CONSOLIDATED EDISON INC (ED): debt financing — Con Edison enters $2.5B revolving credit facility, replaces 2016 agreement

CONSOLIDATED EDISON INC

New $2.5B revolving credit facility with Bank of America as agent, maturing March 27, 2028, with extension options.
CECONY can access full $2.5B; Con Edison up to $800M (expandable to $1B); O&R up to $250M; includes $900M LC sublimit.
Separate $500M 364-day revolving credit facility for CECONY alone, maturing March 25, 2024.
Facilities support commercial paper programs and may be used for general corporate purposes.
Interest rates and fees reflect each borrower's credit rating; facility replaces Dec 2016 credit agreement.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

CONSOLIDATED EDISON INC incurred revolving credit of up to $2.5 billion with Bank of America, N.A. maturing March 27, 2028.

Instrument: revolving credit
Principal: up to $2.5 billion
Counterparty: Bank of America, N.A.
Maturity: March 27, 2028
Event: incurrence

Exact text from the filing

Under the Credit Agreement, the Lenders committed to provide loans and letters of credit, on a revolving credit basis, in an aggregate amount of up to $2.5 billion of credit available, with the full amount available to CECONY, $800 million available to Con Edison (subject to increase up to $1 billion) and $250 million available to O&R, including up to $900 million of letters of credit.

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

CONSOLIDATED EDISON INC incurred revolving credit of up to $500 million with Bank of America, N.A. maturing March 25, 2024.

Instrument: revolving credit
Principal: up to $500 million
Counterparty: Bank of America, N.A.
Maturity: March 25, 2024
Event: incurrence

Exact text from the filing

Under the CECONY 364-Day Credit Agreement, the 364-Day Lenders committed to provide a loan, on a revolving credit basis, in an aggregate amount of up to $500 million to CECONY.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CONSOLIDATED EDISON INC entered into CECONY 364-Day Credit Agreement with Bank of America, N.A. (as Administrative Agent), the 364-Day Lenders valued at $500 million (effective 2023-03-27).

Action: entry
Agreement: credit facility
Counterparty: Bank of America, N.A. (as Administrative Agent), the 364-Day Lenders
Value: $500 million
Effective: 2023-03-27

Exact text from the filing

On March 27, 2023, CECONY entered into a 364-Day Revolving Credit Agreement, dated as of March 27, 2023 (the “CECONY 364-Day Credit Agreement”), among CECONY, the lenders party thereto (the “364-Day Lenders”) and Bank of America, N.A., as Administrative Agent.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CONSOLIDATED EDISON INC terminated Credit Agreement, dated as of December 7, 2016 with Bank of America, N.A. (as Administrative Agent), the lenders party thereto (effective 2023-03-27).

Action: termination
Agreement: credit facility
Counterparty: Bank of America, N.A. (as Administrative Agent), the lenders party thereto
Effective: 2023-03-27

Exact text from the filing

The Credit Agreement terminates the Credit Agreement, dated as of December 7, 2016, among the Companies, the lenders party thereto and Bank of America, N.A., as Administrative Agent.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CONSOLIDATED EDISON INC entered into Credit Agreement with Bank of America, N.A. (as Administrative Agent), the lenders party thereto valued at $2.5 billion (effective 2023-03-27).

Action: entry
Agreement: credit facility
Counterparty: Bank of America, N.A. (as Administrative Agent), the lenders party thereto
Value: $2.5 billion
Effective: 2023-03-27

Exact text from the filing

On March 27, 2023, Consolidated Edison, Inc. (“Con Edison”) and its subsidiaries Consolidated Edison Company of New York, Inc. (“CECONY”) and Orange and Rockland Utilities, Inc. (“O&R,” and along with Con Edison and CECONY, each a “Company” and collectively, the “Companies”) entered into a Credit Agreement, dated as of March 27, 2023, (the “Credit Agreement”) among the Companies, the lenders party thereto (the “Lenders”) and Bank of America, N.A., as Administrative Agent.

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Source: SEC EDGAR

accession 0001193125-23-080603

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