April 27, 2023
Hunton Andrews Kurth LLP acted as counsel to the structuring advisor and underwriters on an SEC-registered offering of $775 million aggregate principal amount of Senior Secured Recovery Bonds, Series 2023-A (the Bonds) by SCE Recovery Funding LLC, as “Issuing Entity”, a special purpose entity, wholly-owned by Southern California Edison Company (SCE), as sponsor and depositor. The Bonds received a sustainable bond designation and were sold pursuant to a financing order issued by the California Public Utilities Commission. The Bond proceeds will be used to purchase recovery property from SCE. In accordance with the financing order, SCE will use the proceeds to reimburse itself for previously incurred recovery costs, which are expenditures related to minimizing the impacts on SCE’s customers that result from elevated wildfire risk and its impact on SCE’s service areas and the areas in which it operates through adaptive measures.
The Hunton Andrews Kurth team included Michael F. Fitzpatrick, Adam O’Brian, Patrick Jamieson, Michelle G. Chan, and Matthew A. Hayes. Jason Harbour assisted with certain bankruptcy advice, Shawn Regan and Kate Perkins assisted with certain constitutional law matters, Leslie A. Okinaka provided ERISA advice and George Howell and Anna Page provided tax advice.