Published on 6/14/2016 in the Prospect News Investment Grade Daily.
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.
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Amount: | $550 million
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Maturity: | June 15, 2046
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Securities: | Debentures
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Bookrunners: | BNY Mellon Capital Markets LLC, Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc. and UBS Securities LLC
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Co-managers: | CIBC World Markets Corp., SMBC Nikko Securities America, Inc., TD Securities (USA) LLC and Samuel A. Ramirez & Co. Inc.
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Coupon: | 3.85%
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Price: | 99.859
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Yield: | 3.858%
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Spread: | Treasuries plus 142 bps
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Call feature: | Make-whole call before Dec. 15, 2045 at Treasuries plus 25 bps; callable on or after Dec. 15, 2045 at par
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Pricing date: | June 14
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Settlement date: | June 17
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Ratings: | Moody’s: A2
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| S&P: A-
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| Fitch: A-
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Distribution: | SEC registered
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