Consolidated Edison, Inc. (NYSE:ED) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
Item 2.03.
Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant
On February 11, 2019, Consolidated Edison, Inc. (“Con Edison”) borrowed $825 million to a credit agreement (the “Credit Agreement”), a copy of which is filed as an exhibit to this report. Con Edison used the proceeds from the borrowing to repay a 6-month $825 million variable rate term loan.
to the Credit Agreement, the borrowing bears interest at variable rates and matures on February 11, 2021. Con Edison has the option to prepay the borrowing. If a change in control of Con Edison occurs or if an event of default shall have occurred and be continuing, the lenders may declare the borrowing, accrued interest and other amounts to be immediately due and payable. Events of default include: the failure to pay principal, interest or fees on the borrowing; the failure to observe or perform covenants, including that Con Edison’s ratio of consolidated debt to consolidated total capital not at any time exceed 0.65 to 1 and that, subject to certain exceptions, neither Con Edison nor its subsidiaries will create, assume or suffer a lien or other encumbrance on its assets; any representation or warranty proving to have been incorrect in any material respect when made (or deemed made); the failure of Con Edison or any material subsidiary to make one or more payments in respect of material financial obligations; the occurrence of an event or condition which results in the acceleration of the maturity of any material debt of Con Edison or enables the holders of such debt to accelerate the maturity thereof; and other customary events of default. The foregoing description of the Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the Credit Agreement.
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Item 2.03. |
Financial Statements and Exhibits |
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Credit Agreement, dated as of February 11, 2019, among Con Edison, the Lenders party thereto and Mizuho Bank, Ltd., as Administrative Agent. |
CONSOLIDATED EDISON INC Exhibit
EX-10 2 repaymentof825mtermloan-ex.htm EXHIBIT 10 Exhibit Exhibit 10 Execution VersionCUSIP Number: 20911YAC5 $825,…
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About Consolidated Edison, Inc. (NYSE:ED)
Consolidated Edison, Inc. (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc. (CECONY), Orange and Rockland Utilities, Inc. (O&R) and Con Edison Transmission, Inc. It owns competitive energy businesses. The Company also owns Con Edison Transmission, Inc. (Con Edison Transmission), which invests in electric and gas transmission projects through its subsidiaries, Consolidated Edison Transmission, LLC (CET Electric) and Con Edison Gas Midstream, LLC (CET Gas). CECONY is a provider of electricity, natural gas and steam to customers in New York City and Westchester County. O&R delivers electricity and natural gas to customers located in south-eastern New York, northern New Jersey and north eastern Pennsylvania. Con Edison provides energy-related products and services to wholesale and retail customers, and develops, owns and operates renewable and energy infrastructure projects.
