ROSEMEAD, Calif.--(BUSINESS WIRE)--Edison International (NYSE: EIX) announced today the pricing of an underwritten public offering of 28,000,000 shares of its common stock, at a price to the public of $68.50 per share. The offering was upsized from the previously announced offering size of 25,000,000 shares. In conjunction with this offering, Edison International granted the underwriters involved in the offering a 30-day option to purchase up to an additional 4,200,000 shares of its common stock. The offering is expected to close on August 2, 2019, subject to customary closing conditions.
The net proceeds from the offering will be used for general corporate purposes, including contributions to Southern California Edison (SCE). Contributions to SCE will be used to repay commercial paper borrowings and for general corporate purposes, including a $1.2 billion contribution to the wildfire insurance fund to be established pursuant to Assembly Bill 1054, which was recently enacted by the California Legislature and signed into law by Gov. Newsom.
J.P. Morgan, Barclays, Morgan Stanley, Citigroup and Wells Fargo are acting as joint book-running managers of the offering. Mizuho Securities, MUFG, RBC Capital Markets, BNP Paribas, BNY Mellon Capital Markets, LLC, PNC Capital Markets LLC, SunTrust Robinson Humphrey, TD Securities, BMO Capital Markets, Great Pacific Securities, Loop Capital Markets, Mischler Financial Group, Inc., Ramirez & Co., Inc., Telsey Advisory Group and The Williams Capital Group, L.P. are acting as co-managers of the offering.
This offering is being made under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission, and only by means of a prospectus supplement for this offering and a related base prospectus. Copies of the prospectus supplement and accompanying prospectus related to the offering may be obtained, when available, by visiting EDGAR on the Securities and Exchange Commission’s website at www.sec.gov or by contacting:
J.P. Morgan Securities LLC |
Barclays Capital Inc. |
Morgan Stanley & Co. LLC |
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c/o Broadridge Financial Solutions 1155 Long Island Ave. Edgewood, NY 11717
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c/o Broadridge Financial Solutions 1155 Long Island Ave. Edgewood, NY 11717 |
Attention: Prospectus Department 170 Varick St., 2nd Floor New York, NY 10014 |
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Telephone: (866) 803 -9204 |
Telephone: (888) 603-5847 |
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This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Edison International
Edison International (NYSE:EIX), through its subsidiaries, is a distributor and generator of electric power, as well as a provider of energy services and technologies, including renewable energy. Headquartered in Rosemead, Calif., Edison International is the parent company of Southern California Edison, one of the nation’s largest electric utilities.
Forward-Looking Statements
This press release contains forward-looking statements regarding our planned offer and sale of common stock and the use of the net proceeds from any such sale. Edison International cannot be sure that we will complete the offering or, if we do, on what terms we will complete it. Forward-looking statements are based on current beliefs and expectations and are subject to inherent risks and uncertainties, including those discussed under the caption “Risk Factors” in the base prospectus and prospectus supplement related to the offering. In addition, Edison International’s management retains discretion with respect to the allocation of the net proceeds of this offering. The forward-looking statements speak only as of the date of this release, and Edison International is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise, except as may otherwise be required by law.
