ConsolidatedEdison Inc. plans to launch a public offering of 8.8 million commonshares to help fund its proposed purchase of an equity stake in a gas pipeline andstorage joint venture with Crestwood Equity Partners LP.
The offering, however, is not conditioned upon completion ofthe purchase, according to a May 9 release. Con Edison also plans to use the netproceeds for general corporate purposes, including repayment of outstandingshort-term debt.
The company intends to grant a 30-day option to underwritersto purchase up to an additional 1.32 million shares.
Barclays, Bank of America Merrill Lynch, Citigroup, J.P.Morgan, Mizuho Securities and Wells Fargo Securities are acting as jointbook-running managers of the offering.