Published on 2/21/2023 in the Prospect News Investment Grade Daily.
New Issue: Consolidated Edison sells $500 million 5.2% debentures due 2033 at 125 bps spread
By Wendy Van Sickle
Columbus, Ohio, Feb. 21 – Consolidated Edison Co. of New York, Inc. priced $500 million of 5.2% 10-year debentures (Baa1/A-/A-) on Tuesday at a spread of 125 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The issue was sold at 99.952 to yield 5.206%.
CIBC World Markets Corp., Scotia Capital (USA) Inc., J.P. Morgan Securities LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC were the bookrunners.
Proceeds will be used for general corporate purposes, including repayment of short-term debt bearing interest at variable rates. As of Jan. 31, the weighted average interest rate for the company’s outstanding commercial paper was 4.72%.
Consolidated Edison is a New York-based holding company for Consolidated Edison of New York, Inc.
| Issuer: | Consolidated Edison Co. of New York, Inc.
|
| Amount: | $500 million
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| Issue: | Debentures, series 2023 A
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| Maturity: | March 1, 2033
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| Bookrunners: | CIBC World Markets Corp., Scotia Capital (USA) Inc., J.P. Morgan Securities LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC
|
| Co-managers: | Loop Capital Markets LLC and Samuel A. Ramirez & Co., Inc.
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| Trustee: | Bank of New York Mellon
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| Counsel to issuer: | In-house counsel and Shearman & Sterling LLP
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| Counsel to underwriters: | Hunton Andrews Kurth LLP
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| Coupon: | 5.2%
|
| Price: | 99.952
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| Yield: | 5.206%
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| Spread: | Treasuries plus 125 bps
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| Call feature: | Make-whole call at Treasuries plus 20 bps until Dec. 1, 2032; thereafter at par
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| Trade date: | Feb. 21
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| Settlement date: | Feb. 23
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| Ratings: | Moody’s: Baa1
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| S&P: A-
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| Fitch: A-
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| Distribution: | SEC registered
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| Cusip: | 209111GE7
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