ROSEMEAD, Calif.--(BUSINESS WIRE)--Southern California Edison Company (SCE) announced today that it intends to redeem 750,000 shares of the 4 million outstanding shares of its Series A Preference Stock. The redemption date will be June 16, 2012, and the redemption price will be $100.00 per share of Series A Preference Stock plus accrued and unpaid dividends up to, but excluding the redemption date. SCE intends to redeem the variable-rate shares of Series A Preference Stock using a portion of the proceeds of a recent offering of fixed-rate preference securities.
All shares of the Series A Preference Stock are held through The Depository Trust Company (DTC), and the shares called for redemption will be chosen and redeemed according to the DTC’s procedures. On or before the redemption date, SCE will have deposited in escrow for the benefit of the holders the funds necessary for the aggregate payment of the redemption price.
On and after the redemption date, 750,000 shares of the total 4 million shares of Series A Preference Stock shall be deemed no longer to be outstanding, dividends on the Series A Preference Stock shall cease to accrue, and all rights with respect to the 750,000 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 shares.
Questions relating to, and request for additional copies of, the notice of redemption and related materials should be directed to Wells Fargo Bank, N.A. at (800) 347-8625.
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 nearly 14 million via 4.9 million customer accounts in a 50,000-square-mile service area within central, coastal and southern California.