Edison International | 5.45% Fixed-to-Floating Rate Trust Preference Securities (SCE.PRK)
Prospectus excerpt: SCE Trust V, a Delaware statutory trust subsidiary of ours, will issue the 5.45% Fixed-to-Floating Rate Trust Preference Securities, which we refer to herein as the ˘Trust Preference Securities.÷ Each Trust Preference Security represents an undivided beneficial interest in the assets of SCE Trust V. The only assets of SCE Trust V will be the shares of our Series K Preference Stock, which have substantially the same payment terms as the Trust Preference Securities and which we refer to herein as the ˘Series K Preference Shares.÷ SCE Trust V can make distributions on the Trust Preference Securities only if we make dividend payments on the Series K Preference Shares. We will pay dividends on the Series K Preference Shares when, as, and if declared by our board of directors or a duly authorized committee of the board.
5.45% per annum. From and including March 15, 2026, distributions will accrue and be payable at a floating rate equal to the three-month LIBOR plus a spread of 3.79% per annum, payable beginning on June 15, 2026.
Edison International is a holding company. Through its subsidiary, Southern California Edison Company (SCE), which is an investor-owned public utility, Co. is primarily engaged in the business of supplying and delivering electricity to southern California. Co. is also the parent company of Edison Energy Group Inc., a holding company for Edison Energy, LLC, which is engaged in the business of providing data-driven energy solutions to commercial, institutional and industrial customers. SCE supplies electricity to its customers through transmission and distribution networks. Its transmission facilities are located primarily in California but also in Nevada and Arizona.