AI English summary of an SEC filing — figures as filed
Consolidated Edison EDCECONY entered into a revolving credit agreement with Bank of America as administrator, replacing an expiring credit agreement. The company said CECONY entered into a March 25, 2024 revolving credit agreement with Bank of America, N.A. as Administrative Agent, a 364-Day Revolving Credit Agreement that replaces the existing CECONY 364-Day Credit Agreement, which expired the same day.
Key points
AI summaryCECONY entered into a revolving credit agreement with Bank of America as administrator, replacing an expiring credit agreement. The company said CECONY entered into a March 25, 2024 revolving credit agreement with Bank of America, N.A. as Administrative Agent, a 364-Day Revolving Credit Agreement that replaces the existing CECONY 364-Day Credit Agreement, which expired the same day.
Con Edison's subsidiary CECONY said the lenders under the 364-Day agreed to lend up to $500 million to CECONY on a revolving credit basis. The company said CECONY plans to use the facility to support its commercial paper program and that it may also be used for general corporate purposes.
The company said the lending commitments under CECONY's 364-Day Credit Agreement terminate on March 24, 2025. It said the agreement requires that the consolidated debt to consolidated total capital ratio not exceed 0.65 to 1, and that a cross default to other financial obligations of $150 million or more is included among the Events of Default.
The company said that on March 27, 2024, Con Edison, CECONY and O&R entered into an Extension Agreement extending the termination date of the $2.5 billion Credit Agreement from March 27, 2028 to March 27, 2029.
Summary
AI-writtenAnalysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
CECONY enters 364-Day revolving credit agreement
CECONY entered into a revolving credit agreement with Bank of America as administrator, replacing an expiring credit agreement. The company said CECONY entered into a March 25, 2024 revolving credit agreement with Bank of America, N.A. as Administrative Agent, a 364-Day Revolving Credit Agreement that replaces the existing CECONY 364-Day Credit Agreement, which expired the same day.
Source · Based on the filing body and exhibits
Up to $500 million facility and use of proceeds
Con Edison's subsidiary CECONY said the lenders under the 364-Day agreed to lend up to $500 million to CECONY on a revolving credit basis. The company said CECONY plans to use the facility to support its commercial paper program and that it may also be used for general corporate purposes.
Source · Based on the filing body and exhibits
Termination date and default conditions
The company said the lending commitments under CECONY's 364-Day Credit Agreement terminate on March 24, 2025. It said the agreement requires that the consolidated debt to consolidated total capital ratio not exceed 0.65 to 1, and that a cross default to other financial obligations of $150 million or more is included among the Events of Default.
Source · Based on the filing body and exhibits
Extension of $2.5 billion credit agreement maturity
The company said that on March 27, 2024, Con Edison, CECONY and O&R entered into an Extension Agreement extending the termination date of the $2.5 billion Credit Agreement from March 27, 2028 to March 27, 2029.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
Loading the filing text…