Published on 3/26/2020 in the Prospect News Green Finance Daily and Prospect News Investment Grade Daily.
New Issue: ConEd of New York sells $1.6 billion of green debentures in two parts
By Cristal Cody
Tupelo, Miss., March 26 – Consolidated Edison Co. of New York, Inc. sold $1.6 billion of green debentures (Baa1/A-/A-) in two tranches on Thursday, according to a market source and an FWP filing with the Securities and Exchange Commission.
A $600 million tranche of 3.35% 10-year bonds priced at 99.772 to yield 3.377%, or a Treasuries plus 255 basis points spread.
The company sold $1 billion of 3.95% 30-year debentures at 99.338 to yield 3.988%, or a Treasuries plus 255 bps spread.
The 10- and 30-year bonds were both talked to price at the 312.5 bps over Treasuries area.
Barclays, BofA Securities Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Citigroup Global Markets Inc., KeyBanc Capital Markets Inc., MUFG, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc. and U.S. Bancorp Investments, Inc. were the bookrunners.
Proceeds will be used for eligible green expenditures.
The electric utility is a subsidiary of New York City-based Consolidated Edison, Inc.
| Issuer: | Consolidated Edison Co. of New York, Inc.
|
| Amount: | $1.6 billion
|
| Securities: | Green debentures
|
| Bookrunners: | Barclays, BofA Securities Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Citigroup Global Markets Inc., KeyBanc Capital Markets Inc., MUFG, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc. and U.S. Bancorp Investments, Inc.
|
| Co-managers: | PNC Capital Markets LLC, TD Securities (USA) LLC and Loop Capital Markets LLC
|
| Trade date: | March 26
|
| Settlement date: | March 31
|
| Ratings: | Moody’s: Baa1
|
| S&P: A-
|
| Fitch: A-
|
| Distribution: | SEC registered
|
|
|
| 10-year bonds
|
| Amount: | $600 million
|
| Maturity: | April 1, 2030
|
| Coupon: | 3.35%
|
| Price: | 99.772
|
| Yield: | 3.377%
|
| Spread: | Treasuries plus 255 bps
|
| Call features: | Make-whole call before Jan. 1, 2030 at Treasuries plus 40 bps; thereafter at par
|
| Price guidance: | Treasuries plus 312.5 bps area
|
|
|
| 30-year bonds
|
| Amount: | $1 billion
|
| Maturity: | April 1, 2050
|
| Coupon: | 3.95%
|
| Price: | 99.338
|
| Yield: | 3.988%
|
| Spread: | Treasuries plus 255 bps
|
| Call features: | Make-whole call before Oct. 1, 2049 at Treasuries plus 40 bps; thereafter at par
|
| Price guidance: | Treasuries plus 312.5 bps area
|
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