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SCE Trust I, 5.625% Trust Preference Securities
Ticker Symbol: SCE-F* CUSIP: 78406T201 Exchange: NYSE
* NOTE: This security is no longer trading as of 7/19/2017
Security has been Called for: Wednesday, July 19, 2017
June 19, 2017 -- Southern California Edison (SCE) announced today that it will redeem all of the outstanding shares of its Series F Preference Stock, which will cause SCE Trust I to redeem all of its outstanding 5.625% Trust Preference Securities. The redemption date will be July 19, 2017, and the redemption price will be $25.00 per Trust Preference Security, plus accrued and unpaid dividends up to, but excluding the redemption date. The amount of accrued and unpaid distributions to but excluding July 19, 2017 is $0.13 per Trust Preference Security. SCE will redeem the Trust Preference Securities using the proceeds of an offering of a new series of preference securities. Trust Preference Securities held through The Depository Trust Company will be redeemed according to The Depository Trust Company’s procedures. Holders who have their Trust Preference Securities in brokerage accounts should contact their brokers with any questions. For Trust Preference Securities not held through The Depository Trust Company, in order to collect the redemption price, plus any accrued and unpaid distributions to but excluding July 19, 2017, the Trust Preference Securities must be surrendered to the Trustee accompanied by proper instruments of assignment and transfer if payment is to be made other than to the registered holder(s), at the following address:
First Class/Registered/Certified Mail: The Bank of New York Mellon
P.O. Box 396
East Syracuse, New York 13057
Attn: Corporate Trust Operations
Express/Overnight Delivery: The Bank of New York Mellon
111 Sanders Creek
East Syracuse, New York 13057
Attn: Corporate Trust Operations
By Hand or in Person: The Bank of New York Mellon
101 Barclay Street
New York, New York 10286
Attn: Trust Services Window
On and after the redemption date, all of the outstanding Trust Preference Securities shall be deemed no longer to be outstanding, dividends on the Trust Preference Securities 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 Trust Preference Securities. Questions relating to, and request for additional copies of, the notice of redemption and related materials should be directed to The Bank of New York Mellon at 312-827-8547.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: SCE Trust I, 5.625% Trust Preference Securities, liquidation amount $25 per share, guaranteed by Southern California Edison Co., a subsidiary of Edison International (NYSE: EIX) (See our definition of Guaranteed in our Glossary of Income Investing Terms for the technicalities of the guarantee), redeemable at the issuer's option on or after 6/15/2017 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. In addition, the preference shares may be redeemed, in whole, but not in part, at any time prior to June 15, 2017 if certain changes in tax or investment company law or interpretation occur and certain other conditions are satisfied. Cumulative distributions of 5.625% per annum ($1.40625 per annum or $0.3515625 per quarter) will be paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the record date which will be one business day prior to the payment date while the securities remain in book-entry form (NOTE: the ex-dividend date is at least 2 business days prior to the record date). Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page 38 of the prospectus for further information). The trust's assets consist of the 5.625% Series F preference stock that has no stated maturity and which was purchased from the company using the funds generated from the sale of the trust preferred securities. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt and cumulative preferred stock, equally with other preference stock of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the trust preferred securities by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (EIX)
IPO - 5/14/2012 - 19.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: SCELL Changed: 5/22/2012
Market Value $475.0 Million
Company's Online Information Links
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Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Address and Phone Numbers |
Address: 2244 Walnut Grove Avenue, Rosemead, CA 91770 |
Main Phone Number |
626-302-2222 |
Fax Number |
626-302-2117 |
Investor Relations
Sam Ramraj
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626-302-2540
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Toll Free Phone Number |
877-379-9515 |
CEO - Pedro J. Pizarro |
CFO - Maria C. Rigatti |
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