Amidst a growing boom in rate payer securitizations, Southern California Edison, the electric utility whose rate payer catchment zone is in the state’s center coastal region, is readying a $1B new securitization.
The deal is the second securitized transaction floated under recent state legislation authorizing a flurry of utility securitizations. So Cal Edison is going to use the funds pay for already incurred wildfire and COVID costs, according investment bank Saber Partners, which has been retained by So Cal Edison to advise on the transaction.
Saber, which specializes in utility securitizations, says there could be as much as $12B of California rate payer bonds floated in the near future.
Saber, along with founder and CEO Joe Fichera, has been retained to advise at all stages of the transaction, including pricing.
Fichera has been vocal about ensuring that consumers are adequately consulted when rate payer securitizations are being structured, not the least of which is to avoid litigation blowback.
