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Debt and Credit Agreements | 9 Months Ended
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Sep. 30, 2023
Debt and Credit Agreements |
Debt and Credit Agreements | Note 5.Debt and Credit Agreements Long-Term Debt In the first quarter of 2023, Edison International Parent issued $500 million of 8.125% junior subordinated notes due in 2053. The interest rate resets every five years at a rate equal to the five-year U.S. Treasury rate plus a spread of 3.864%. The proceeds were used to repay commercial paper borrowings and for general corporate purposes. In the second quarter of 2023, Edison International Parent issued $600 million of 5.25% senior notes due in 2028. The proceeds were used to repay commercial paper borrowings and for general corporate purposes. During the nine months ended September 30, 2023, SCE issued the following first and refunding mortgage bonds: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Description | ​ | Month of Issuance | ​ | Rate |  | Maturity Date |  | Amount (in millions)
Series 2023A1 | ​ | March 2023 | ​ | 5.30% | ​ | 2028 | ​ | $ | 750
Series 2023B2 | ​ | March 2023 | ​ | 5.70% | ​ | 2053 | ​ | ​ | 450
Series 2023C1 | ​ | May 2023 | ​ | 4.90% | ​ | 2026 | ​ | ​ | 400
Series 2023D2 | ​ | May 2023 | ​ | 5.88% | ​ | 2053 | ​ | ​ | 700
Series 2023E1 | ​ | September 2023 | ​ | 5.65% | ​ | 2028 | ​ | ​ | 550
1 | The proceeds were used to fund the payment of wildfire claims and related expenses above the amount of expected insurance proceeds.
2 | The proceeds were used to repay commercial paper borrowings and for general corporate purposes.
Senior Secured Recovery Bonds In the second quarter of 2023, SCE Recovery Funding LLC issued $775 million of Senior Secured Recovery Bonds, Series 2023-A, in two tranches and used the proceeds to acquire SCE's right, title and interest in and to the Recovery Property. The two tranches of Senior Secured Recovery Bonds consisted of $425 million, 4.697% with final maturity in 2042 bonds and $350 million, 5.112% with final maturity in 2049 bonds. For further details, see Note 3. SCE used the proceeds from the sale of Recovery Property to pay down the entire $730 million outstanding amount of a term loan due in May 2023. Credit Agreements and Short-Term Debt The following table summarizes the status of the credit facilities at September 30, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in millions, except for rates)
Borrower | ​ | Termination Date | ​ | Secured Overnight Financing Rate ("SOFR") plus (bps) |  | Commitment |  | Outstanding borrowings |  | Outstanding letters of credit |  | Amount available
Edison International Parent1, 3 | ​ | May 2027 | ​ | 128 | ​ | $ | 1,500 | ​ | $ | 389 | ​ | $ | — | ​ | $ | 1,111
SCE2, 3 | ​ | May 2027 | ​ | 108 | ​ | ​ | 3,350 | ​ | ​ | 621 | ​ | ​ | 202 | ​ | ​ | 2,527
Total Edison International | $ | 4,850 | ​ | $ | 1,010 | ​ | $ | 202 | ​ | $ | 3,638
1 | At September 30, 2023, Edison International Parent had $388 million outstanding commercial paper, net of discount, at a weighted-average interest rate of 5.84%.
2 | At September 30, 2023, SCE had $616 million outstanding commercial paper, net of discount, at a weighted-average interest rate of 5.73%.
3 | In May 2023, Edison International Parent and SCE amended their credit facilities to extend the maturity date to May 2027, with two additional one-year extension options. The aggregate maximum principal amount under the SCE and Edison International Parent revolving credit facilities may be increased up to $4.0 billion and $2.0 billion, respectively, provided that additional lender commitments are obtained.
Uncommitted Letters of Credit Subsequent to September 30, 2023 In October 2023, SCE entered into agreements with certain lenders for bilateral unsecured standby letters of credit ("SBLC") with a total capacity of $625 million that is uncommitted and supported by reimbursement agreements. The SBLCs are not subject to any collateral or security requirements.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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