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News May 16, 2016

Shearman & Sterling Advises on Consolidated Edison’s $629.2 Million Common Shares Offering

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.

The Shearman & Sterling team included of counsel Robert Treuhold (New York-Capital Markets); partner Richard Alsop (New York-Capital Markets); partner Pat Flanagan (New York-Finance); associates Rupa Briggs (New York-Capital Markets), Drew Valentine (New York-Capital Markets), Tomasz Kulawik (Washington, DC-Finance) and Jocelyn Huang (New York-Corporate); and legal assistant Zoe Lo (New York-Capital Markets). Other key members of the team included partner Kristen Garry (Washington, DC-Tax) and associate Eric Grosshandler (New York-Tax).