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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: December 17, 1997
Date of earliest event reported: December 11, 1997
SOUTHERN CALIFORNIA EDISON COMPANY
(Exact name of registrant as specified in its charter)
CALIFORNIA 1-2313 95-1240335
(State or other jurisdiction of (Commission (I.R.S. employer
incorporation or organization) file number) identification no.)
2244 Walnut Grove Avenue
(P.O. Box 800)
Rosemead, California 91770
(Address of principal executive offices, including zip code)
626-302-1212
(Registrant's telephone number, including area code)
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Item 5. Other Events
On December 11, 1997, Southern California Edison Company (SCE),
Edison International's electric utility subsidiary, announced the sale of
$2.463 billion of rate reduction bonds. The bonds were sold in accordance
with legislation adopted by the State of California in September 1996
calling for the transition of the electric utility industry to a
competitive market structure. The proceeds from the sale of the bonds are
to be used by SCE to finance the recovery of a portion of its costs
related to this transition while, at the same time, providing a 10% rate
reduction to its residential and small commercial customers effective,
January 1, 1998. A copy of SCE's press release on the matter is attached
as Exhibit 20 and incorporated herein by this reference.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits
(c) Exhibits
Exhibit
Number Description
- ------- -----------
20 News Release -- Rate Reduction Bonds Sold
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
SOUTHERN CALIFORNIA EDISON COMPANY
KENNETH S. STEWART
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KENNETH S. STEWART
ASSISTANT GENERAL COUNSEL
December 17, 1997
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EXHIBIT 20
SOUTHERN CALIFORNIA EDISON COMPANY
An EDISON INTERNATIONAL Company
FOR IMMEDIATE RELEASE
Contact: Cathy Sedlik
(626) 302-2255
World Wide Web Address: http://www.edisonx.com
Rate Reduction Bonds Sold
ROSEMEAD, Calif., Dec. 11, 1997 -- Southern California Edison announced
today the sale of $2.463 billion of rate reduction bonds.
The bonds, which were issued by a special purpose trust created by the
California Infrastructure and Economic Development Bank on behalf of
Edison, were rated Triple-A by all four major bond-rating services.
The bonds were divided into seven classes, with maturities ranging from
one to 10 years. In aggregate, the bonds carry a five-year average life
and a weighted average yield of 6.38 percent.
The bonds were sold in accordance with state law to provide a 10% rate
reduction for residential and small commercial customers of California's
investor-owned utilities, effective Jan. 1, 1998. This rate reduction
will remain in effect for approximately four years. The bonds will save
Edison customers $486 million in net present value terms.
"The rate-reduction bonds offer the most effective and equitable way
to lower" customer rates and facilitate the transition to a competitive
marketplace," said Ted Craver, Edison's vice president and treasurer.
The bonds are among the $7.4 billion in bonds approved by the
California Infrastructure and Economic Development Bank and the California
Public Utilities Commission for sale by California's three investor-owned
utilities.
The lead underwriter was Salomon Smith Barney, with Lehman Brothers as
program manager.
# # #
Southern California Edison is one of six Edison International
companies. It is the nation's second largest investor-owned electric
utility, serving more than 11 million people in a 50,000-square-mile area
within central, coastal and southern California. The other related
companies are Edison Mission Energy, Edison Capital, Edison Source, Edison
EV (Electric Vehicles), and Edison Select.
