Summary
Consolidated Edison, Inc. (ED), through its subsidiary Consolidated Edison Company of New York, Inc. (CECONY), announced a significant debt offering on November 27, 2018. The company successfully placed $500 million in 4.00% Debentures, Series 2018 D, and $600 million in 4.65% Debentures, Series 2018 E. This combined offering of $1.1 billion in aggregate principal amount aims to bolster the company's capital structure and support its ongoing operational and infrastructure investments.
Key Highlights
- 1CECONY issued $500 million of 4.00% Debentures, Series 2018 D.
- 2CECONY issued $600 million of 4.65% Debentures, Series 2018 E.
- 3Total aggregate principal amount of debentures issued is $1.1 billion.
- 4The offering was conducted under a Registration Statement on Form S-3, effective August 2, 2018.
- 5The issuance diversifies CECONY's debt maturity profile and provides long-term funding.
Frequently Asked Questions
This 8-K filing announces the completion of a significant debt offering by Consolidated Edison Company of New York, Inc. (CECONY), a subsidiary of Consolidated Edison, Inc. (ED).
CECONY raised $500 million in 4.00% Debentures (Series 2018 D) and $600 million in 4.65% Debentures (Series 2018 E), for a total of $1.1 billion in new debt.
This debt issuance provides Consolidated Edison with substantial capital to fund its ongoing infrastructure projects, meet its capital expenditure needs, and manage its overall debt structure. The fixed interest rates offer certainty regarding future interest expense.
The underwriters were led by Merrill Lynch, Pierce, Fenner & Smith Incorporated, Mizuho Securities USA LLC, MUFG Securities Americas Inc., Scotia Capital (USA) Inc., and Wells Fargo Securities, LLC.