Consolidated Edison Co. of New York Inc. sold $500 million of its 3.875% series 2017 A debentures series 2017 A due June 15, 2047, for general corporate purposes, including repayment of short-term debt, according to a June 5 free writing prospectus.
Interest is payable semiannually June 15 and Dec. 15, starting Dec. 15. The debentures have a spread to benchmark Treasury of 105 basis points. The issue was expected to be rated A2 by Moody's and A- by both S&P Global Ratings and Fitch Ratings.
Merrill Lynch Pierce Fenner & Smith Inc., Wells Fargo Securities LLC, Scotia Capital (USA) Inc. and SMBC Nikko Securities America Inc. acted as joint book-running managers. CIBC World Markets Corp., PNC Capital Markets LLC, Samuel A. Ramirez & Co. Inc. and The Williams Capital Group LP served as co-managers.
Consolidated Edison Co. of New York is s subsidiary of Consolidated Edison Inc.
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