Southern California Edison Co Series L Pfd美股招股说明书(2025-11-24版)

Southern California Edison CompanySponsor, Depositor and Initial ServicerCentral Index Key Number: 000092103 SCE Recovery Funding LLCIssuing Entity Central Index Key Number: 001826571 Investing in the Senior Secured Recovery Bonds involves risks. Please read “RiskFactors” beginning on page 21 in this prospectus to readabout factors you should consider before buying the bonds. Southern California Edison Company, assponsor, is offering $1,642,716,000 of Senior Secured Recovery Bonds, Series2025-A,referred to herein as therecovery bondsor thebonds, in three tranches to be issued by SCE Recovery Funding LLC, as theissuing entity. Southern California Edison Company is also theseller, initialserviceranddepositorwith regardto the bonds. The bonds are senior secured obligations of the issuing entity supported byrecovery property, which includes the right to a special, irrevocable nonbypassable charge, known asfixed recovery charges, paid by all existing and future consumers (subject to the exceptions described in this prospectus) within SCE’s service territory as it existed as of the date of thefinancing order (as defined below). The Wildfire Financing Law (as defined below) requires that fixed recovery charges be adjusted (or“trued-up”)at least annually, and the California PublicUtilities Commission (theCPUCor theCalifornia commission) has authorized the fixed recovery charges to be adjusted more frequently to ensure the expected recovery of fixed recoverycharge revenues sufficient to timely provide all scheduled payments of principal and interest on the bonds and related financing costs, as described further in this prospectus. Creditenhancement for the bonds will be provided by the“true-upmechanism” as well as by accounts held under the indenture. The bonds will be issued pursuant to Article 5.8 of Chapter 4 of the California Public Utilities Code, as amended (theWildfire Financing Law), and an irrevocablefinancing orderissued by the CPUC on August29, 2025 approving the issuance of the bonds. The CPUC’s obligations under the Wildfire Financing Law and the financing order are irrevocable and pursuantto the Wildfire Financing Law the CPUC shall neither reduce, alter nor impair the value of the recovery property nor the fixed recovery charges authorized under a financing order, except forthetrue-upadjustments to the fixed recovery charges. The bonds represent obligations only of the issuing entity, SCE Recovery Funding LLC, and do not represent obligations of the sponsor or any of its affiliates other than the issuingentity. The bonds are secured by the collateral, consisting principally of the recovery property acquired pursuant to the sale agreement and funds on deposit in the collection account for thebonds and related subaccounts. Please read “Security for the Bonds” in this prospectus. The bonds are not a debt or liability of the State of California, the California Public UtilitiesCommission or any other governmental agency or instrumentality. The bonds are not a charge on the full faith and credit or the taxing power of the State of California or any governmentalagency or instrumentality. Southern California Edison has sponsored, and we have previously issued three series of bonds in the initial aggregate principal amount $1,646,467,000 (herein described and referredto as the “Prior Recovery Bonds”) pursuant to the Wildfire Financing Law. The Prior Recovery Bonds were issued pursuant to separate financing orders and are secured by separate fixedrecovery charges, separate recovery property and separate collateral. Interest will accrue on the bonds from the date of issuance. The bonds are scheduled to pay principal and interest semi-annually on March15 and September15 of each year, beginningon September15, 2026. The first scheduled payment date is September15, 2026. On each payment date, each bond will be entitled to payment of principal, sequentially, but only to the extentfunds are available in the collection account after payment of certain fees and expenses and after payment of interest. NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESESECURITIES OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. Table of Contents TABLE OF CONTENTSABOUT THIS PROSPECTUSCAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATIONPROSPECTUS SUMMARY OF TERMSSUMMARY OF RISK FACTORSRISK FACTORSYou may experience material payment delays or incur a loss on your investment in the bonds because the source of funds for payment islimitedRISKS ASSOCIATED WITH POTENTIAL JUDICIAL, LEGISLATIVE OR REGULATORY ACTIONSWe are not obligated to indemnify you for changes in lawFuture judicial action could reduce the value of your investment in the bondsFuture state legislative action, including a voter initiative, might attempt to reduce the value of your investment in the bondsThe California commission mi