Company: SCE-PL
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000827052-25-000043
Chunk: 20

Company: SOUTHERN CALIFORNIA EDISON Co
Filing Date: 2025-04-29
Form: 10-Q
Item: Part I, Item 8
Chunk 20
---
 following table summarizes the status of the credit facilities at March 31, 2025:(in millions, except for rates)BorrowerTermination DateSecured Overnight Financing Rate ("SOFR") plus (bps)CommitmentOutstanding borrowingsOutstanding letters of creditAmount availableEdison International Parent1, 3May 2028128 $1,500 $— $— $1,500 SCE2, 3May 2028108 3,350 5 2 3,343 Total Edison International$4,850 $5 $2 $4,843 1At March 31, 2025, Edison International Parent did not have outstanding commercial paper.2At March 31, 2025, SCE had $5 million outstanding commercial paper at a weighted-average interest rate of 4.85%.3The credit facilities have an additional one-year extension option. The aggregate maximum principal amount under the SCE and Edison International Parent revolving credit facilities may be increased up to $4.0 billion and $2.0 billion, respectively, provided that additional lender commitments are obtained.Uncommitted Letters of CreditSCE entered into agreements with certain lenders for bilateral unsecured standby letters of credit ("SBLC") with a total capacity of $675 million that is uncommitted and supported by reimbursement agreements. The SBLCs are not subject to any collateral or security requirements. At March 31, 2025, SCE had $128 million outstanding under these agreements, which expire between June 2025 and April 2026. The unused capacity under these agreements was $547 million.

Note 6.  Derivative InstrumentsDerivative financial instruments are used to manage exposure to commodity price risk resulting from SCE's electricity and natural gas procurement activities. The risks of fluctuating commodity prices are managed in part by entering into forward commodity transactions, including options, swaps, and futures. To mitigate credit risk from counterparties in the event of nonperformance, master netting agreements are used whenever possible, and counterparties may be required to pledge collateral depending on the creditworthiness of each counterparty and the risk associated with the transaction.Certain power and gas contracts contain a provision that requires SCE to maintain an investment grade rating from the major credit rating agencies, referred to as a credit-risk-related contingent feature. If SCE's credit rating were to fall below investment grade, SCE may be required to post additional collateral to cover derivative liabilities and the related 

36

outstanding payables. The