Summary
Dominion Energy, Inc. (D) filed an 8-K on March 26, 2019, to report on a material definitive agreement related to its credit facilities. The company, along with its wholly-owned subsidiaries Virginia Electric and Power Company, Dominion Energy Gas Holdings, LLC, Questar Gas Company, and South Carolina Electric & Gas Company (SCE&G), entered into a $6 billion Fourth Amended and Restated Revolving Credit Agreement. This amendment primarily serves to incorporate SCE&G, which became a subsidiary in January 2019, as a borrower under the credit facility. The primary purpose of this agreement is to support bank borrowings, commercial paper issuance, and letters of credit for Dominion Energy and its co-borrowers. While the agreement was amended, the economic terms for Dominion Energy are not expected to change, and there is no anticipated material impact on the annual cost or availability of funds. The facility matures in March 2023, subject to extension.
Key Highlights
- 1Dominion Energy and its subsidiaries entered into a $6 billion amended and restated revolving credit agreement.
- 2The amendment incorporates SCE&G as a borrower, following its acquisition in January 2019.
- 3The credit facility is available for bank borrowings, commercial paper, and letters of credit.
- 4The primary purpose is to add SCE&G as a borrower and make administrative changes.
- 5The amendment is not expected to materially impact the economic terms or cost/availability of funds for Dominion Energy.
- 6The credit facility has a maturity date of March 2023, with potential for extension.