New Issue: Consolidated Edison of New York sells $1 billion of debentures in two tranches

By Aleesia Forni

Virginia Beach, Nov. 19 – Consolidated Edison Co. of New York, Inc. sold $1 billion of debentures (A2/A-/A-) in two tranches, according to a market source and two FWP filings with the Securities and Exchange Commission.

The sale included $250 million of 3.3% series 2014B debentures due 2024 at Treasuries plus 98 basis points. Pricing was at 99.653 to yield 3.341%.

A second tranche was $750 million of 4.625% notes due 2054 sold at 99.745 to yield 4.639%, or Treasuries plus 155 bps.

Both tranches sold at the tight end of talk.

J.P. Morgan Securities LLC, RBS Securities Inc., BNY Mellon Capital Markets LLC, Citigroup Global Markets Inc., KeyBanc Capital Markets LLC, MUFG and Mizuho Securities (USA) Inc. were the bookrunners.

Proceeds will be used for general corporate purposes, including repaying short-term variable-rate debt.

The electric utility is a subsidiary of New York City-based Consolidated Edison, Inc.

Issuer:	Consolidated Edison Co. of New York, Inc.
Issue:	Debentures
Amount:	$1 billion
Bookrunners:	J.P. Morgan Securities LLC, RBS Securities Inc., BNY Mellon Capital Markets LLC, Citigroup Global Markets Inc., KeyBanc Capital Markets LLC, MUFG, Mizuho Securities (USA) Inc.
Co-managers:	CIBC World Markets Corp., TD Securities (USA) Inc., U.S. Bancorp Investments Inc., Ramirez & Co, Inc., Williams Capital Group LP
Trade date:	Nov. 19
Settlement date:	Nov. 24
Ratings:	Moody’s: A2
	Standard & Poor’s: A-
	Fitch: A-
Distribution:	SEC registered
10-year notes
Amount:	$250 million
Maturity:	Dec. 1, 2024
Coupon:	3.3%
Price:	99.653
Yield:	3.341%
Spread:	Treasuries plus 98 bps
Price talk:	Treasuries plus 100 bps area, tightened from Treasuries plus 115 bps
Make-whole call:	Treasuries plus 15 bps prior to Sept. 1, 2024, then callable at par
40-year bonds
Amount:	$750 million
Maturity:	Dec. 1, 2054
Coupon:	4.625%
Price:	99.745
Yield:	4.639%
Spread:	Treasuries plus 155 bps
Price talk:	Treasuries plus 155 bps to 160 bps, tightened from Treasuries plus 170 bps
Make-whole call:	Treasuries plus 25 bps prior to June 1, 2054, then callable at par

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