Published on 4/1/2008 in the Prospect News Investment Grade Daily.
New Issue: Consolidated Edison prices $1.2 billion debentures in 10-, 30-year tranches
By Andrea Heisinger
Omaha, April 1 - Consolidated Edison Co. of New York, Inc. priced $1.2 billion of debentures in two tranches, according to an FWP filing with the Securities and Exchange Commission.
A $600 million tranche of 5.85% 10-year series A debentures priced at 99.956 to yield 5.856%, or Treasuries plus 230 basis points.
The $600 million of 6.75% 30-year series B debentures priced at 99.707 to yield 6.773%, or Treasuries plus 240 bps.
Both tranches have make-whole redemption options of Treasuries plus 35 bps.
Bookrunners were Bank of New York Capital Markets, Merrill Lynch, Pierce, Fenner & Smith Inc. and RBS Greenwich Capital.
Co-managers were KeyBanc Capital Markets, Lazard Capital Markets, Mizuho Securities USA Inc., Commerce Capital Markets, Inc., Wells Fargo Securities, Blaylock Robert Van, LLC and Ramirez & Co., Inc.
Proceeds will be used for general corporate purposes, including repayment of short-term debt bearing interest at variable rates.
The utility is based in New York City.
| Issuer: | Consolidated Edison Co. of New York, Inc.
|
| Amount: | $1.2 billion
|
| Bookrunners: | Bank of New York Capital Markets, Merrill Lynch, Pierce, Fenner & Smith Inc., RBS Greenwich Capital
|
| Co-managers: | KeyBanc Capital Markets, Lazard Capital Markets, Mizuho Securities USA Inc., Commerce Capital Markets, Inc., Wells Fargo Securities, Blaylock Robert Van, LLC, Ramirez & Co., Inc.
|
| Trade date: | April 1
|
| Settlement date: | April 4
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A-
|
| Fitch: A-
|
|
|
| 10-year tranche
|
| Amount: | $600 million
|
| Issue: | Series A debentures
|
| Maturity: | April 1, 2018
|
| Coupon: | 5.85%
|
| Price: | 99.956
|
| Yield: | 5.856%
|
| Spread: | Treasuries plus 230 bps
|
| Call: | Make-whole at Treasuries plus 35 bps
|
|
|
| 30-year tranche
|
| Amount: | $600 million
|
| Issue: | Series B debentures
|
| Maturity: | April 1, 2038
|
| Coupon: | 6.75%
|
| Price: | 99.707
|
| Yield: | 6.773%
|
| Spread: | Treasuries plus 240 bps
|
| Call: | Make-whole at Treasuries plus 35 bps
|
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