SCE Trust VII
SCE-PM
New York Stock Exchange- -
USD
- -
- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- United States of America
- IPO Date
- Nov 20, 2023
- CIK
- 0000092103
- Similar Companies
- Business
- SCE Trust VII (NYSE: SCE-PM) operates as a Delaware statutory trust whose sole purpose is to issue and administer 7.50% cumulative trust preference securities with a liquidation amount of $25 per security; these securities represent undivided beneficial ownership interests in the trust's assets, which consist exclusively of Southern California Edison Company's Series M Preference Shares having substantially identical payment terms. The trust makes quarterly distributions at a 7.50% annual rate on the liquidation amount, payable in arrears on March 15, June 15, September 15, and December 15 each year commencing March 15, 2024, funded solely by dividends received on the Series M Preference Shares when, as, and if declared by Southern California Edison's board; distributions are cumulative from November 22, 2023, with no maturity date and limited voting rights for holders. Fully and unconditionally guaranteed by Southern California Edison on a subordinated basis to the extent of available funds, the trust preference securities are listed on the New York Stock Exchange under the symbol SCE PR M, ranking equally with other series of Southern California Edison's preference stock, junior to its cumulative preferred stock and all secured and unsecured debt, and senior to common stock. SCE Trust VII, incorporated in 2017 and based in Rosemead, California at 2244 Walnut Grove Avenue, functions as a wholly-owned subsidiary of Southern California Edison Company, a subsidiary of Edison International that provides electricity to customers across a 50,000 square mile service area in southern California. The trust issued 22,000,000 trust preference securities on November 22, 2023, raising $550 million in gross proceeds used to acquire the corresponding Series M Preference Shares from Southern California Edison, which applied the net proceeds toward repaying commercial paper borrowings and general corporate purposes; the securities are redeemable at the option of Southern California Edison, in whole or in part, on or after November 22, 2028 at 100% of liquidation preference plus accrued unpaid dividends, or in whole prior to that date upon specified tax, investment company, or rating agency equity credit events. No significant partnerships, acquisitions, funding rounds, new product launches, or operational changes have been reported for SCE Trust VII in the last 1-2 years, with its activities remaining focused on the ongoing administration of the 2023 issuance amid stable utility sector operations.