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Southern California Edison (SCE) announced today that it intends to redeem all of the outstanding shares of its Series B and Series C Preference Stock. The redemption date will be Feb. 28, 2013, and the redemption price will be $100 per share of Series B and C Preference Stock plus accrued and unpaid dividends up to, but excluding the redemption date. SCE intends to redeem the shares of Series B and C Preference Stock using the proceeds of a recent offering of lower-rate preference securities.
All shares of the Series B and C Preference Stock are held through The Depository Trust Company, and the shares will be redeemed according to The Depository Trust Company’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, all of the outstanding shares of Series B and C Preference Stock shall be deemed no longer to be outstanding, dividends on the Series B and C Preference Stock shall cease to accrue, and all rights with respect to the 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.