By Andrea Heisinger
New York, Nov. 25 - Dominion Resources, Inc. priced $600 million 8.875% 10-year senior notes Tuesday to yield Treasuries plus 678.9 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa2/A-/BBB+) priced at 99.972 to yield 8.875%. They have a make-whole call of Treasuries plus 50 bps.
The notes are putable at par plus accrued interest on Jan. 15, 2014.
Bookrunners were Barclays Capital Inc. and J.P. Morgan Securities Inc.
Co-managers were Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., KeyBanc Capital Markets Inc., BB&T Capital Markets, Scotia Capital (USA) Inc., SunTrust Robinson Humphrey, Inc. and UniCredit Capital Markets, Inc.
Proceeds will be used for general corporate purposes, including repayment of short-term debt and commercial paper, or to repay all or part of outstanding convertible debt.
The natural gas and energy company is based in Richmond, Va.
| Issuer: | Dominion Resources, Inc.
|
| Issue: | Senior notes
|
| Amount: | $600 million
|
| Maturity: | Jan. 15, 2019
|
| Bookrunners: | Barclays Capital Inc., J.P. Morgan Securities Inc.
|
| Co-managers: | Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., KeyBanc Capital Markets Inc., BB&T Capital Markets, Scotia Capital (USA) Inc., SunTrust Robinson Humphrey, Inc., UniCredit Capital Markets, Inc.
|
| Coupon: | 8.875%
|
| Price: | 99.972
|
| Yield: | 8.875%
|
| Spread: | Treasuries plus 678.9 bps
|
| Make-whole call: | Treasuries plus 50 bps
|
| Put option: | Jan. 15, 2014 at par plus accrued interest
|
| Trade date: | Nov. 25
|
| Settlement date: | Dec. 1
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: A-
|
| Fitch: BBB+
|
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