SCE Recovery Funding’s $533,265,000 Notes Offering

Hunton Andrews Kurth advised the underwriters on the deal.

SCE Recovery Funding LLC, as “Issuing Entity”, a special purpose entity, wholly-owned by Southern California Edison Company (SCE), announced an SEC-registered offering of $533,265,000 aggregate principal amount of Senior Secured Recovery Bonds, Series 2022-A (the Bonds).

The Bonds received a sustainable bond designation and were sold pursuant to a financing order issued by the California Public Utilities Commission. The Bond proceeds will be used to purchase recovery property from SCE. In accordance with the financing order, SCE will use the proceeds to reimburse itself for previously incurred recovery costs, which are expenditures related to minimizing the impacts on SCE’s customers that result from elevated wildfire risk and its impact on SCE’s service areas and the areas in which it operates through adaptive measures.

The underwriters included: RBC Capital Markets, Barclays, Academy Securities, Siebert Williams Shank and Telsey Advisory Group.

The Hunton Andrews Kurth team included Michael Fitzpatrick (Picture), Adam O’Brian and Michelle G. Chan. Jason Harbour assisted with certain bankruptcy advice, Shawn Regan and Kate Perkins assisted with certain constitutional law matters and Cary Tolley and Anna Page provided tax advice

Involved fees earner: Michelle Chan – Hunton Andrews Kurth LLP; Michael Fitzpatrick Jr. – Hunton Andrews Kurth LLP; Jason Harbour – Hunton Andrews Kurth LLP; Anna Knecht Page – Hunton Andrews Kurth LLP; Adam O’Brian – Hunton Andrews Kurth LLP; Kate Perkins – Hunton Andrews Kurth LLP; Shawn Patrick Regan – Hunton Andrews Kurth LLP; Cary Tolley – Hunton Andrews Kurth LLP;

Law Firms: Hunton Andrews Kurth LLP;

Clients: Academy Securities; Barclays Capital; RBC Capital Markets; Siebert Williams Shank & Co. LLC; Telsey Advisory Group LLC;

Martina Bellini

Author: Martina Bellini