Consolidated Edison of New York signs $500 million 364-day revolver

By Mary-Katherine Stinson

Lexington, Ky., March 28 – Consolidated Edison Co. of New York, Inc. on March 25 entered into a 364-day revolving credit agreement to replace a separate 364-day agreement that expired on March 25, according to an 8-K filing with the Securities and Exchange Commission.

Under the agreement, the lenders have committed to extend up to $500 million of loans to the company.

Borrowings would bear interest at varying interest rates which generally reflect the company’s credit rating.

Bank of America, NA is the administrative agent.

Citibank, NA, JPMorgan Chase Bank, NA and Mizuho Bank, Ltd. are the syndication agents.

Barclays and Wells Fargo Bank, NA are the documentation agents.

BofA Securities, Inc., JPMorgan Chase Bank, Citibank, Mizuho Bank, Barclays and Wells Fargo Securities, LLC are the joint lead arrangers and bookrunners.

The company intends to use the proceeds to support its commercial paper program. Proceeds may also be used for other general corporate purposes.

Additionally, on March 27, Consolidated Edison, Inc. and its subsidiaries Consolidated Edison Co. of New York and Orange and Rockland Utilities, Inc. signed an agreement to extend the maturity of their $2.5 billion credit agreement by one year to March 27, 2029 from March 27, 2028. The agreement was also amended to modify the interest rate to term SOFR.

The energy company is based in New York.

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