Business Context and Reporting Period
This Form 8-K Current Report, dated July 21, 2026, is filed by Southern California Edison Company and its subsidiary, SCE Recovery Funding LLC (the "Issuing Entity"). The report details a significant financing event involving the issuance of debt securities.
Key Financial Metrics
The filing discloses the following specific financial metric:
- Debt Issuance: $1,953,948,000 in Senior Secured Recovery Bonds, Series 2026-A.
The filing text does not provide clear values for revenue, profit, cash flow, margins, or overall liquidity positions, as this report focuses solely on the debt issuance event.
Material Changes
On July 21, 2026, the Issuing Entity entered into an Underwriting Agreement with RBC Capital Markets, LLC, Barclays Capital Inc., Citigroup Global Markets Inc., and J.P. Morgan Securities LLC. This agreement facilitates the purchase and sale of the aforementioned Senior Secured Recovery Bonds, which are scheduled to be dated July 28, 2026.
Guidance, Outlook, and Agreements
In connection with the bond issuance, the company expects to enter into several key agreements, which are annexed as exhibits to this report:
- Recovery Property Servicing Agreement
- Recovery Property Purchase and Sale Agreement
- Administration Agreement
- Intercreditor Agreement
The bonds were offered pursuant to a prospectus dated July 2, 2026. The filing does not contain management commentary on future earnings guidance or specific risk factors beyond the standard disclosures associated with the debt instruments.
Investor Verification Checklist
- Verify the final terms and interest rates of the Senior Secured Recovery Bonds, Series 2026-A in the official prospectus dated July 2, 2026.
- Review the Indenture and Series Supplement (Exhibits 4.1 and 4.2) for covenants and repayment schedules.
- Examine the Recovery Property Purchase and Sale Agreement (Exhibit 10.2) to understand the assets securing the debt.
- Confirm the final closing date of the transaction, currently expected to be July 28, 2026.