Consolidated Edison Company of New York closed a $2.25 billion credit agreement with Bank of America as administrative agent.

The credit agreement terminated the credit agreement dated October 27, 2011 with JPMorgan Chase as administrative agent.

Citibank, JPMorgan and Mizuho served as syndication agents for the agreement. Barclays and Wells Fargo were documentation agents.

Under the credit agreement, the lenders committed to provide loans and letters of credit, on a revolving credit basis, in an aggregate amount of up to $2.25 billion of credit available, with the full amount available to Con Edison of New York, $1 billion available to Con Edison (subject to increase up to $1.5 billion) and $200 million available to Con Edison of Rockland and Orange Counties (subject to increase up to $250 million if the necessary regulatory approvals are requested and obtained), including up to $1.2 billion of letters of credit.

The companies intend to use the credit agreement to support their commercial paper programs. Loans and letters of credit issued under the credit agreement may also be used for other general corporate purposes.