Summary
Dominion Energy, Inc. (D), through its wholly-owned subsidiary Virginia Electric and Power Company, announced the execution of two new credit agreements on September 24, 2010, effectively replacing an existing facility. The primary agreement is a $3 billion, three-year revolving credit facility with JPMorgan Chase Bank, N.A. as Administrative Agent and several other major financial institutions serving as syndication agents and joint lead arrangers. This new facility supersedes a previous $3 billion, five-year agreement dated February 28, 2006, under which no loans were outstanding. Additionally, Dominion entered into a separate $500 million, three-year revolving credit agreement with Keybank National Association as Administrative Agent. This filing demonstrates Dominion's proactive approach to managing its liquidity and financing arrangements, ensuring access to significant capital through established banking relationships. The termination of the prior credit facility without outstanding loans suggests a strategic refinancing or a change in short-term debt management strategy.
Key Highlights
- 1Dominion Resources, Inc. (D) and its subsidiary Virginia Electric and Power Company entered into new credit agreements on September 24, 2010.
- 2A $3 billion, three-year revolving credit facility was established with JPMorgan Chase Bank, N.A. as Administrative Agent.
- 3This $3 billion facility replaces a prior $3 billion, five-year credit agreement from February 2006.
- 4No loans were outstanding under the previous $3 billion credit agreement at the time of its termination.
- 5A second, separate $500 million, three-year revolving credit facility was also secured, with Keybank National Association as Administrative Agent.
- 6These agreements reflect Dominion's ongoing management of its financial resources and access to credit.
- 7The filing includes copies of both credit agreements as exhibits.