8-KOther EventsExhibits & Filings

CONSOLIDATED EDISON INC 8-K Report, Corporate Update (Nov 16, 2016)

Filed November 16, 2016For Securities:ED

Summary

This Form 8-K filing by Consolidated Edison, Inc. (ED) on November 16, 2016, primarily details a significant debt issuance by its subsidiary, Consolidated Edison Company of New York, Inc. (CECONY). On November 10, 2016, CECONY entered into an underwriting agreement to sell a total of $750 million in aggregate principal amount of debentures, comprising $250 million of 2.90% Series 2016 B Debentures and $500 million of 4.30% Series 2016 C Debentures. This issuance represents a strategic move to raise capital, likely to fund ongoing operations, infrastructure investments, and potentially refinance existing debt. Investors should note the maturity dates and interest rates associated with these new debentures as they represent future financial obligations and interest expenses for CECONY, which ultimately impact Consolidated Edison, Inc.'s overall financial health and profitability. The filing also includes the underwriting agreement and forms of the debentures as exhibits.

Key Highlights

  • 1Consolidated Edison Company of New York, Inc. (CECONY), a subsidiary of ED, issued $750 million in aggregate principal amount of debentures.
  • 2The issuance includes $250 million of 2.90% Series 2016 B Debentures.
  • 3The issuance also includes $500 million of 4.30% Series 2016 C Debentures.
  • 4The debentures were issued under an underwriting agreement dated November 10, 2016.
  • 5The debt issuance was registered under the Securities Act of 1933, previously effective on August 6, 2015.
  • 6This filing serves as an 'Other Events' disclosure (Item 8.01) and includes relevant exhibits such as the underwriting agreement and forms of the debentures.

Frequently Asked Questions

CECONY issued a total of $750 million in aggregate principal amount of debentures.

The issuance consists of $250 million aggregate principal amount of 2.90% Series 2016 B Debentures and $500 million aggregate principal amount of 4.30% Series 2016 C Debentures.

While the 8-K filing does not explicitly state the purpose, debt issuances of this nature by utility companies are typically done to raise capital for operational needs, capital expenditures, infrastructure upgrades, or to refinance existing debt. Investors should consult other SEC filings or company announcements for more specific details on the use of proceeds.

The debentures were registered under the Securities Act of 1933 with a Registration Statement effective August 6, 2015. The underwriting agreement for this specific issuance was entered into on November 10, 2016.