Edison International’s $750 Million Preferred Stock Offering

Cleary Gottlieb Steen & Hamilton represented the underwriters in the offering.

Edison International (NYSE: EIX) announced the pricing of a public offering of 750 thousand shares of its 5.00% Series B Fixed-Rate Reset Cumulative Perpetual Preferred Stock. The transaction is expected to close on November 12, 2021, subject to customary closing conditions, and is expected to result in net proceeds of approximately $742 million.

The offering priced on November 4, 2021, and is expected to close on November 12, 2021.

Citigroup, Barclays; Credit Suisse; Mizuho Securities; BNY Mellon Capital Markets, LLC; SMBC Nikko; and Truist Securities are serving as joint book-running managers of the offering. Cabrera Capital Markets LLC; CastleOak Securities, L.P.; C.L. King & Associates; Guzman & Company; Mischler Financial Group, Inc.; and Tribal Capital Markets are acting as co-managers of the offering.

The net proceeds from the offering will be used either to repay commercial paper borrowings or for general corporate purposes. Cleary has been longtime designated underwriters’ counsel on securities offerings by Edison International and its subsidiary Southern California Edison.

Edison International (NYSE: EIX) is one of the nation’s largest electric utility holding companies, providing clean and reliable energy and energy services through its independent companies. Headquartered in Rosemead, California, Edison International is the parent company of Southern California Edison Company, a utility that delivers electricity to 15 million people across Southern, Central and Coastal California.

The Cleary team is led by partner Jeff Karpf (Picture) and includes senior attorney Elizabeth Chang and associates Emily Arndt and Jesse Benov. Counsel Jonathan Gifford and associates Michael Eis and Samuel Kramer are advising on tax matters. Counsel Mary Alcock and associate Suzannah Golick are advising on ERISA matters. Counsel Richard Bidstrup is advising on environmental issues.

Involved fees earner: Mary Alcock – Cleary Gottlieb Steen & Hamilton; Emily Arndt – Cleary Gottlieb Steen & Hamilton; Jesse Benov – Cleary Gottlieb Steen & Hamilton; Richard Bidstrup – Cleary Gottlieb Steen & Hamilton; Elizabeth Chang – Cleary Gottlieb Steen & Hamilton; Michael Eis – Cleary Gottlieb Steen & Hamilton; Jonathan Gifford – Cleary Gottlieb Steen & Hamilton; Suzannah Golick – Cleary Gottlieb Steen & Hamilton; Jeffrey Karpf – Cleary Gottlieb Steen & Hamilton; Samuel Kramer – Cleary Gottlieb Steen & Hamilton;

Law Firms: Cleary Gottlieb Steen & Hamilton;

Clients: Barclays Bank; BNY Mellon Capital Markets; C.L. King & Associates; Cabrera Capital Markets; CastleOak Securities; Citigroup Inc.; Credit Suisse; Guzman & Company; Mischler Financial Group; Mizuho Securities; SMBC Nikko Securities America; Tribal Capital Markets; Truist Securities Inc. ;