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Con Edison prices 8.8 million common shares offering

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Con Edison prices 8.8 million common shares offering

Consolidated EdisonInc. has priced a public offeringof 8.8 million common shares at $71.50 apiece to help finance the of an equity stake inthe gas pipeline and storage joint venture with Crestwood Equity Partners LP.

The offering, which is expected to close May 16, is not conditionedupon completion of the purchase, according to a May 11 release. Proceeds from theoffering will also be used for general corporate purposes, including repayment ofoutstanding short-term debt.

Underwriters have a 30-day option to purchase up to 1.32 millionadditional shares.

Barclays, Bank of America Merrill Lynch, Citigroup, J.P. Morgan,Mizuho Securities and Wells Fargo Securities are the joint book-running managersof the offering.