8-KMaterial AgreementsFinancial EventsExhibits & Filings

CONSOLIDATED EDISON INC 8-K Report, Material Agreement (Dec 1, 2022)

Filed December 1, 2022For Securities:ED

Summary

Consolidated Edison, Inc. (Con Edison) filed an 8-K on December 1, 2022, reporting an amendment to its 364-Day Senior Unsecured Term Loan Credit Agreement. This amendment, dated November 29, 2022, extends the commitment of the Lender (Barclays Bank PLC) to provide incremental term loans. Specifically, the commitment to offer up to $200 million in additional funding has been extended from November 30, 2022, to January 31, 2023. This extension provides Con Edison with continued access to potential short-term financing flexibility, important for managing liquidity and operational needs. While the actual borrowing is subject to certain conditions, the extension of this credit facility demonstrates ongoing support from a key financial institution. Investors should note that this filing primarily concerns a financing arrangement and does not disclose material changes in operational performance or strategic direction.

Key Highlights

  • 1Con Edison amended its 364-Day Senior Unsecured Term Loan Credit Agreement.
  • 2The amendment extends the lender's commitment for incremental term loans.
  • 3The maximum aggregate amount for these incremental loans remains up to $200 million.
  • 4The commitment period is extended from November 30, 2022, to January 31, 2023.
  • 5Barclays Bank PLC is the Lender and Administrative Agent for this credit facility.
  • 6The amendment provides Con Edison with continued short-term financing flexibility.
  • 7This filing relates to a material definitive agreement and a direct financial obligation.

Frequently Asked Questions

The main purpose of this 8-K filing is to report an amendment to Con Edison's existing credit agreement, specifically extending the availability of a $200 million incremental term loan facility provided by Barclays Bank PLC.

This amendment primarily enhances Con Edison's short-term liquidity and financial flexibility by extending the availability of up to $200 million in potential funding. It does not represent an immediate borrowing but provides access to capital if needed within the specified timeframe.

No, this amendment does not represent the immediate taking on of new debt. It extends the commitment period for a pre-existing credit facility, allowing Con Edison the option to draw on incremental term loans up to $200 million under specified conditions by January 31, 2023.

Barclays Bank PLC is the Lender and Administrative Agent for this 364-Day Senior Unsecured Term Loan Credit Agreement and its amendment.