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Consolidated Edison, units get $2.25 billion five-year revolver
By Angela McDaniels
Tacoma, Wash., Oct. 28 - Consolidated Edison, Inc. and subsidiaries Consolidated Edison Co. of New York, Inc. and Orange and Rockland Utilities, Inc. entered into a $2.25 billion revolving credit facility due Oct. 27, 2016 on Thursday, according to an 8-K filing with the Securities and Exchange Commission.
Of the $2.25 billion, the full amount is available to Consolidated Edison of New York, $1 billion is available to Consolidated Edison and $200 million is available to Orange and Rockland Utilities, including up to $1.2 billion of letters of credit.
The amount available to Orange and Rockland Utilities is subject to increase to $250 million if the necessary regulatory approvals are requested and obtained.
The revolver has a $500 million accordion feature.
The interest rate is Libor plus 90 basis points to 147.5 bps. The rate each company pays depends on its ratings. The facility fee is 10 bps to 27.5 bps.
The maturity can be extended for additional one-year terms.
JPMorgan Chase Bank, NA is the administrative agent. Royal Bank of Scotland plc and Bank of America, NA are the syndication agents. Citibank, NA and Barclays Bank plc are the documentation agents.
J.P. Morgan Securities LLC, RBS Securities Inc., Bank of America Merrill Lynch, Citigroup Global Markets Inc. and Barclays Capital are the lead arrangers and bookrunners.
No company is responsible for the obligations of the other companies under the credit facility.
The companies plan to use the revolver to support their commercial paper programs. Loans and letters of credit may also be used for other general corporate purposes.
The companies terminated their June 22, 2006 credit agreement with JPMorgan as administrative agent.
Consolidated Edison provides energy services through its subsidiaries. It is based in New York.
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