Details for: 4416-E (Part 1 of 1).pdf


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February 17, 2021
Advice 4416-E
(Southern California Edison Company ID U338E)
Public Utilities Commission of the State of California
Subject:

Issuance Advice Filing for Recovery Bonds

Pursuant to California Public Utilities Commission (CPUC) Decision (D.) 20-11-007 (Decision),
Southern California Edison Company (SCE) hereby transmits for filing, on the pricing date of this
series of Recovery Bonds, the initial Fixed Recovery Charges for the series. This Issuance Advice
Filing is for the Senior Secured Recovery Bonds Series 2021-A, Tranche(s) A-1, A-2 and A-3
(Recovery Bonds).

This filing establishes initial Fixed Recovery Charges for rate schedules for Consumers. This filing
also establishes the Recovery Property to be sold to the Recovery Property Owner (Special Purpose
Entity or SPE), including the Billing Commencement Date. Finally, this filing sets forth the final
terms of the Recovery Bonds, including a final estimate of Upfront Financing Costs and estimated
Ongoing Financing Costs for the 12-month period following the Closing Date.
Background:
In the Decision, the Commission authorized SCE to submit Issuance Advice Letters when final
terms and pricing for Recovery Bonds have been established. Issuance Advice Letter filings are
those in which SCE uses the cost allocation and rate design methodology and Fixed Recovery
Charge cash flow formula (the “adjustment mechanism”) found reasonable by the Commission in
the Decision to establish initial Fixed Recovery Charges for a series of Recovery Bonds. Using
this methodology and formula approved by the Commission in the Decision, this filing establishes
the initial Fixed Recovery Charges.
Issuance Information:
The Decision requires SCE to provide the following information.
Recovery Bond Name:
Senior Secured Recovery Bonds, Series 2021-A
Recovery Property Owner (SPE):
SCE Recovery Funding LLC
Bond Trustee(s):
The Bank of New York Mellon Trust Company, N.A.
Closing Date:
2/24/2021
Bond Rating(s):
AAA(sf) (S&P)/Aaa (sf) (Moody’s)/ AAA sf (Fitch)

101666419.11





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February 17, 2021 Page 2 Principal Amount Issued (Authorized Amount): $337,783,000 (See Table 1 below) Upfront Financing Costs: Upfront Financing Costs as a Percent of Principal Amount Issued: Coupon Rate(s): Call Features: Expected Principal Amortization Schedule: Scheduled Final Payment Date(s): Legal Maturity Date(s): Payment Dates (semi-annually): Annual Servicing Fee as a percent of the issuance amount: Annual Administration Fee: Overcollateralization amount for the series, if any: $5,960,504 (See Table 2 below) 1.76% See Exhibit 1 None See Exhibit 1 See Exhibit 1 See Exhibit 1 May 15 and November 15 0.05% $75,000 Not applicable FRC Annual Adjustment Date: Semi-Annual Adjustment Dates: January 1 Not Applicable Billing Commencement Date: First Payment Period: Second Payment Period: June 1, 2021 February 24 through and including November 15, 2021 November 16, 2021 through and including May 15, 2022 Authorized Amount: The following table sets for the computation of the final Authorized Amount (i.e., the principal amount of the Recovery Bonds). Table 1: Authorized Amount Initial AB 1054 CapEx Amount: Estimated Pre-Securitization Debt Financing Costs of Initial AB 1054 CapEx (See Exhibit 4) Upfront Financing Costs (See Table 2 below) Total Authorized Amount (rounded to nearest $1,000) $326,981,000 $4,840,926 $5,960,504 $337,783,000
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February 17, 2021 Page 3 Upfront Financing Costs: The following table includes actual or estimated (as noted) Upfront Financing Costs to be incurred in connection with the issuance of the Recovery Bonds: Table 2: Upfront Financing Costs Underwriters’ Fees and Expenses Legal Fees and Expenses (estimated) Rating Agency Fees Accounting Fees and Expenses Company’s Advisory Fee Servicer Set-up Costs (estimated) SEC Registration Fees Section 1904 Fees Printing / EDGARizing Expenses (estimated) Trustee / Trustee Counsel Fee and Expenses (estimated) Original Issue Discount Commission’s Costs and Expenses (estimated) Miscellaneous (estimated) $1,351,132 $2,200,000 $630,000 $80,000 $300,000 $500,000 $37,094 $174,892 $155,000 $28,500 $8,887 $420,000 $75,000 Total $5,960,504 Changes to the Fixed Recovery Charges will be requested through the filing of Routine True-Up Mechanism Advice Letter and Non-Routine True-Up Mechanism Advice Letters in accordance with the Decision. Annually before each FRC Annual Adjustment Date and more often as deemed necessary by the servicer the servicer will submit Routine True-Up Mechanism Advice Letter in the form of Attachment 3 to the Financing Order to ensure that Fixed Recovery Charges collections be sufficient to make all scheduled payments of bond principal, interest, and other Ongoing Financing Costs on a timely basis during each of the two payment periods. The first payment period means the period commencing on the Closing Date and ending (and including) the first Payment Date following the Closing Date (the “First Payment Period”); the second payment period means the period commencing on the day following the first Payment Date and ending (and including) the next Payment Date (the “Second Payment Period”). The servicer may also submit Allocation Factor Non-Routine True-Up Mechanism Advice Letter in the form of Attachment 4 to the Financing Order after any base rate proceeding changing the allocation factors. The servicer may also submit Non-Routine True-Up Mechanism Advice Letters in the form of Attachment 5 to the Financing Order.
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February 17, 2021 Page 4 TABLE 3: Estimated Ongoing Financing Costs First Payment Period(2) Servicing Fee (SCE as Servicer) (0.05% of the initial Recovery Bond principal amount) (1) Administration Fee(1) Second Payment Period $115,878 $84,446 $51,458 $37,500 Accounting Fees and Expenses $54,889 $40,000 Legal Fees and Expenses $24,014 $17,500 Rating Agency Surveillance Fees $42,882 $31,250 Trustee Fees and Expenses $3,431 $2,500 Independent Director Fees $1,715 $1,250 Printing / EDGARizing Expenses $6,861 $5,000 $23,329 $17,001 $6,861 $5,000 $331,318 $241,447 Return on Equity (3) Miscellaneous Fees and Expenses TOTAL ONGOING FINANCING COSTS (with SCE as Servicer) Recovery Charges: Table 4 below shows the inputs and current assumptions for each of the variables used in calculating the Fixed Recovery Charges: (1) SCE will periodically credit back to customers through the BRRBA all periodic servicing and administration fees in excess of SCE’s incremental cost of performing the servicer and administration functions until the next general rate case (GRC) when costs and revenues associated with the servicing fees will be included in the cost of service. In each base rate case, SCE will include a revenue credit of the administration and servicing fees that SCE collects as the servicer/administrator of the Recovery Bonds (to the extent not previously credited back through the BRRBA). In the base rate case, SCE will also request revenue for all costs of providing servicing and administration services. The failure on the part of SCE to provide any such credit to ratepayers will no way affect the Recovery Property, the Fixed Recovery Charge or the rights of SCE, the Trustee and the Recovery Bondholders under the Financing Order, but may be addressed by the Commission through other proceedings. (2) Represents payments for approximately 8 months. (3) Assumes a weighted average interest cost of 2.013%.
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February 17, 2021 Page 5 TABLE 4: Input Values For Fixed Recovery Charges Allocation Factors for each Customer Class (see Exhibit 3) Projected MWh sales for each Customer Class for payment period (See Exhibit 3) Percent of Consumers’ revenue written off Average Days Sales Outstanding Ongoing Financing Costs for the applicable payment period (See Table 3 above) Recovery Bond Principal Recovery Bond Interest Periodic Payment Requirement (See Exhibit 2) First Payment Period (See Exhibit 3) (See Exhibit 3) 0.135% 22.29 $331,318 $5,209,292 $4,087,776 $9,628,386 Second Payment Period (See Exhibit 3) (See Exhibit 3) 0.135% 22.29 $241,447 $6,590,210 $2,796,730 $9,628,386 Table 5 shows the initial Fixed Recovery Charges for each FRC Consumer Class: TABLE 5: Fixed Recovery Charges Rate Group Residential Domestic Residential Domestic Res/Dom Income Qualified Small C&I (<20kW) Traffic Control Medium C&I (20 kW – 200 kW) Medium C&I (200 kW – 500 kW) Large C&I (Sec) includes standby customers Large C&I (Pri) includes standby customers Large C&I (Sub) includes standby customers Small AG& Pump (< 200 kw) Large Ag& Pump (≥ 200 kw) Street/Area Lighting Fixed Recovery Charges Non-CARE FERA CARE GS-1 TC-1 GS-2 GS-3 TOU-8-Sec TOU-8-Pri TOU-8-Sub AG&P < 200 KW AG&P >= 200 KW Street Light ¢/kWh 0.053 0.000 0.000 0.040 0.070 0.040 0.034 0.030 0.027 0.012 0.037 0.025 0.008 Recovery Property: Recovery Property is the property described in Public Utilities Code Section 850(b)(11) relating to the Fixed Recovery Charges set forth herein, including, without limitation, all of the following: (1) The right, title and interest in and to the Fixed Recovery Charges set forth herein, as adjusted from time to time. (2) The right to be paid the principal amount of the Recovery Bonds, together with interest thereon as the same become due as shown on Exhibit 2, together with all Ongoing Financing Costs as the same become due. (3) The right, title and interest in and to all revenues, collections, claims, payments, money, or proceeds of or arising from the Fixed Recovery Charges, as set forth herein.
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February 17, 2021 Page 6 (4) All rights to obtain adjustments to the Fixed Recovery Charges under the True-Up Mechanism. These Fixed Recovery Charges, as adjusted from time to time, shall remain in place until the total amounts in Exhibit 2 are paid in full to the owner of the Recovery Property, or its assignee(s). Proposed Tariff Changes: SCE will submit all tariff sheets reflecting the revised Fixed Recovery Charges shown in Table 5 in the consolidated revenue requirement and rate change advice letter for rates effective on June 1, 2021. Effective Date: In accordance with the Decision, unless before noon on the fourth business day after pricing the Commission issues an order finding that the proposed Recovery Bond issuance does not comply with the Financing Order, the Issuance Advice Letter and the Fixed Recovery Charges established by this Issuance Advice Letter will be effective automatically at noon on the fourth business day after pricing, and pursuant to Section 850.1(h), the Recovery Property established by the Financing Order, will come into being simultaneously with the sale of the Recovery Property to the SPE. The Fixed Recovery Charges will continue to be effective, unless they are changed by a subsequent True-Up Mechanism Advice Letter. All of the Recovery Property identified herein constitutes a current property right and will continuously exist as property for all purposes. Further all Upfront Financing Costs and Ongoing Financing Costs shall be recoverable as provided in the Financing Order. Description of Exhibits: Exhibit 1 presents the debt service schedule for the Recovery Bonds, including expected principal amortization, scheduled final payment dates and legal maturity dates, interest rates, and aggregate scheduled debt service per payment date. Exhibit 2 presents the Periodic Payment Requirements related to the Recovery Bonds for the two payment periods following the Closing Date. Exhibit 3 presents the Fixed Recovery Charges calculations. Exhibit 4 presents the calculation of Pre-Securitization Debt Financing Costs. Notice: In accordance with General Order 96-B, Section 4.4, a copy of this advice letter is being sent electronically and via U.S. mail to parties shown on the attached list. Address changes should be directed to Kavita Srinivasan at Kavita.srinivasan@sce.com. Advice letter filings can also be accessed electronically at: https://www.sce.com/regulatory/advice-letters Attachments cc: Service List for A. 20-07-008
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Exhibit 1 Recovery Bond Terms and Debt Service Schedule Tranche A-1 A-2 A-3 Expected Weighted Average Life 5.68 14.00 20.16 Principal Amount Offered 137,783,000 100,000,000 100,000,000 337,783,000 Scheduled Final Payment Date 11/15/2031 5/15/2038 11/15/2043 Final Maturity Date 11/15/2033 5/15/2040 11/15/2045 Interest Total Payment Tranche A-1 Payment Date 2/24/2021 11/15/2021 5/15/2022 11/15/2022 5/15/2023 11/15/2023 5/15/2024 11/15/2024 5/15/2025 11/15/2025 5/15/2026 11/15/2026 5/15/2027 11/15/2027 5/15/2028 11/15/2028 5/15/2029 11/15/2029 5/15/2030 11/15/2030 5/15/2031 11/15/2031 Principal Balance 137,783,000 132,573,708 125,983,498 119,364,917 112,717,843 106,042,153 99,337,725 92,604,434 85,842,156 79,050,767 72,230,141 65,380,152 58,500,674 51,591,580 44,652,742 37,684,032 30,685,322 23,656,482 16,597,383 9,507,895 2,387,887 0 Principal 5,209,292 6,590,210 6,618,581 6,647,074 6,675,690 6,704,428 6,733,291 6,762,278 6,791,389 6,820,626 6,849,989 6,879,478 6,909,094 6,938,838 6,968,710 6,998,710 7,028,840 7,059,099 7,089,488 7,120,008 2,387,887 860,076 570,730 542,359 513,866 485,250 456,511 427,649 398,662 369,550 340,314 310,951 281,462 251,845 222,102 192,230 162,230 132,100 101,841 71,452 40,931 10,280 6,069,368 7,160,940 7,160,940 7,160,940 7,160,940 7,160,939 7,160,940 7,160,940 7,160,939 7,160,940 7,160,940 7,160,940 7,160,939 7,160,940 7,160,940 7,160,940 7,160,940 7,160,940 7,160,940 7,160,939 2,398,167 Interest Rate 0.861% 1.942% 2.510%
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Payment Date 2/24/2021 11/15/2021 5/15/2022 11/15/2022 5/15/2023 11/15/2023 5/15/2024 11/15/2024 5/15/2025 11/15/2025 5/15/2026 11/15/2026 5/15/2027 11/15/2027 5/15/2028 11/15/2028 5/15/2029 11/15/2029 5/15/2030 11/15/2030 5/15/2031 11/15/2031 5/15/2032 11/15/2032 5/15/2033 11/15/2033 5/15/2034 11/15/2034 5/15/2035 11/15/2035 5/15/2036 11/15/2036 5/15/2037 11/15/2037 5/15/2038 Tranche A-2 Principal Balance Principal 100,000,000 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 95,237,227 4,762,773 88,030,041 7,207,186 80,752,873 7,277,168 73,405,044 7,347,829 65,985,867 7,419,177 58,494,650 7,491,217 50,930,693 7,563,957 43,293,290 7,637,403 35,581,728 7,711,562 27,795,287 7,786,441 19,933,239 7,862,048 11,994,851 7,938,388 3,979,381 8,015,470 0.00 3,979,381 Interest 1,407,950 971,000 971,000 971,000 971,000 971,000 971,000 971,000 971,000 971,000 971,000 971,000 971,000 971,000 971,000 971,000 971,000 971,000 971,000 971,000 971,000 924,753 854,772 784,110 712,763 640,723 567,983 494,537 420,378 345,499 269,892 193,552 116,470 38,640 Total Payment 1,407,950 971,000 971,000 971,000 971,000 971,000 971,000 971,000 971,000 971,000 971,000 971,000 971,000 971,000 971,000 971,000 971,000 971,000 971,000 971,000 5,733,773 8,131,939 8,131,940 8,131,939 8,131,940 8,131,940 8,131,940 8,131,940 8,131,940 8,131,940 8,131,940 8,131,940 8,131,940 4,018,021
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Payment Date 2/24/2021 11/15/2021 5/15/2022 11/15/2022 5/15/2023 11/15/2023 5/15/2024 11/15/2024 5/15/2025 11/15/2025 5/15/2026 11/15/2026 5/15/2027 11/15/2027 5/15/2028 11/15/2028 5/15/2029 11/15/2029 5/15/2030 11/15/2030 5/15/2031 11/15/2031 5/15/2032 11/15/2032 5/15/2033 11/15/2033 5/15/2034 11/15/2034 5/15/2035 11/15/2035 5/15/2036 11/15/2036 5/15/2037 11/15/2037 5/15/2038 11/15/2038 5/15/2039 11/15/2039 5/15/2040 11/15/2040 5/15/2041 11/15/2041 Tranche A-3 Principal Balance Principal 100,000,000 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 95,886,081 4,113,919 87,702,511 8,183,570 79,416,238 8,286,273 71,025,972 8,390,266 62,530,408 8,495,564 53,928,225 8,602,183 45,218,084 8,710,141 36,398,631 8,819,453 Interest 1,819,750 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,203,370 1,100,667 996,674 891,376 784,757 676,799 567,487 Total Payment 1,819,750 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 1,255,000 5,368,919 9,386,940 9,386,940 9,386,940 9,386,940 9,386,940 9,386,940 9,386,940
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5/15/2042 11/15/2042 5/15/2043 11/15/2043 27,468,494 18,426,284 9,270,594 0 8,930,137 9,042,210 9,155,690 9,270,594 456,803 344,730 231,250 116,346 9,386,940 9,386,940 9,386,940 9,386,940
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Payment Date 2/24/2021 11/15/2021 5/15/2022 11/15/2022 5/15/2023 11/15/2023 5/15/2024 11/15/2024 5/15/2025 11/15/2025 5/15/2026 11/15/2026 5/15/2027 11/15/2027 5/15/2028 11/15/2028 5/15/2029 11/15/2029 5/15/2030 11/15/2030 5/15/2031 11/15/2031 5/15/2032 11/15/2032 5/15/2033 11/15/2033 5/15/2034 11/15/2034 5/15/2035 11/15/2035 5/15/2036 11/15/2036 5/15/2037 11/15/2037 5/15/2038 11/15/2038 5/15/2039 11/15/2039 5/15/2040 11/15/2040 5/15/2041 Total Debt Service Principal Balance Principal 337,783,000 332,573,708 5,209,292 325,983,498 6,590,210 319,364,917 6,618,581 312,717,843 6,647,074 306,042,153 6,675,690 299,337,725 6,704,428 292,604,434 6,733,291 285,842,156 6,762,278 279,050,767 6,791,389 272,230,141 6,820,626 265,380,152 6,849,989 258,500,674 6,879,478 251,591,580 6,909,094 244,652,742 6,938,838 237,684,032 6,968,710 230,685,322 6,998,710 223,656,482 7,028,840 216,597,383 7,059,099 209,507,895 7,089,488 202,387,887 7,120,008 195,237,227 7,150,660 188,030,041 7,207,186 180,752,873 7,277,168 173,405,044 7,347,829 165,985,867 7,419,177 158,494,650 7,491,217 150,930,693 7,563,957 143,293,290 7,637,403 135,581,728 7,711,562 127,795,287 7,786,441 119,933,239 7,862,048 111,994,851 7,938,388 103,979,381 8,015,470 95,886,081 8,093,300 87,702,511 8,183,570 79,416,238 8,286,273 71,025,972 8,390,266 62,530,408 8,495,564 53,928,225 8,602,183 45,218,084 8,710,141 Interest 4,087,776 2,796,730 2,768,359 2,739,866 2,711,250 2,682,511 2,653,649 2,624,662 2,595,550 2,566,314 2,536,951 2,507,462 2,477,845 2,448,102 2,418,230 2,388,230 2,358,100 2,327,841 2,297,452 2,266,931 2,236,280 2,179,753 2,109,772 2,039,110 1,967,763 1,895,723 1,822,983 1,749,537 1,675,378 1,600,499 1,524,892 1,448,552 1,371,470 1,293,640 1,203,370 1,100,667 996,674 891,376 784,757 676,799 Total Payment 9,297,068 9,386,940 9,386,940 9,386,940 9,386,940 9,386,939 9,386,940 9,386,940 9,386,939 9,386,940 9,386,940 9,386,940 9,386,939 9,386,940 9,386,940 9,386,940 9,386,940 9,386,940 9,386,940 9,386,939 9,386,940 9,386,939 9,386,940 9,386,939 9,386,940 9,386,940 9,386,940 9,386,940 9,386,940 9,386,940 9,386,940 9,386,940 9,386,940 9,386,940 9,386,940 9,386,940 9,386,940 9,386,940 9,386,940 9,386,940
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11/15/2041 5/15/2042 11/15/2042 5/15/2043 11/15/2043 36,398,631 27,468,494 18,426,284 9,270,594 0 8,819,453 8,930,137 9,042,210 9,155,690 9,270,594 567,487 456,803 344,730 231,250 116,346 9,386,940 9,386,940 9,386,940 9,386,940 9,386,940
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Exhibit 2 Periodic Payment Requirements The total amount payable to the owner of the Recovery Property, or its assignee(s), pursuant to this issuance advice letter is a $337,783,000 principal amount, plus interest on such principal amount, plus Ongoing Financing Costs, to be obtained from Fixed Recovery Charges calculated in accordance with the Decision. The Fixed Recovery Charges shall be adjusted from time to time, at least annually, via the Routine True-Up Mechanism Advice Letter and Non-Routine True-Up Mechanism Advice Letter in accordance with the Decision. The following amounts are scheduled to be paid by the Bond Trustee from Fixed Recovery Charges it has received during the two Payment Periods following the Closing Date. These payment amounts include principal plus interest and plus other Ongoing Financing Costs. Payment Period Recovery Bond Payments (See Exhibit 1) Ongoing Financing Costs (See Table 3) Periodic Payment Requirement First Payment Period $9,297,068 $331,318 $9,628,386 Second Payment Period $9,386,940 $241,447 $9,628,386
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Exhibit 3 Fixed Recovery Charges Calculations Period 1 Forecasted Billing Determinants (MWh) Period 2 Forecasted Billing Determinants (MWh) Period 1 Fixed Recovery Charge (c/kWh) Period 2 Fixed Recovery Charge (c/kWh) Periodic Billing Requirement ($) Billing Requirement per Rate Group ($) 39.07% 9,628,386 3,761,990 7,118,814 8,341,327 0.053 0.046 0.053 Res-CARE 0.00% 9,628,386 0 3,936,844 4,228,115 0.000 0.000 0.000 GS-1 8.60% 9,628,386 828,033 2,106,434 2,602,786 0.040 0.032 0.040 TC-1 0.14% 9,628,386 13,320 19,296 28,492 0.070 0.047 0.070 GS-2 19.93% 9,628,386 1,918,745 4,880,887 5,721,942 0.040 0.034 0.040 TOU-GS-3 9.23% 9,628,386 888,564 2,621,068 3,232,451 0.034 0.028 0.034 TOU-8-S 8.86% 9,628,386 853,065 2,854,166 3,572,385 0.030 0.024 0.030 TOU-8-P 5.27% 9,628,386 507,176 1,908,632 2,428,709 0.027 0.022 0.027 TOU-8-T 2.62% 9,628,386 252,720 2,199,483 2,870,026 0.012 0.009 0.012 TOU-8-S-S 0.22% 9,628,386 21,531 68,481 87,811 0.030 0.024 0.030 TOU-8-S-P 0.76% 9,628,386 73,067 241,268 296,158 0.027 0.022 0.027 TOU-8-S-T 1.08% 9,628,386 104,360 864,215 1,257,395 0.012 0.009 0.012 TOU-PA-2 2.50% 9,628,386 240,787 861,699 655,208 0.028 0.037 0.037 TOU-PA-3 1.57% 9,628,386 150,937 625,770 618,566 0.025 0.025 0.025 STLT 0.15% 9,628,386 14,092 185,837 281,059 0.008 0.006 0.008 Rate Group Res-D GRC Allocation Factor 100.00% 9,628,386 New Fixed Recovery Charge (c/kWh)
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Exhibit 4 Calculation of Pre-Securitization Debt Financing Costs Pre-Securitization Debt Financing Costs Long-term Cost of Debt From August 1, 2019 to March 10, 2020 Bridge Financing Cost From March 11, 2020 to Closing Date1 TOTAL ESTIMATED PRE-SECURITIZATION DEBT FINANCING COSTS 1 Updated financing costs reflects the interest expense up to the Closing Date. Amount $1,430,458 3,410 468 $4,840,926
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