Con Edison announces $1B accelerated share repurchase, funded by Clean Energy Business sale

CONSOLIDATED EDISON INC

Entered accelerated share repurchase agreements with Citibank and Bank of America to repurchase $1B in common shares.
Funding from proceeds of sale of Con Edison Clean Energy Businesses; initial delivery of ~8.7 million shares on March 7, 2023.
Final share count based on volume-weighted average price less discount; settlement expected by Q3 2023.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

CONSOLIDATED EDISON INC entered into Accelerated Share Repurchase Contracts with Citibank, N.A. and Bank of America, N.A. valued at $1 billion (effective 2023-03-06).

Action: entry
Agreement: equity purchase
Counterparty: Citibank, N.A. and Bank of America, N.A.
Value: $1 billion
Effective: 2023-03-06

Exact text from the filing

On March 6, 2023, Consolidated Edison, Inc. (“Con Edison”) entered into accelerated share repurchase agreements (the “ASR Contracts”) with Citibank, N.A. and Bank of America, N.A. (collectively, the “dealers”) to repurchase $1 billion in aggregate of Con Edison’s Common Shares ($.10 par value) (“Common Shares”).

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CONSOLIDATED EDISON INC filing history →

Source: SEC EDGAR

accession 0001193125-23-062131

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