NEW YORK – Consolidated Edison will sell $2 billion in equity shares under a new go-to market scheme.
The power company has entered into an equity distribution agreement with Barclays Capital, BNY Mellon Capital Markets, Bank of America Securities, CIBC Capital Markets, Jefferies LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Mizuho Securities USA LLC, Scotia Capital (USA), TD Securities (USA) LLC and Wells Fargo Securities LLC each in its capacity as sales agent. Barclays Bank PLC, The Bank of New York Mellon, Bank of America, N.A., Canadian Imperial Bank of Commerce, Jefferies LLC, JPMorgan Chase Bank, N.A., KeyBanc Capital Markets Inc., Mizuho Markets Americas LLC, The Bank of Nova Scotia, The Toronto-Dominion Bank and Wells Fargo Bank, National Association or their respective affiliates, will act as forward purchaser.
Pursuant to the terms of the agreement, sales of Con Edison’s common shares, if any, will be made in negotiated transactions, including block trades, or transactions that are deemed to be “at-the-market” offerings on the New York Stock Exchange.
Con Edison intends to use any proceeds that it receives to invest in its subsidiaries for funding of their capital requirements and for its other general corporate purposes. Con Edison will not initially receive any proceeds from the sale of borrowed shares of its common shares by the forward sellers in connection with any forward sale agreement as a hedge of such forward sale agreement.
Copies of the prospectus supplement and the base prospectus relating to the offering may be obtained from any Sales Agent participating in the offering: Barclays Capital Inc, c/o Broadridge Financial Solutions, 1155 Long Island Ave., Edgewood, New York 11717, barclaysprospectus@broadridge.com.
