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SCE Trust III, 5.75% Cumulative Fixed/Floating Rate Trust Preference Securities
Ticker Symbol: SCE-H* CUSIP: 78409B207 Exchange: NYSE
* NOTE: This security is no longer trading as of 11/28/2024
Security has been Called for: Thursday, November 28, 2024
October 29, 2024 -- Southern California Edison announced today that it will redeem all the outstanding shares of its Series H Preference Stock, which will cause SCE Trust III to redeem all of its outstanding 5.75% Fixed to Floating Rate Trust Preference Securities (“Trust Preference Securities”). The redemption date will be Nov. 28, 2024, 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 Nov. 28, 2024 is $0.426992 per Trust Preference Security.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: SCE Trust III, 5.75% Cumulative Fixed-to-Floating Rate 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 3/15/2024 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. The preference shares may be redeemed prior to 3/15/2024 if certain changes in tax or investment company law or interpretation occur and certain other conditions are satisfied. Upon any redemption of the Series H Preference Shares, a corresponding amount of Trust Preference Securities will be redeemed. Fixed cumulative distributions of 5.75% per annum ($1.4375 per annum or $0.359375 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 one business day prior to the record date). After 3/15/2024 at a floating rate equal to the three-month LIBOR plus a spread of 2.99%. In each case, the issuer can make distributions on the Trust Preference Securities only if it makes dividend payments on the Series H Preference Shares, when, as, and if declared by the Company. 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 5 of the prospectus for further information). This security was rated as Baa1 by Moody’s and BBB- by S&P at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preference shares rank junior to the company's senior debt and preferred stock, equally with other preference securities of the company, and senior to the common shares of the company. The only assets of SCE Trust III will be the shares of the Series H Preference Stock, which have substantially the same payment terms as the Trust Preference Securities. See the IPO prospectus for further information on the trust preference securities by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (EIX)
IPO - 2/27/2014 - 11.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: SCECL Changed: 3/10/2014
Market Value $ Million
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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 - Kevin M. Payne |
CFO - William (Tres) Petmecky |
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