Summary
Dominion Resources, Inc. (now Dominion Energy, Inc.) announced on March 2, 2011, the successful underwriting of $900 million in senior notes. This offering comprises $500 million of 4.45% Senior Notes due 2021 and $400 million of 1.80% Senior Notes due 2014. The notes were registered under a previously effective Form S-3 registration statement from January 29, 2009, utilizing Rule 415 for delayed offerings. This issuance of debt demonstrates Dominion's ongoing capital markets activity to finance its operations and strategic initiatives. The dual-tranche offering, with distinct maturities and interest rates, suggests a strategy to manage its debt profile and potentially capitalize on favorable market conditions for different debt durations. Investors should note the specific coupon rates and maturity dates for each series of notes.
Key Highlights
- 1Dominion Resources, Inc. issued $900 million in aggregate principal amount of Senior Notes.
- 2The issuance included $500 million of 4.45% Senior Notes due 2021 (Series A).
- 3The issuance also included $400 million of 1.80% Senior Notes due 2014 (Series B).
- 4The notes were issued under a previously effective Form S-3 registration statement filed on January 29, 2009.
- 5The transaction was facilitated by an underwriting agreement with multiple financial institutions including Citigroup, Goldman Sachs, J.P. Morgan, and Scotia Capital.
- 6Supplemental indentures (Forty-First and Forty-Second) were executed to govern the terms of the new notes.