Edison Selling Home Security Unit
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Troubled utility owner Edison International said Thursday that it agreed to sell its Edison Select home security subsidiary to a unit of Tyco International Ltd. in a bid to pay down debt maturing this year. Terms were not disclosed.
Rosemead-based Edison, the parent of Southern California Edison, has $1.2 billion of debt to pay down this year, including $618 million due Saturday. On Wednesday, Edison received $1.185 billion in financing from an $800-million junk bond sale and $385-million bank loan by its Mission Energy Holding Co. unit. That leaves Edison $33 million short of paying off the debt.
Edison said it is selling Edison Select, which mainly serves residential customers, to Bermuda-based Tyco’s ADT Security Services Inc. Edison Select had about $154 million in revenue last year, Edison said.
Edison shares rose 44 cents to close at $11.50 on the New York Stock Exchange.
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