Shearman & Sterling also advised Con Edison in connection with a $1 billion senior unsecured bridge term loan facility arranged by Barclays Bank PLC.

The net proceeds of the equity offering, along with the net proceeds of a separate offering of unsecured debt securities by Con Edison, will be used, in lieu of the bridge term loan facility, to fund the acquisition of an equity interest in a gas pipeline and storage joint venture.

Con Edison is based in New York and through its subsidiaries, provides electric service to approximately 3.4 million customers in New York City and most of Westchester County, and 0.3 million customers in southeastern New York and parts of New Jersey and Pennsylvania. Additionally, Con Edison operates the largest steam distribution system in the United States.