Bitcoin set for a rebound that could stretch toward $100000, BTIG says
Consolidated Edison Company of New York, Inc., a subsidiary of Consolidated Edison, Inc. (NYSE:ED), entered into a $500 million 364-day senior unsecured term loan credit agreement on Monday. The agreement was made with a group of lenders, with U.S. Bank National Association serving as administrative agent, and U.S. Bank National Association and PNC Capital Markets LLC acting as joint lead arrangers and bookrunners.
According to a statement in the press release, Consolidated Edison Company of New York (CECONY) borrowed the full $500 million under the agreement on Monday. The proceeds were used to repay a portion of its unsecured term loan facility due in November 2025. CECONY retains the option to prepay any term loans issued under the credit agreement before maturity.
The credit agreement includes standard financial covenants. CECONY is required to maintain a ratio of consolidated debt to consolidated total capital not exceeding 0.65 to 1, and is restricted from creating or allowing liens on its assets that exceed 10 percent of its consolidated net tangible assets. Events of default under the agreement include failure to pay principal or interest, failure to comply with covenants, and failure to pay or acceleration of certain other material financial obligations exceeding $150 million, excluding non-recourse debt.
This information is based on a statement in a press release filed with the Securities and Exchange Commission.
In other recent news, Consolidated Edison Company of New York announced it has entered into a $500 million 364-day senior unsecured term loan credit agreement, facilitated by U.S. Bank National Association and PNC Capital Markets LLC. The full amount was borrowed to repay part of an existing unsecured term loan facility due in November 2025. Additionally, the company initiated a $900 million debt offering through an underwriting agreement involving Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, and Wells Fargo Securities, LLC. These debentures, due in 2055, were registered under the Securities Act of 1933. Consolidated Edison also declared a quarterly dividend of 85 cents per share, payable on December 15, 2025, to shareholders of record by November 19, 2025. Furthermore, Mizuho reaffirmed its Outperform rating for Consolidated Edison, maintaining a price target of $112. The rating follows discussions on the company’s future energy delivery goals, including electric vehicle charging infrastructure and renewable energy projects in New York. These developments reflect the company’s strategic financial and operational planning.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.