Southern California Edison Co Issues $1.95B Senior Secured Recovery Bonds

What Happened
Southern California Edison Company announced that SCE Recovery Funding (the issuing entity) issued $1,953,948,000 of Senior Secured Recovery Bonds, Series 2026-A, dated July 28, 2026. The bonds were offered under a prospectus dated July 21, 2026. In connection with the issuance, SCE and the issuing entity entered into agreements including a Recovery Property Servicing Agreement, a Recovery Property Purchase and Sale Agreement, an Administration Agreement, and an Intercreditor Agreement (all dated July 28, 2026).

Key Details

• Amount issued: $1,953,948,000 of Senior Secured Recovery Bonds, Series 2026-A (dated July 28, 2026).
• Offering documents: Prospectus dated July 21, 2026; Indenture and Series Supplement filed as exhibits to the 8-K.
• Supporting agreements: Servicing, purchase/sale, administration and intercreditor agreements between SCE Recovery Funding LLC and Southern California Edison Company, all dated July 28, 2026.
• Legal/tax filings: Opinions and consents from Norton Rose Fulbright US LLP on legality, federal tax matters and U.S./California constitutional matters were filed as exhibits.

Why It Matters
This filing shows SCE used a securitized financing vehicle (SCE Recovery Funding) to raise nearly $2 billion through senior secured recovery bonds. The transaction formalizes how recovery-related assets will be serviced, sold and administered and includes intercreditor protections—important operational and legal steps for investors tracking SCE’s funding, capital structure and regulatory recovery mechanisms. The documents and legal opinions filed with the 8-K give investors access to the contractual and legal framework behind the financing.