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Southern California Edison (SCE-PG) lines up $1.95B recovery bond financing

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(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Southern California Edison Company and its affiliate SCE Recovery Funding LLC entered into an underwriting agreement on July 21, 2026 with RBC Capital Markets, Barclays Capital, Citigroup Global Markets and J.P. Morgan Securities for the purchase and sale of $1,953,948,000 of Senior Secured Recovery Bonds, Series 2026-A. These bonds are to be issued by SCE Recovery Funding LLC under an Indenture and Series Supplement expected to be dated July 28, 2026 and were offered pursuant to a prospectus dated July 2, 2026.

In connection with this issuance, Southern California Edison Company and the issuing entity expect to enter into a Recovery Property Servicing Agreement, a Recovery Property Purchase and Sale Agreement, an Administration Agreement, and an Intercreditor Agreement, all anticipated to be dated July 28, 2026, which are filed as exhibits.

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Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Senior Secured Recovery Bonds, Series 2026-A $1,953,948,000 Principal amount of bonds to be purchased under the July 21, 2026 underwriting agreement
Prospectus date July 2, 2026 Prospectus pursuant to which the Senior Secured Recovery Bonds, Series 2026-A were offered
Indenture and Series Supplement date July 28, 2026 Expected date of the Indenture, Series Supplement and related servicing and intercreditor agreements
Date of underwriting agreement July 21, 2026 Execution date of the underwriting agreement for the Series 2026-A bonds
Senior Secured Recovery Bonds financial
"purchase and sale of $1,953,948,000 of Senior Secured Recovery Bonds, Series 2026-A"
Indenture financial
"to be issued by the Issuing Entity pursuant to an Indenture and Series Supplement"
An indenture is a legal agreement between a company that borrows money by issuing bonds and the people who buy those bonds. It explains the rules the company must follow, like paying back the money and keeping certain financial promises. This document helps both sides understand their rights and responsibilities.
Series Supplement financial
"pursuant to an Indenture and Series Supplement (together, the “Indenture”)"
Recovery Property Servicing Agreement financial
"Recovery Property Servicing Agreement between SCE Recovery Funding LLC and Southern California Edison Company"
Intercreditor Agreement financial
"Intercreditor Agreement between SCE Recovery Funding LLC, Southern California Edison Company"
A legal contract among multiple lenders that sets the rules for how their different loans and security interests rank, how payments and collateral are handled, and how disputes are resolved if a borrower defaults. It matters to investors because it determines which creditors get paid first and under what conditions, like a traffic plan that decides which cars can go first at an intersection when everyone wants the same road, affecting recovery and risk.

FAQ

What transaction did Southern California Edison (SCE-PG) disclose in this 8-K?
Southern California Edison disclosed an underwriting agreement for $1,953,948,000 of Senior Secured Recovery Bonds, Series 2026-A, to be issued by SCE Recovery Funding LLC under an Indenture and Series Supplement expected to be dated July 28, 2026.

What is the size of the Senior Secured Recovery Bonds, Series 2026-A, for SCE-PG?
The Senior Secured Recovery Bonds, Series 2026-A, have a principal amount of $1,953,948,000. They will be issued by SCE Recovery Funding LLC and were offered under a prospectus dated July 2, 2026 with major underwriters participating.

Who are the underwriters for Southern California Edison’s (SCE-PG) 2026-A recovery bonds?
The underwriters are RBC Capital Markets, Barclays Capital Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, acting as representatives of the underwriting group for the $1,953,948,000 Senior Secured Recovery Bonds, Series 2026-A.

What key agreements accompany the SCE-PG Senior Secured Recovery Bonds issuance?
Key agreements include an Indenture, a Series Supplement, a Recovery Property Servicing Agreement, a Recovery Property Purchase and Sale Agreement, an Administration Agreement and an Intercreditor Agreement, each expected to be dated July 28, 2026.

Which entity will issue the Senior Secured Recovery Bonds described by SCE-PG?
The bonds will be issued by SCE Recovery Funding LLC, an affiliate of Southern California Edison Company, pursuant to an Indenture and Series Supplement expected to be dated July 28, 2026 and offered under a July 2, 2026 prospectus.

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Understanding 8-K Material Events →
00018265710000092103false 0000092103 2026-07-21 2026-07-21 0000092103 sce:SCERecoveryFundingLLCMember 2026-07-21 2026-07-21
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM
8-K
 
 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report: July 21, 2026
(Date of earliest event reported)
 
 
 
Commission file
number
   
Registrant, State of Incorporation or Organization,
Address of Principal Executive Offices and Telephone Number
   
IRS Employer
Identification Number
333-296325
   
SOUTHERN CALIFORNIA EDISON COMPANY
(a California Corporation)
 
2244 Walnut Grove Avenue
(P.O. Box 800)
Rosemead, California 91770
(626)
302-1212
   
95-1240335
333-296325-01
   
SCE RECOVERY FUNDING LLC
(a Delaware limited liability company)
 
2244 Walnut Grove Avenue
(P.O. Box 5407)
Rosemead, California 91770
(626)
302-7255
   
85-3002154
 
 
Check the appropriate box below if the Form
8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting Material pursuant to Rule
14a-12
under the Exchange Act (17 CFR
240.14a-12)
☐ Pre-commencement
communications pursuant to Rule
14d-2(b)
under the Exchange Act (17 CFR
240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule
13e-4(c)
under the Exchange Act (17 CFR
240.13e-4(c))
 
 
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
 
Title of each class
   
Trading
Symbol(s)
   
Name of each exchange on which registered
   None   
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule
12b-2
of the Securities Exchange Act of 1934
(§240.12b-2
of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 
 
Item 8.01.
Other Events
On July 21, 2026, Southern California Edison Company and SCE Recovery Funding LLC (the “Issuing Entity”) entered into an Underwriting Agreement (the “Underwriting Agreement”) with RBC Capital Markets, LLC,
Barclays Capital Inc.,
 
Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, as representatives of the underwriters party thereto with respect to the purchase and sale of $1,953,948,000 of Senior Secured Recovery Bonds, Series
2026-A
to be issued by the Issuing Entity pursuant to an Indenture and Series Supplement (together, the “Indenture”), each to be dated as of July 28, 2026. The Senior Secured Recovery Bonds, Series
2026-A
were offered pursuant to the prospectus dated July 2, 2026. In connection with the issuance of the Senior Secured Recovery Bonds, Series
2026
-A,
Southern California Edison Company and the Issuing Entity also expect to enter into the agreements listed below in Item 9.01, which together with the Underwriting Agreement, are annexed hereto as exhibits to this Current Report on
8-K.
 
Item 9.01.
Financial Statements and Exhibits
(d) Exhibits.
 
Exhibit
No.
   
Description
1.1    Underwriting Agreement among SCE Recovery Funding LLC, Southern California Edison Company, RBC Capital Markets, LLC, Barclays Capital Inc, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, as representatives for the Underwriters party thereto, dated July 21, 2026
4.1    Indenture between SCE Recovery Funding LLC and the Indenture Trustee (including forms of the Senior Secured Recovery Bonds), to be dated as of July 28, 2026
4.2    Series Supplement between SCE Recovery Funding LLC and the Indenture Trustee, to be dated as of July 28, 2026
10.1    Recovery Property Servicing Agreement between SCE Recovery Funding LLC and Southern California Edison Company, as Servicer, to be dated as of July 28, 2026
10.2    Recovery Property Purchase and Sale Agreement between SCE Recovery Funding LLC and Southern California Edison Company, as Seller, to be dated as of July 28, 2026
10.3    Administration Agreement between SCE Recovery Funding LLC and Southern California Edison Company, as Administrator, to be dated as of July 28, 2026
10.4    Intercreditor Agreement between SCE Recovery Funding LLC, Southern California Edison Company, The Bank of New York Mellon Trust Company, N.A. and the Trustee, to be dated as of July 28, 2026
104   
Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.
 
   
SOUTHERN CALIFORNIA EDISON COMPANY
    By:   /s/ Brendan Bond
      Brendan Bond
Dated: July 23, 2026       Vice President and Treasurer
   
SCE RECOVERY FUNDING LLC
    By:   /s/ Brendan Bond
      Brendan Bond
Dated: July 23, 2026       Vice President, Treasurer and Manager

Source: View Original Filing on SEC EDGAR

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