On November 14, 2024, Consolidated Edison Company of New York, Inc. ("CECONY"), a subsidiary of Consolidated Edison, Inc. (ED, Financial), entered into an underwriting agreement with major financial institutions including Barclays Capital Inc., BofA Securities, Inc., Mizuho Securities USA LLC, and Scotia Capital (USA) Inc. This agreement facilitates the sale of a substantial $1.45 billion in debentures.
The issuance includes three distinct series of debentures: $350 million in Floating Rate Debentures, Series 2024 C due 2027; $450 million in 5.125% Debentures, Series 2024 D due 2035; and $650 million in 5.50% Debentures, Series 2024 E due 2055. These debentures were registered under the Securities Act of 1933, following a Registration Statement on Form S-3 that became effective on August 1, 2024.
This strategic financial move by Consolidated Edison (ED, Financial) is aimed at strengthening its capital structure and supporting its long-term growth objectives. The diverse maturity dates and interest rates of the debentures offer flexibility and potential benefits to both the company and its investors.
For value investors and stakeholders, this development underscores Consolidated Edison's commitment to maintaining a robust financial position while navigating the evolving energy landscape. Stay informed on further updates and insights by visiting GuruFocus.com.
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