Filed Pursuant to Rule 433
Registration Statement No. 333-258512
November 20, 2023
PRICING TERM SHEET
5.50% DEBENTURES, SERIES 2023 B
| Issuer: | Consolidated Edison Company of New York, Inc. (the “Issuer”) | |
| Anticipated Ratings (Moody’s; S&P; Fitch)*: | A3 (Stable); A- (Stable); A- (Stable) | |
| Issue of Securities: | 5.50% Debentures, Series 2023 B due 2034 | |
| Principal Amount: | $600,000,000 | |
| Interest Rate: | 5.50% per annum | |
| Interest Payment Dates: | March 15 and September 15 commencing on March 15, 2024 | |
| Maturity Date: | March 15, 2034 | |
| Benchmark Treasury: | 4.500% due November 15, 2033 | |
| Benchmark Treasury Price / Yield: | 100-18+ / 4.428% | |
| Spread to Benchmark Treasury: | +115 basis points | |
| Yield to Maturity: | 5.578% | |
| Public Offering Price: | 99.403% of the principal amount | |
| Optional Redemption Provisions: | Make Whole call at any time prior to December 15, 2033 (the “par call date”) at Treasury Rate +20 basis points (calculated to the par call date)
Callable on or after December 15, 2033 at par | |
| Pricing Date: | November 20, 2023 | |
| Settlement Date: | November 22, 2023 (T+2) | |
| CUSIP: | 209111 GF4 / US209111GF42 | |
| Joint Book-Running Managers: | BofA Securities, Inc. Mizuho Securities USA LLC J.P. Morgan Securities LLC TD Securities (USA) LLC Wells Fargo Securities, LLC CIBC World Markets Corp. Scotia Capital (USA) Inc. | |
| Co-Managers: | Loop Capital Markets LLC Samuel A. Ramirez & Company, Inc. | |
| * | Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. |
The Issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling BofA Securities, Inc. toll-free at 1-800-294-1322 or by email at dg.prospectus_requests@bofa.com, Mizuho Securities USA LLC toll-free at 1-866-271-7403, J.P. Morgan Securities LLC collect at 1-212-834-4533, TD Securities (USA) LLC toll-free at 1-855-495-9846, or Wells Fargo Securities, LLC toll-free at 1-800-645-3751.