Summary
Dominion Energy, Inc. (D) announced on November 14, 2024, the execution of an underwriting agreement for the sale of $1.25 billion in aggregate principal amount of its 2024 Series C Enhanced Junior Subordinated Notes due 2055. These notes are junior subordinated debt and were registered under a previously effective Form S-3 registration statement. This issuance represents a significant capital-raising event for Dominion Energy, aiming to bolster its financial resources. The details of the notes and the underwriting agreement, including the role of BofA Securities, Goldman Sachs & Co. LLC, and Wells Fargo Securities, LLC as underwriters, are outlined in the filing. Investors should note the nature of these notes as junior subordinated debt, which implies a higher risk profile compared to senior debt but typically offers a higher yield. The specific terms and conditions are governed by the Eighteenth Supplemental Indenture to the Company's existing Subordinated Indenture II.
Key Highlights
- 1Dominion Energy to issue $1.25 billion in 2024 Series C Enhanced Junior Subordinated Notes due 2055.
- 2Underwriting agreement signed on November 14, 2024, with BofA Securities, Goldman Sachs, and Wells Fargo Securities as lead underwriters.
- 3The notes are classified as Junior Subordinated Notes.
- 4Proceeds from the issuance are intended to strengthen the company's capital structure.
- 5The issuance was registered under a Form S-3 registration statement effective February 21, 2023.
- 6The notes will be governed by the Eighteenth Supplemental Indenture to the Company's Junior Subordinated Indenture II.