Con Edison launches $2 billion at-the-market equity offering program

Consolidated Edison Inc. (NYSE: ED) announced a $2 billion at-the-market equity offering program that allows the company to sell common shares with $0.10 par value, according to a company statement.

The utility company entered into an equity distribution agreement with 11 financial institutions serving as sales agents, including Barclays Capital Inc., BNY Mellon Capital Markets LLC, BofA Securities, and J.P. Morgan Securities LLC, among others.

Share sales will occur through negotiated transactions, block trades, or at-the-market offerings using ordinary brokers' transactions at prevailing market prices. Sales may be conducted directly on the New York Stock Exchange, through market makers, other securities exchanges, or electronic communications networks.

Con Edison may also enter into forward sale agreements with designated forward purchasers. Under these arrangements, forward purchasers will borrow shares from third parties and sell them through their agents, with the number of shares equal to those underlying the related forward sale agreement.

The company plans to use proceeds from direct share sales to invest in its subsidiaries for capital requirements and general corporate purposes. Con Edison will not initially receive proceeds from borrowed share sales by forward sellers but intends to use any cash proceeds from physical or cash settlement of forward sale agreements for similar purposes.

The offering operates under Con Edison's effective shelf registration statement filed with the Securities and Exchange Commission. The prospectus supplement and base prospectus will be available on the SEC's website and through participating sales agents.

Con Edison operates as one of the nation's largest investor-owned energy-delivery companies, providing electric, gas and steam service in New York City and Westchester County through its regulated utility subsidiaries.

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