New Issue: Consolidated Edison prices $550 million 3.85% 30-year debentures at 142 bps spread

By Cristal Cody

Eureka Springs, Ark., June 14 – Consolidated Edison Co. of New York, Inc. sold $550 million of series 2016A debentures on Tuesday with a spread of 142 basis points over Treasuries, according to a FWP filing with the Securities and Exchange Commission.

The debentures due June 15, 2046 (A2/A-/A-) priced at 99.859 to yield 3.858%.

BNY Mellon Capital Markets LLC, Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc. and UBS Securities LLC were the bookrunners.

Proceeds will be used for general corporate purposes, including repayment of short-term debt.

Consolidated Edison of New York is an electric and gas utility and subsidiary of Consolidated Edison, Inc., a New York-based holding company.

Issuer:	Consolidated Edison Co. of New York, Inc.
Amount:	$550 million
Maturity:	June 15, 2046
Securities:	Debentures
Bookrunners:	BNY Mellon Capital Markets LLC, Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc. and UBS Securities LLC
Co-managers:	CIBC World Markets Corp., SMBC Nikko Securities America, Inc., TD Securities (USA) LLC and Samuel A. Ramirez & Co. Inc.
Coupon:	3.85%
Price:	99.859
Yield:	3.858%
Spread:	Treasuries plus 142 bps
Call feature:	Make-whole call before Dec. 15, 2045 at Treasuries plus 25 bps; callable on or after Dec. 15, 2045 at par
Pricing date:	June 14
Settlement date:	June 17
Ratings:	Moody’s: A2
	S&P: A-
	Fitch: A-
Distribution:	SEC registered

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