By Cristal Cody
Tupelo, Miss., Feb. 27 – Consolidated Edison, Inc. priced $400 million of 2% three-year series 2017A debentures on Monday at a spread of 55 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The debentures (A3/BBB+/BBB+) priced at 99.967 to yield 2.011%.
BNY Mellon Capital Markets LLC, Mizuho Securities USA Inc., MUFG, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., TD Securities (USA) LLC and CIBC World Markets Corp. were the bookrunners.
Proceeds will be used for general corporate purposes, including short-term debt repayment and to prepay the $400 million loan under a June 2016 credit agreement. Available cash and the proceeds from a sale of additional short-term debt will also fund the prepayment.
Consolidated Edison is a New York-based holding company for Consolidated Edison of New York, Inc.
| Issuer: | Consolidated Edison, Inc.
|
| Amount: | $400 million
|
| Description: | Debentures
|
| Maturity: | March 15, 2020
|
| Bookrunners: | BNY Mellon Capital Markets LLC, Mizuho Securities USA Inc., MUFG, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., TD Securities (USA) LLC and CIBC World Markets Corp.
|
| Co-managers: | KeyBanc Capital Markets Inc. and U.S. Bancorp Investments Inc.
|
| Coupon: | 2%
|
| Price: | 99.967
|
| Yield: | 2.011%
|
| Spread: | Treasuries plus 55 bps
|
| Make-whole call: | Any time at Treasuries plus 10 bps
|
| Trade date: | Feb. 27
|
| Settlement date: | March 2
|
| Ratings: | Moody’s: A3
|
| S&P: BBB+
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
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