BREAKING: Con Edison ($ED) signs a new $3.5B revolving credit facility with Bank of America as Agent —…
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BREAKING: Con Edison ($ED) signs a new $3.5B revolving credit facility with Bank of America as Agent — replaces prior 2023 & 2025 deals. Immediate liquidity backstop for the utility complex. 🚨💵 #BREAKING #ConEdison #Liquidity #Utilities
ALERT: Facility supports commercial paper & ops — $3.5B total (CECONY full amount, Con Edison $800M up to $1B, O&R $250M up to $300M) and up to $900M in letters of credit. Quick funding runway secured. ⚠️📈 $ED #Liquidity #CommercialPaper #FinTwit
Confirmed: Commitments run to 3/11/2031 (± two 1‑yr extensions). Each company is severally liable (no cross‑guarantee). Lenders can terminate on change‑of‑control and demand cash collateral; key covenant: consolidated debt/total capital ≤0.65. ⚖️ $ED #Credit #Risk #Utilities
ALERT: Borrowings are variable‑rate and priced to each company’s credit rating; uses include CP & general corporate purposes. Draws subject to no Event of Default and regulatory approvals for CECONY/O&R — no immediate equity dilution, but change‑of‑control triggers matter. 🔍 $ED #CorpFinance #FinTwit