Consolidated Edison draws $825 million for solar-asset acquisition

By Wendy Van Sickle

Columbus, Ohio, Dec. 13 – Consolidated Edison, Inc. drew down $825 million under its credit agreement dated Nov. 29, 2018, on Thursday to help funds its acquisition of Sempra Solar Holdings, LLC, according to an 8-K filing with the Securities and Exchange Commission.

The purchase price was $1,609,000,000, including $69 million of working capital and other closing adjustments. The company also used $705 million from the physical settlement of 9,324,123 of its common shares to fund the purchase.

Citibank, NA is the lead arranger, bookrunner and administrative agent of the credit agreement, which matures 180 calendar days from the closing of the acquisition.

Borrowings bear interest at Libor plus a margin ranging from 87.5 basis points to 175 bps, depending on the company’s ratings.

Consolidated Edison provides energy services through its subsidiaries. It is based in New York. Sempra Solar comprised the U.S. operating solar assets, solar and battery storage development projects of Sempra Energy and an ownership interest in one wind facility.

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