CON EDISON ANNOUNCES PUBLIC OFFERING OF COMMON SHARES
Rhea-AI Summary
Consolidated Edison (NYSE: ED) has announced a public offering of 6,300,000 common shares through Barclays. The shares will be offered via the NYSE, over-the-counter market, or through negotiated transactions, with an expected issuance date of March 6, 2025.
The offering is being conducted under Con Edison's effective shelf registration with the SEC. The company plans to use the net proceeds to fund capital requirements of its subsidiaries and for general corporate purposes. The shares will be available through Barclays Capital Inc., with detailed information accessible via the SEC's website and through Barclays' prospectus distribution channels.
Positive
- Capital raising for subsidiary funding and corporate growth
- Offering through major underwriter Barclays enhances distribution
Negative
- Potential dilution of existing shareholders
- Share price pressure from increased supply
News Market Reaction – ED
On the day this news was published, ED declined 1.91%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Con Edison expects to invest the net proceeds from the sale of the common shares in its subsidiaries for funding of their capital requirements and for its other general corporate purposes.
The offering is being made pursuant to Con Edison's effective shelf registration statement filed with the SEC. The preliminary prospectus supplement and the base prospectus relating to the offering will be available on the SEC's website at http://www.sec.gov. Copies of the prospectus supplement and the base prospectus relating to the offering may be obtained from Barclays Capital Inc., c/o Broadridge Financial Solutions,1155 Long Island Avenue,
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which the offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering of these securities will be made only by means of the prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the "Securities Act").
This press release contains forward-looking statements that are intended to qualify for the safe-harbor provisions of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements of future expectations and not facts. Words such as "forecasts," "expects," "estimates," "anticipates," "intends," "believes," "plans," "will," "target," "guidance," "potential," "goal," "consider" and similar expressions identify forward-looking statements. The forward-looking statements reflect information available and assumptions at the time the statements are made, and accordingly speak only as of that time.
Actual results or developments might differ materially from those included in the forward-looking statements because of various factors such as those identified in reports Con Edison has filed with the SEC, including, but not limited to: its subsidiaries are extensively regulated and may be subject to substantial penalties; its utility subsidiaries' rate plans may not provide a reasonable return; it may be adversely affected by changes to the utility subsidiaries' rate plans; the failure of, or damage to, its subsidiaries' facilities could adversely affect it; a cyber attack could adversely affect it; the failure of processes and systems, the failure to retain and attract employees and contractors, and their negative performance could adversely affect it; it is exposed to risks from the environmental consequences of its subsidiaries' operations, including increased costs related to climate change; its ability to pay dividends or interest depends on dividends from its subsidiaries; changes to tax laws could adversely affect it; it requires access to capital markets to satisfy funding requirements; a disruption in the wholesale energy markets, increased commodity costs or failure by an energy supplier or customer could adversely affect it; it faces risks related to health epidemics and other outbreaks; its strategies may not be effective to address changes in the external business environment; it faces risks related to supply chain disruptions, inflation and the imposition of tariffs; and it also faces other risks that are beyond its control. This list of factors is not all-inclusive because it is not possible to predict all factors that could cause actual results or developments to differ from the forward-looking statements. Con Edison assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Consolidated Edison, Inc. is one of the nation's largest investor-owned energy-delivery companies. The company provides a wide range of energy-related products and services to its customers through the following subsidiaries: Consolidated Edison Company of
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SOURCE Consolidated Edison, Inc.
FAQ
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