California utility hits bond market in wake of law to ease wildfire risk

By Richard Metcalf
01 Aug 2019

Southern California Edison has priced a $1.2bn dual tranche corporate bond offering after its credit ratings were placed on a firmer footing in the wake of a wildfire risk mitigation law.

The electric utility offered benchmark size first mortgage bonds with tenors of 10 and almost 30 years, with Bank of AmericaJP Morganand MUFGas bookrunners.

Initial price thoughts were in the area of 125bp over Treasurys for the 10 year and 150bp for the tap of SoCalEd's existing ...

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