Hunton Andrews Kurth LLP advised the sales agents, the forward sellers and the forward purchasers in connection with the establishment of an at-the-market program for Consolidated Edison, Inc. (Con Edison) to sell shares of Con Edison’s common stock up to an aggregate gross sales price of $2 billion from time to time through either the sales agents or the forward sellers, who will, at Con Edison’s request, borrow from third parties.
Con Edison is a holding company that owns all of the outstanding common stock of Consolidated Edison Company of New York, Inc. (CECONY), Orange and Rockland Utilities, Inc. (O&R) and Con Edison Transmission, Inc. (Con Edison Transmission). Its principal business operations are those of CECONY, O&R, and Con Edison Transmission. CECONY’s principal business operations are its regulated electric, gas and steam delivery businesses. O&R’s principal business operations are its regulated electric and gas delivery businesses. Con Edison Transmission develops and invests in electric transmission projects and owns, through joint ventures, both electric and gas assets.
The Hunton team included Michael F. Fitzpatrick, Patrick C. Jamieson, Monika M. Dziewa, and Ryan Metz. Joseph B. Buonanno and Reuben H. Pearlman provided advice on the forward component and Robert J. McNamara and William B. Freeman provided tax advice.