SOUTHERN CALIFORNIA EDISON CoSCE-PG
SOUTHERN CALIFORNIA EDISON Co Debt Disclosure
Note 5. Debt and Credit Agreements
Long-Term Debt
The following table summarizes long-term debt (rates and terms are as of December 31, 2025) of Edison International and SCE:
| December 31, | |||||||||||
| (in millions) | 2025 | 2024 | |||||||||
| Edison International Parent: | |||||||||||
| Debentures and notes: | |||||||||||
2027 – 2054 (4.125% to 8.125%) | $ | 4,850 | $ | 5,100 | |||||||
| Current portion of long-term debt | — | (800) | |||||||||
| Unamortized debt discount/premium and issuance costs, net | (35) | (32) | |||||||||
| Total Edison International Parent | 4,815 | 4,268 | |||||||||
| SCE: | |||||||||||
| First and refunding mortgage bonds: | |||||||||||
2026 – 2055 (1.20% to 6.20%) | 29,200 | 27,400 | |||||||||
| Pollution-control bonds: | |||||||||||
2028 – 2035 (1.45% to 4.50%) | 752 | 752 | |||||||||
| Debentures and notes: | |||||||||||
2029 – 2053 (5.06% to 6.65%) | 306 | 306 | |||||||||
Senior secured recovery bonds1: | |||||||||||
2028 – 2050 (0.86% to 5.54%) | 3,126 | 1,532 | |||||||||
Other long-term debt2 | — | 706 | |||||||||
| Current portion of long-term debt | (1,928) | (1,249) | |||||||||
| Unamortized debt discount/premium and issuance costs, net | (201) | (181) | |||||||||
| Total SCE | 31,255 | 29,266 | |||||||||
| Total Edison International | $ | 36,070 | $ | 33,534 | |||||||
1The senior secured recovery bonds are payable only from and secured by the Recovery Property at SCE Recovery Funding LLC, and do not constitute a debt or other legal obligation of, or interest in, SCE or any of its affiliates, except for SCE Recovery Funding LLC. For further details, see Note 3.
2Subsequent to December 31, 2024, SCE issued first and refunding mortgage bonds which were used to partially pay down its commercial paper balance. As a result, SCE included the paydown amount of $706 million in other long-term debt at December 31, 2024.
Edison International and SCE long-term debt maturities over the next five years are as follows:
| (in millions) | Edison International | SCE | |||||||||
| 2026 | $ | 1,928 | $ | 1,928 | |||||||
| 2027 | 2,538 | 1,938 | |||||||||
| 2028 | 2,981 | 1,831 | |||||||||
| 2029 | 3,404 | 2,354 | |||||||||
| 2030 | 2,048 | 1,498 | |||||||||
Senior Secured Recovery Bonds
In December 2025, SCE Recovery Funding LLC issued $1.6 billion of Senior Secured Recovery Bonds, Series 2025-A, in three tranches ("Recovery Bonds") consisting of: $443 million, 4.45% with final maturity in 2038; $600 million, 5.34% with final maturity in 2047; and $600 million, 5.54% with final maturity in 2052. SCE used the proceeds it received from
the sale of Recovery Property to reimburse itself for costs approved for recovery under the TKM Settlement Agreement. For further details, see Note 3.
Liens and Security Interests
Almost all of SCE's properties are subject to a trust indenture lien. SCE has pledged first and refunding mortgage bonds as collateral for borrowed funds obtained from pollution-control bonds issued by government agencies. SCE has a debt covenant that requires a debt to total capitalization ratio to be less than or equal to 0.65 to 1. At December 31, 2025, SCE's debt to total capitalization ratio was 0.57 to 1 and was in compliance with all other financial covenants that affect access to capital. Edison International Parent's credit facility requires a consolidated debt to total capitalization ratio as defined in the applicable agreements of less than or equal to 0.70 to 1. At December 31, 2025, Edison International consolidated debt to total capitalization ratio was 0.64 to 1.
Credit Agreements and Short-Term Debt
The following table summarizes the status of the credit facilities at December 31, 2025:
| (in millions, except for rates) | ||||||||||||||||||||||||||||||||
| Borrower | Termination Date | SOFR plus (bps) | Commitment | Outstanding borrowings | Outstanding letters of credit | Amount available | ||||||||||||||||||||||||||
Edison International Parent1, 3 | May 2029 | 128 | $ | 1,500 | $ | 756 | $ | — | $ | 744 | ||||||||||||||||||||||
SCE2, 3 | May 2029 | 108 | 3,350 | 1,038 | 2 | 2,310 | ||||||||||||||||||||||||||
| Total Edison International | $ | 4,850 | $ | 1,794 | $ | 2 | $ | 3,054 | ||||||||||||||||||||||||
1At December 31, 2025 and 2024, Edison International Parent had $754 million and $444 million outstanding commercial paper, net of discount of $2 million and $1 million, at a weighted-average interest rate of 4.58% and 4.86%, respectively.
2At December 31, 2025 and 2024, SCE had $1,036 million and $1,259 million outstanding commercial paper, net of discount of $2 million and $1 million, at a weighted-average interest rate of 4.59% and 4.95%, respectively. The balance at December 31, 2024 includes $706 million outstanding commercial paper reclassified from "Short-term debt" to "Long-term debt" on the consolidated balance sheet due to subsequent debt refinancing.
3The aggregate maximum principal amount under the Edison International Parent and SCE revolving credit facilities may be increased up to $2.0 billion and $4.0 billion, respectively, provided that additional lender commitments are obtained.
Term Loan
In December 2025, Edison International Parent borrowed $600 million under a term loan agreement due in December 2026 with a variable interest rate based on either SOFR plus 1.25% or a base rate plus 0.25%. The proceeds were used for general corporate purposes.
Uncommitted Letters of Credit
SCE has agreements with certain lenders for bilateral unsecured standby letters of credit ("SBLC") with a total capacity of $660 million that is uncommitted and supported by reimbursement agreements. The SBLCs are not subject to any collateral or security requirements. At December 31, 2025, SCE had $147 million in standby letters of credit outstanding under these agreements, which expire between January 2026 and January 2027.
Debt Financing Subsequent to December 31, 2025
In February 2026, SCE entered into a term loan agreement to borrow up to $300 million that mature in March 2027 with a variable interest rate based on either SOFR plus 1.00% or a base rate. The proceeds were used for general corporate and working capital purposesHistorical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 21, 2017 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.