8-KMaterial AgreementsFinancial EventsExhibits & Filings

CONSOLIDATED EDISON INC 8-K Report, Material Agreement (Jan 8, 2018)

Filed January 8, 2018For Securities:ED

Summary

Consolidated Edison, Inc. (Con Edison) and its subsidiaries have entered into an Extension Agreement to amend their existing Credit Agreement. This agreement, effective January 8, 2018, primarily extends the termination date of a $2.25 billion credit facility. The original termination date was December 7, 2021, and it has now been pushed to December 7, 2022. This extension provides Con Edison and its subsidiaries, Consolidated Edison Company of New York, Inc. and Orange and Rockland Utilities, Inc., with extended access to a significant source of capital. For investors, this indicates continued financial flexibility and operational support, ensuring the company has ample resources for its ongoing operations and potential future investments without needing to renegotiate its primary credit line in the immediate term.

Key Highlights

  • 1Con Edison and its subsidiaries have extended their $2.25 billion Credit Agreement.
  • 2The termination date of the Credit Agreement has been extended from December 7, 2021, to December 7, 2022.
  • 3The Extension Agreement was entered into on January 8, 2018.
  • 4Bank of America, N.A. continues to serve as the Administrative Agent for the credit facility.
  • 5This action provides extended financial flexibility and access to liquidity for the companies.
  • 6The extension enhances the companies' ability to fund operations and future initiatives.

Frequently Asked Questions

The main purpose of this 8-K filing is to announce the entry into an Extension Agreement that amends a material definitive agreement, specifically extending the termination date of Con Edison's $2.25 billion Credit Agreement.

This extension primarily affects the maturity date of the credit facility. It does not create new financial obligations but rather pushes out the maturity of an existing $2.25 billion credit line by one year, providing continued access to these funds.

Extending the credit agreement provides investors with confidence in Con Edison's continued access to capital, which is crucial for funding operations, infrastructure projects, and potential growth opportunities. It demonstrates proactive financial management and reduces short-term refinancing risk.

The subsidiaries included in this Extension Agreement are Consolidated Edison Company of New York, Inc. and Orange and Rockland Utilities, Inc.