Consolidated Edison, Inc. (“Con Edison”) has revealed its intention to issue 6.3 million common shares through a public offering. The offering will be conducted via Barclays, according to the registration statement filed with the Securities and Exchange Commission (SEC). The shares will be offered for sale on the New York Stock Exchange (NYSE), on the over-the-counter market, or through negotiated transactions at market prices or negotiated prices. The closing of the offering is expected in the days following the issuance of the shares, subject to customary conditions.
Use of raised funds
The net proceeds from this sale of shares will be allocated to Con Edison’s subsidiaries to finance their capital needs. The company has indicated that the funds will also be used for general corporate purposes, without providing further details on the specific allocation of the amounts. This fundraising effort is aimed at supporting the company’s internal projects, in line with its goal of ensuring the continuity of its growth while maintaining its financial strength.
Offering under the registration statement
This offering follows the effective registration statement filed by Con Edison with the SEC. Interested investors will be able to access the preliminary prospectus and the base prospectus related to the offering on the SEC’s website. The supplementary prospectus and base prospectus can also be obtained from Barclays Capital Inc., c/o Broadridge Financial Solutions, New York.
Con Edison has clarified that the offering is not a solicitation of purchases or an offer to sell in jurisdictions where it would be illegal to do so before the registration or qualification of the securities under local laws. The offering will only be conducted through the appropriate legal documents, in accordance with the regulations of the Securities Act of 1933.
