The company said its subsidiary Consolidated Edison Company of New York, Inc. (CECONY) entered into a $700 million 364-Day Senior Unsecured Delayed Draw Term Loan Credit Agreement on November 25, 2024.

1. 01

   The company said its subsidiary Consolidated Edison Company of New York, Inc. (CECONY) entered into a $700 million 364-Day Senior Unsecured Delayed Draw Term Loan Credit Agreement on November 25, 2024.

2. 02

   CECONY borrowed $500 million under the agreement on November 25, 2024, the date it was signed, and used the proceeds for general corporate purposes, the company said.

3. 03

   The company said the lenders agreed to provide CECONY with up to $200 million in additional loans through February 23, 2025, subject to certain conditions, and that CECONY has the option to prepay term loans before maturity.

4. 04

   The company said events of default under the agreement include CECONY’s consolidated debt to consolidated total capital ratio exceeding 0.65 to 1, and failure to pay material financial obligations exceeding $150 million.

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