Edison International’s $800 Million Offering

Cleary Gottlieb represented the placement agents, Moelis & Company, Citigroup, J.P. Morgan, and Barclays, in the pricing of Edison International’s SEC-registered, direct offering of approximately 14 million shares of its common stock, at a price of $56.41 per share.

The transaction priced on May 13, 2020, and is scheduled to close on May 15, 2020.

In this one transaction, Edison International was able to meet its equity funding levels for all of 2020. The net proceeds from the offering will be used to partially or fully repay a borrowing under Edison International’s term loan agreement, and the remainder will be used for general corporate purposes.

Edison International is a public utility that, through its subsidiaries, is primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of Southern California.

For more information, please see the press release here.