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Southern California Edison has announced the redemption of all outstanding shares of its Series H Preference Stock, triggering the redemption of SCE Trust III’s 5.75% Fixed to Floating Rate Trust Preference Securities. The redemption is scheduled for November 28, 2024, at $25.00 per Trust Preference Security, plus accrued and unpaid dividends of $0.426992 per security. After the redemption date, all dividends will cease to accrue, and all rights will terminate except for the right to receive the redemption price upon surrender of securities.
Southern California Edison ha annunciato il riscatto di tutte le azioni in circolazione delle sue Azioni Preferenziali di Serie H, innescando il riscatto delle Obbligazioni Preferenziali SCE Trust III a tasso fisso a 5.75% convertibile. Il riscatto è programmato per 28 novembre 2024, al prezzo di $25.00 per obbligazione preferenziale, più dividendi accumulati e non pagati di $0.426992 per obbligazione. Dopo la data di riscatto, tutti i dividendi smetteranno di accumularsi e tutti i diritti termineranno, tranne il diritto di ricevere il prezzo di riscatto al momento della cessione delle obbligazioni.
Southern California Edison ha anunciado el rescate de todas las acciones en circulación de sus Acciones Preferentes Serie H, lo que activa el rescate de los Valores Preferentes del SCE Trust III a tasa fija de 5.75% a tasa flotante. El rescate está programado para el 28 de noviembre de 2024, a $25.00 por Valor Preferente, además de dividendos acumulados y no pagados de $0.426992 por valor. Después de la fecha de rescate, todos los dividendos dejarán de acumularse y todos los derechos se extinguirán, excepto el derecho a recibir el precio de rescate al entregar los valores.
남부 캘리포니아 에디슨은 시리즈 H 우선주식의 모든 미결주를 상환한다고 발표했으며, 이에 따라 SCE Trust III의 5.75% 고정 금리에서 변동 금리로의 우선 보안 상환이 촉발되었습니다. 상환은 2024년 11월 28일로 예정되어 있으며, 우선 보안 당 $25.00에, 미지급된 배당금 $0.426992가 추가로 적용됩니다. 상환일 이후, 모든 배당금은 더 이상 발생하지 않으며, 증권을 양도할 때 상환 가격을 받을 권리를 제외한 모든 권리는 종료됩니다.
Southern California Edison a annoncé le rachat de toutes les actions en circulation de ses Actions Préférentielles de Série H, déclenchant le rachat des Titres Préférentiels à Taux Fixe à 5,75% du SCE Trust III. Le rachat est prévu pour le 28 novembre 2024, au prix de $25.00 par Titre Préférentiel, plus les dividendes accumulés et impayés de $0.426992 par titre. Après la date de rachat, tous les dividendes cesseront de s’accumuler et tous les droits prendront fin, sauf celui de recevoir le prix de rachat lors de la remise des valeurs.
Southern California Edison hat die Rückzahlung aller ausstehenden Aktien ihrer Serie-H-Vorzugsaktien angekündigt, was die Rückzahlung der 5,75% festverzinslichen und variabel verzinslichen Vorzugswerte des SCE Trust III auslöst. Die Rückzahlung ist für den 28. November 2024 zum Preis von 25,00 $ pro Vorzugswert sowie zuzüglich aufgelaufener und nicht gezahlter Dividenden in Höhe von 0,426992 $ pro Wertpapier vorgesehen. Nach dem Rückzahlungsdatum wird die Ansammlung aller Dividenden eingestellt, und alle Rechte enden, mit Ausnahme des Rechts auf den Rückzahlungspreis bei Einreichung der Wertpapiere.
Insights
This redemption of SCE Trust III’s preference securities represents a significant financial move by Southern California Edison. The company is redeeming all outstanding shares at $25.00 per security plus accrued dividends of $0.426992 per security. The 5.75% Fixed to Floating Rate structure suggests this was likely an expensive form of financing for the company.
The redemption timing, set for November 2024, indicates strategic financial planning, potentially aimed at optimizing the company’s capital structure. With current market conditions and interest rates, this move could signal SCE’s ability to refinance at more favorable terms or reduce overall debt costs. This action typically suggests strong financial health and access to more cost-effective capital sources.
ROSEMEAD, Calif.–(BUSINESS WIRE)– Southern California Edison announced today that it will redeem all the outstanding shares of its Series H Preference Stock, which will cause SCE Trust III to redeem all of its outstanding 5.75% Fixed to Floating Rate Trust Preference Securities (“Trust Preference Securities”). The redemption date will be Nov. 28, 2024, and the redemption price will be $25.00 per Trust Preference Security, plus accrued and unpaid dividends up to, but excluding the redemption date. The amount of accrued and unpaid distributions to but excluding Nov. 28, 2024 is $0.426992 per Trust Preference Security.
Trust Preference Securities held through The Depository Trust Company will be redeemed according to The Depository Trust Company’s procedures. Holders who have their Trust Preference Securities in brokerage accounts should contact their brokers with any questions. For Trust Preference Securities not held through The Depository Trust Company, to collect the redemption price, plus any accrued and unpaid distributions to but excluding Nov. 28, 2024, the Trust Preference Securities must be surrendered to the Trustee accompanied by proper instruments of assignment and transfer if payment is to be made other than to the registered holder(s) at the following address:
The Bank of New York Mellon
Corporate Trust
500 Ross St., Suite 625
Pittsburgh, PA 15262
Attn: Transfers/Redemptions
On and after the redemption date, all of the outstanding Trust Preference Securities shall be deemed no longer to be outstanding, dividends on the Trust Preference Securities shall cease to accrue and all rights with respect to the shares called for redemption will thereafter cease and terminate at the close of business on the redemption date, except only the right of the holders to receive the redemption price, but without interest, upon surrender of their Trust Preference Securities.
Questions relating to, and requests for additional copies of, the notice of redemption and related materials should be directed to The Bank of New York Mellon at 312-827-8683.
This news release does not constitute an offer to sell or a solicitation of any offer to buy such securities nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
About Southern California Edison
An Edison International (NYSE: EIX) company, Southern California Edison is one of the nation’s largest electric utilities, serving a population of approximately 15 million via 5 million customer accounts in a 50,000-square-mile service area within Central, Coastal and Southern California.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241029453225/en/
Investor Relations: Sam Ramraj, (626) 302-2540
Media Relations: (626) 302-2255
Source: Southern California Edison
FAQ
When will Southern California Edison (EIX) redeem its SCE Trust III Preference Securities?
Southern California Edison will redeem the SCE Trust III 5.75% Fixed to Floating Rate Trust Preference Securities on November 28, 2024.
What is the redemption price for SCE Trust III (EIX) Preference Securities?
The redemption price is $25.00 per Trust Preference Security, plus accrued and unpaid dividends of $0.426992 per security up to November 28, 2024.
What happens to SCE Trust III (EIX) Preference Securities after the redemption date?
After the redemption date, the securities will no longer be outstanding, dividends will cease to accrue, and all rights will terminate except for receiving the redemption price upon surrender.
