Southern California Edison Co Series L Pfd美股招股说明书(2026-07-23版)

SCE Recovery Funding LLCIssuing Entity Central Index Key Number:001826571 (1)Interest on the recovery bonds will accrue from July28, 2026. If the recovery bonds are delivered to a purchaser after July28, 2026, such purchaser will pay accruedinterest from July28, 2026 up to, but not including, the date the recovery bonds are delivered to the purchaser. The total initial price to the public is $1,953,846,836. The total amount of the underwriting discounts and commissions is $7,034,213. The total amount ofproceeds to the issuing entity before deduction of expenses (estimated to be $6,512,583) is $1,946,812,623. The distribution frequency is semi-annually. The firstexpected payment date is June15, 2027. Investing in the Senior Secured Recovery Bonds involves risks. Please read “Risk Factors” beginning on page22 in this prospectus to readabout factors you should consider before buying the bonds. Southern California Edison Company, assponsor, is offering $1,953,948,000 of Senior Secured Recovery Bonds, Series 2026-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 regard to the bonds. The bonds are senior secured obligations of the issuing entity supported byrecovery property, whichincludes the right to a special, irrevocable nonbypassable charge, known asfixed recovery charges, paid by all existing and future consumers (subject to the exceptionsdescribed in this prospectus) within SCE’s service territory as it existed as of the date of the financing order (as defined below). The Wildfire Financing Law (as definedbelow) requires that fixed recovery charges be adjusted (or “trued-up”) at least annually, and the California Public Utilities Commission (theCPUCor theCaliforniacommission) has authorized the fixed recovery charges to be adjusted more frequently to ensure the expected recovery of fixed recovery charge revenues sufficient totimely provide all scheduled payments of principal and interest on the bonds and related financing costs, as described further in this prospectus. Credit enhancement forthe bonds will be provided by the “true-up mechanism” 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 anirrevocablefinancing orderissued by the CPUC on May 23, 2026 approving the issuance of the bonds. The CPUC’s obligations under the Wildfire Financing Law andthe financing order are irrevocable and pursuant to the Wildfire Financing Law the CPUC shall not reduce, alter or impair the value of the recovery property nor the fixedrecovery charges authorized under the financing order, except for the true-up adjustments to the fixed recovery charges. The bonds represent obligations only of the issuing entity and do not represent obligations of the sponsor or any of its affiliates other than the issuing entity. Thebonds are secured by the collateral, consisting principally of the recovery property acquired pursuant to the sale agreement and funds on deposit in the collection accountfor the bonds 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 CPUCor 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 anygovernmental agency or instrumentality. Southern California Edison has sponsored, and we have previously issued four series of bonds in the initial aggregate principal amount of $3,289,183,000 (hereindescribed and referred to as thePrior Recovery Bonds) pursuant to the Wildfire Financing Law. The Prior Recovery Bonds were issued pursuant to separate financingorders and are secured by separate fixed recovery 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 June15 and December15 ofeach year, beginning on June15, 2027. The first scheduled payment date is June15, 2027. On each payment date, each bond will be entitled to payment of principal,sequentially, but only to the extent funds 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 ORDISAPPROVED OF THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TOTHE CONTRARY IS A CRIMINAL OFFENSE. The underwriters expect to deliver the bonds through the book-entry facilities of The Depository Trust Company against payment in immediately available funds Joint Bookrunners Table of Contents TABLE OF CONTENTS ABOUT THIS PR