| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers C > Headlines for Consolidated Edison, Inc. > News item |
Consolidated Edison, units obtain $2.25 billion five-year revolver
By Wendy Van Sickle
Columbus, Ohio, Dec. 8 – Consolidated Edison, Inc. and subsidiaries Consolidated Edison Co. of New York, Inc. and Orange and Rockland Utilities, Inc. entered into a $2.25 billion five-year revolving credit facility on Wednesday, 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 80 basis points to 147.5 bps. The rate each company pays depends on its ratings. The facility fee is 7.5 bps to 27.5 bps.
The initial maturity of Dec. 7, 2021 can be extended for additional one-year terms.
Bank of America Merrill Lynch, Citigroup Global Markets Inc., JPMorgan Chase Bank, NA, Mizuho Bank, Ltd., Barclays Bank plc and Wells Fargo Securities, LLC are the lead arrangers and bookrunners.
Bank of America, NA is the administrative agent. Citibank, NA, JPMorgan Chase Bank, NA and Mizuho Bank, Ltd. are the syndication agents. Barclays Bank plc and Wells Fargo Bank, NA are the documentation agents.
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 Oct. 27, 2011 credit agreement with JPMorgan as administrative agent.
Consolidated Edison provides energy services through its subsidiaries. It is based in New York.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.