Con Edison (NYSE: ED) secures $3.5B credit line running to 2031

Rhea-AI Filing Summary

Consolidated Edison, Inc. and subsidiaries Consolidated Edison Company of New York and Orange and Rockland Utilities entered a new revolving Credit Agreement providing up to $3.5 billion in loans and letters of credit, including up to $900 million in letters of credit.

The full amount is available to CECONY, with $800 million available to Con Edison (increasable to $1 billion) and $250 million to O&R (increasable to $300 million). Lender commitments run to March 11, 2031, replacing prior credit facilities, and include covenants such as a consolidated debt-to-total-capital ratio not exceeding 0.65 to 1 and limits on liens above 10 percent of consolidated net tangible assets.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 11, 2026

Consolidated Edison, Inc.

(Exact name of registrant as specified in its charter)

New York		1-14514		13-3965100
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

4 Irving Place, New York, New York		10003
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (212) 460-4600

Consolidated Edison Company of New York, Inc.

(Exact name of registrant as specified in its charter)

New York		1-01217		13-5009340
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

4 Irving Place, New York, New York		10003
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (212) 460-4600

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol		Name of each exchange on which registered
Consolidated Edison, Inc.,		ED		New York Stock Exchange
Common Shares ($.10 par value)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

INFORMATION TO BE INCLUDED IN THE REPORT

Item 1.01 Entry into a Material Definitive Agreement

On March 11, 2026, Consolidated Edison, Inc. (“Con Edison”) and its subsidiaries, Consolidated Edison Company of New York, Inc. (“CECONY”) and Orange and Rockland Utilities, Inc. (“O&R,” and along with Con Edison and CECONY, each a “Company” and collectively, the “Companies”), entered into a Credit Agreement, dated as of March 11, 2026 (the “Credit Agreement”) among the Companies, as Borrowers, the lenders party thereto (the “Lenders”) and Bank of America, N.A., as Administrative Agent. A copy of the Credit Agreement is included as an exhibit to this report, and the description of the Credit Agreement that follows is qualified in its entirety by reference to the Credit Agreement.

The Credit Agreement terminates: (i) that certain Credit Agreement, dated as of March 27, 2023, among the Companies, as Borrowers, the lenders party thereto and Bank of America, N.A., as Administrative Agent and (ii) that certain 364-Day Revolving Credit Agreement, dated as of March 24, 2025, among CECONY, as Borrower, the lenders party thereto and Bank of America, N.A., as Administrative Agent.

Under the Credit Agreement, the Lenders committed to provide loans and letters of credit, on a revolving credit basis, in an aggregate amount of up to $3.5 billion of credit available, with the full amount available to CECONY, $800 million available to Con Edison (subject to increase up to $1 billion) and $250 million available to O&R (subject to increase up to $300 million), including up to $900 million of letters of credit. Subject to certain conditions, the Companies and one or more Lenders or additional lenders may increase by up to $500 million the aggregate principal amount of loans available under the Credit Agreement, with availability to each of the Companies proportionate to availability prior to the increase. Each Company will be severally obligated with respect to loans made to it, and letters of credit issued on its behalf, under the Credit Agreement. None of the Companies is responsible for the obligations under the Credit Agreement of any Company other than itself.

The Companies intend to use the Credit Agreement to support their commercial paper programs. Loans and letters of credit issued under the Credit Agreement may also be used for other general corporate purposes. Any borrowings under the Credit Agreement would generally be at variable interest rates. Interest and fees for loans and letters of credit under the Credit Agreement generally reflect the respective credit ratings of the Companies.

The Lenders’ commitments under the Credit Agreement to provide a loan to, or issue a letter of credit on behalf of, a Company terminate on March 11, 2031, unless extended for up to two additional one–year terms as provided therein, and are subject to certain conditions, including that there be no Event of Default (see below) or event which with notice or the lapse of time would become an Event of Default with respect to that Company, that the representations and warranties of that Company contained in the Credit Agreement (not including that the Company did not have a material adverse change) be true on and as of the date of such loan or issuance and, in the case of CECONY and O&R, that the Company shall have the required regulatory approvals. Upon a change of control with respect to a Company, each Lender may terminate its commitments to that Company under the Credit Agreement, declare the loans, accrued interest and any other amounts owed by that Company under the Credit Agreement immediately due and payable and require that Company provide cash collateral relating to the letters of credit issued for it under the Credit Agreement, in the manner, with such effect and subject to the conditions provided in the Credit Agreement.

Events of default under the Credit Agreement with respect to a Company include, among other things, that Company’s failure to pay any principal of any loan or any draw under any letter of credit issued pursuant to the Credit Agreement when due; that Company’s failure to pay any interest or fees pursuant to the Credit Agreement within five days; that Company’s failure to meet certain covenants, including covenants that the Company’s ratio of consolidated debt to consolidated total capital not at any time exceed 0.65 to 1 and that Company will not create, assume or suffer a lien or other encumbrance on its assets exceeding 10 percent of that Company’s consolidated net tangible assets; that Company or its material subsidiaries failing to make one or more payments in respect of material financial obligations (in excess of $150 million in aggregate of debt or derivative obligations other than non-recourse debt); the occurrence of an event or condition which results in the acceleration of the maturity of any material debt (in excess of $150 million in aggregate of debt other than non-recourse debt) or enables the holders of such debt to accelerate the maturity thereof; and other customary events of default.

Item 1.02Termination of a Material Definitive Agreement

The information set forth in Item 1.01 above is incorporated herein by reference.

Item 2.03Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

The information set forth in Item 1.01 above is incorporated herein by reference.

The information in this report includes 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 including, but not limited to, those identified in reports each of Con Edison and CECONY has filed with the Securities and Exchange Commission.

Item 9.01Financial Statements and Exhibits

(d) Exhibits

Exhibit 10		Credit Agreement, dated as of March 11, 2026, among Con Edison, CECONY and O&R, as Borrowers, the lenders party thereto and Bank of America, N.A., as Administrative Agent.
Exhibit 104		Cover Page Interactive Data File – The cover page iXBRL tags are embedded within the inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CONSOLIDATED EDISON, INC.
CONSOLIDATED EDISON COMPANY OF NEW YORK, INC.
By:		/s/ Joseph Miller
		Joseph Miller
		Vice President, Controller and Chief Accounting Officer

Date: March 11, 2026

FAQ

What new credit facility did Consolidated Edison (ED) arrange?

Consolidated Edison and its utilities arranged a new revolving Credit Agreement providing up to $3.5 billion in loans and letters of credit. The facility supports commercial paper programs and general corporate purposes across Con Edison, CECONY and Orange and Rockland Utilities.

How is the $3.5 billion credit availability allocated among Con Edison companies?

The full $3.5 billion is available to CECONY, with $800 million available to Con Edison, which may increase to $1 billion, and $250 million available to O&R, which may increase to $300 million, under the Credit Agreement.

When does Consolidated Edison’s new Credit Agreement expire?

Lender commitments under the Credit Agreement run until March 11, 2031. The agreement may be extended for up to two additional one-year terms, subject to conditions specified in the credit documentation between the companies and the participating lenders.

What financial covenants apply under Consolidated Edison’s new Credit Agreement?

Key covenants include each company’s ratio of consolidated debt to consolidated total capital not exceeding 0.65 to 1, and limits on liens or encumbrances on assets above 10 percent of consolidated net tangible assets, alongside customary default and cross-default provisions.

What events can trigger default or acceleration under the new Credit Agreement?

Events of default include missed principal or interest payments, covenant breaches, and payment or acceleration events involving more than $150 million of specified debt, as well as change of control. On default, lenders may accelerate amounts due and require cash collateral for letters of credit.

How will Consolidated Edison use the new revolving credit facility?

The companies intend to use the Credit Agreement to support their commercial paper programs. Borrowings and letters of credit may also fund other general corporate purposes, with interest and fees tied to each company’s credit ratings and based on variable interest rates.

Filing Exhibits & Attachments

2 documents

Other Documents

• EX-10 EX-10 593.9 KB
• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 47.1 KB