CONSOLIDATED EDISON INC (ED): debt financing — CECONY enters $500M 364-day credit facility; extends $2.5B credit agreement to 2029

CONSOLIDATED EDISON INC

CECONY entered a $500M 364-day revolving credit agreement (March 25, 2024) replacing an expiring facility; used to support commercial paper program.
Con Edison, CECONY and O&R extended $2.5B credit agreement maturity from March 2028 to March 2029 via an extension agreement dated March 27, 2024.
A first amendment to the $2.5B credit agreement modifies interest rate mechanics for Term SOFR Loans.
No changes to financial covenants (debt to total capital cap of 0.65:1) or credit-rating-based pricing were disclosed.

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 $500 million with Bank of America, N.A., as Administrative Agent maturing March 24, 2025.

Instrument: revolving credit
Principal: up to $500 million
Counterparty: Bank of America, N.A., as Administrative Agent
Maturity: March 24, 2025
Event: incurrence

Exact text from the filing

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

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

CONSOLIDATED EDISON INC amended credit facility with Bank of America, N.A., as Administrative Agent at amends the mechanics relating to determining the interest rate to be paid with r.

Instrument: credit facility
Counterparty: Bank of America, N.A., as Administrative Agent
Rate: amends the mechanics relating to determining the interest rate to be paid with r
Event: amendment

Exact text from the filing

On March 27, 2024, the Companies also entered into a First Amendment to Credit Agreement (the “Amendment”) that, among other things, amends the mechanics relating to determining the interest rate to be paid with respect to a Term SOFR Loan.

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

CONSOLIDATED EDISON INC amended credit facility of $2.5 billion with Bank of America, N.A., as Administrative Agent maturing March 27, 2029.

Instrument: credit facility
Principal: $2.5 billion
Counterparty: Bank of America, N.A., as Administrative Agent
Maturity: March 27, 2029
Event: amendment

Exact text from the filing

Consolidated Edison, Inc. (“Con Edison”) and its subsidiaries CECONY and Orange and Rockland Utilities, Inc. (“O&R,” and along with Con Edison and CECONY, collectively, the “Companies”) entered into an Extension Agreement (the “Extension”) with respect to the $2.5 billion Credit Agreement, dated as of March 27, 2023, among the Companies, the lenders party thereto and Bank of America, N.A., as Administrative Agent (the “Credit Agreement”) that extends the termination date of the Credit Agreement from March 27, 2028 to March 27, 2029.

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

CONSOLIDATED EDISON INC amended Extension with Consolidated Edison, Inc., CECONY, Orange and Rockland Utilities, Inc., the lenders party thereto and Bank of America, N.A., as Administrative Agent (effective 2024-03-27).

Action: amendment
Agreement: credit facility
Counterparty: Consolidated Edison, Inc., CECONY, Orange and Rockland Utilities, Inc., the lenders party thereto and Bank of America, N.A., as Administrative Agent
Effective: 2024-03-27

Exact text from the filing

On March 27, 2024, Consolidated Edison, Inc. (“Con Edison”) and its subsidiaries CECONY and Orange and Rockland Utilities, Inc. (“O&R,” and along with Con Edison and CECONY, collectively, the “Companies”) entered into an Extension Agreement (the “Extension”) with respect to the $2.5 billion Credit Agreement, dated as of March 27, 2023, among the Companies, the lenders party thereto and Bank of America, N.A., as Administrative Agent (the “Credit Agreement”) that extends the termination date of the Credit Agreement from March 27, 2028 to March 27, 2029.

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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 the lenders party thereto and Bank of America, N.A., as Administrative Agent valued at up to $500 million (effective 2024-03-25).

Action: entry
Agreement: credit facility
Counterparty: the lenders party thereto and Bank of America, N.A., as Administrative Agent
Value: up to $500 million
Effective: 2024-03-25

Exact text from the filing

On March 25, 2024, Consolidated Edison Company of New York, Inc. (“CECONY”) entered into a 364-Day Revolving Credit Agreement, dated as of March 25, 2024 (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, that replaces a separate CECONY 364-Day Credit Agreement that expired on March 25, 2024.

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

CONSOLIDATED EDISON INC amended First Amendment to Credit Agreement with Consolidated Edison, Inc., CECONY, Orange and Rockland Utilities, Inc., the lenders party thereto and Bank of America, N.A., as Administrative Agent (effective 2024-03-27).

Action: amendment
Agreement: credit facility
Counterparty: Consolidated Edison, Inc., CECONY, Orange and Rockland Utilities, Inc., the lenders party thereto and Bank of America, N.A., as Administrative Agent
Effective: 2024-03-27

Exact text from the filing

On March 27, 2024, the Companies also entered into a First Amendment to Credit Agreement (the “Amendment”) that, among other things, amends the mechanics relating to determining the interest rate to be paid with respect to a Term SOFR Loan.

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Source: SEC EDGAR

accession 0001193125-24-079777

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