After two closing dates failed to materialize earlier in the week, Edison International, parent to financially ailing Southern California Edison Co., announced Thursday its newly created nonutility financing arm has completed a $1.2 billion debt restructuring that will close Monday. Through a complicated set of transactions within the Edison family of companies, the net proceeds ultimately will be used by Edison International to pay off loans due this year.

Edison Mission Energy, the parent company’s nonutility power plant developer, through its subsidiary, Mission Energy Holding Co., has priced the issuance of $800 million of its 13.50% Senior Secured Notes due in 2008 and has received a commitment for a $385 million senior secured term loan. Both will close Monday. The Rosemead, CA-based parent company said the notes will mature on July 15, 2008; and be secured by the common stock of Edison Mission Energy on a pro rata basis with the term loan. The term loan will mature on July 2, 2006; and be secured by the common stock of Edison Mission Energy on a pro rata basis with the 13.50% Senior Secured Notes due 2008. In addition, the lenders may require Mission Energy Holding to repay $100 million of the term loan on July 2, 2004.

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