SCE Trust V PFD SEC
SCE-PK
New York Stock Exchange- -
USD
- -
- -
- -
- -
(- -)
Recent
price
- -
P/E
ratio
- -
div
yld
- -
ROIC.AI
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- Similar Companies
- Business
- SCE Trust V (NYSE: SCE-PK) operates as a Delaware statutory trust created specifically to issue and sell its 5.45% Fixed-to-Floating Rate Trust Preference Securities to the public; these securities, with a $25 liquidation amount per share, represent the trust's sole business activity and primary financial instrument, backed by Southern California Edison Company's (SCE) corresponding Series K Preference Stock, which mirrors the payment terms including quarterly distributions at a fixed 5.45% rate through March 15, 2026, transitioning thereafter to a floating rate based on the three-month LIBOR plus 3.668%. The trust holds no other assets, generates no operating revenue, and exists solely as a financing vehicle for SCE, with distributions payable only upon SCE's declaration of dividends on the underlying preference shares; it trades on the New York Stock Exchange under the ticker SCE-PK, with approximately 12 million securities outstanding as of November 2025, corresponding to a total liquidation amount of $300 million. SCE Trust V was formed in 2014 and maintains its principal place of business at SCE's headquarters in Rosemead, California, operating without employees as its affairs are managed by appointed trustees including The Bank of New York Mellon Trust Company, N.A. as institutional trustee, BNY Mellon Trust of Delaware as Delaware trustee, and SCE officers as administrative trustees. The trust functions within the electric utilities sector as a subsidiary of SCE, a major California investor-owned utility serving approximately 15 million people across a 50,000-square-mile territory in central, coastal, and southern California; it targets institutional and retail investors seeking preferred equity-like instruments with priority over common stock but subordinate to senior debt. In a significant recent development, SCE launched a cash tender offer on November 20, 2025, to purchase any and all outstanding Trust Preference Securities at $25 per $25 liquidation amount plus accrued distributions, with the offer expiring at 5:00 p.m. New York City time on December 19, 2025, unless extended or terminated; this issuer tender offer, funded by SCE's cash on hand up to $300 million excluding fees, aims to reduce SCE's long-term financing costs by retiring the trust securities and eliminating related obligations. The transaction, subject to customary conditions including regulatory approvals, reflects SCE's ongoing capital structure optimization efforts, following similar redemptions such as the October 2024 full redemption of SCE Trust III's 5.75% securities; no other major partnerships, acquisitions, funding rounds, or product launches have been reported for the trust in the past two years, as its narrow mandate precludes such activities.