TD Securities (USA) LLC

U.S. Bancorp Investments, Inc.

Co-managers:   

Academy Securities, Inc.

C.L. King & Associates, Inc.

Drexel Hamilton, LLC

Samuel A. Ramirez & Company, Inc.

 

* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling J.P. Morgan at 1-212-834-4533, Morgan Stanley at 1-800-584-6837, RBC Capital Markets at 1-866-375-6829, or Wells Fargo Securities at 1-800-645-3751.

 

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