By Cristal Cody
Chicago, Nov. 29 – Consolidated Edison Co. of New York, Inc. sold a two-part offering of notes (Baa1/A-/A-), according to an FWP filed with the Securities and Exchange Commission.
The utility company priced a $150 million add-on to its 2.4% debentures, series 2021 A, due June 15, 2031.
The notes priced at 100.075 for a yield to worst of 2.391%.
The add-on notes have an optional make-whole call at Treasuries plus 15 basis points until March 15, 2031, then a par call.
Pricing with a spread of 87 bps, the notes came lower than talk in the Treasuries plus 110 bps area.
The company also priced $600 million of 3.2% debentures, series 2021 C, on Monday.
The notes priced at par to yield 3.2%, or at a spread of Treasuries plus 132 bps versus talk in the 150 bps area.
The new notes will have an optional make-whole call at Treasuries plus 20 bps until June 1, 2051 when the notes will be callable at par.
Barclays, Citigroup Global Markets Inc. and Mizuho Securities USA LLC led as joint bookrunners.
BNY Mellon Capital Markets, LLC and SMBC Nikko Securities America, Inc. are also listed as bookrunners.
Proceeds will be used for general corporate purposes, including repayment of short-term debt bearing interest at variable rates.
The electric utility is a subsidiary of New York City-based Consolidated Edison, Inc.
| Issuer: | Consolidated Edison Co. of New York, Inc.
|
| Amount: | $750 million
|
| Issue: | Debentures
|
| Bookrunners: | Barclays, Citigroup Global Markets Inc., Mizuho Securities USA LLC, BNY Mellon Capital Markets, LLC and SMBC Nikko Securities America, Inc.
|
| Co-managers: | Morgan Stanley & Co. LLC, PNC Capital Markets LLC and Siebert Williams Shank & Co., LLC
|
| Counsel to issuer: | In-house
|
| Counsel to bookrunners: | Hunton Andrews Kurth LLP
|
| Trade date: | Nov. 29
|
| Settlement date: | Dec. 2
|
| Ratings: | Moody’s: Baa1
|
| S&P: A-
|
| Fitch: A-
|
| Distribution: | SEC registered
|
|
|
| Add-on
|
| Amount: | $150 million
|
| Issue: | Debentures, series 2021 A
|
| Maturity: | June 15, 2031
|
| Coupon: | 2.4%
|
| Price: | 100.075
|
| Yield: | 2.391%
|
| Spread: | Treasuries plus 87 bps
|
| Call features: | Make-whole call at Treasuries plus 15 bps until March 15, 2031; thereafter at par
|
| Price talk: | Treasuries plus 110 bps area
|
| Cusip: | 209111GA5
|
| Original issue: | $750 million issued on June 8
|
|
|
| New notes
|
| Amount: | $600 million
|
| Issue: | Debentures, series 2021 C
|
| Maturity: | Dec. 1, 2051
|
| Coupon: | 3.2%
|
| Price: | Par
|
| Yield: | 3.2%
|
| Spread: | Treasuries plus 132 bps
|
| Call features: | Make-whole call at any time before June 1, 2051 at Treasuries plus 20 bps; thereafter at par
|
| Price talk: | Treasuries plus 150 bps area
|
| Cusip: | 209111GC1
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
