By Andrea Heisinger
New York, June 10 - Dominion Resources, Inc. priced $625 million of 8.375% enhanced junior subordinated notes at $25 each, according to an FWP filing with the Securities and Exchange Commission.
The deal was launched and priced a day after it was announced Tuesday, a source close to it said. The size grew beyond the initial $150 million that was planned, she said.
The notes (Baa3/BBB/BBB) have an initial maturity of 2064 but are subject to automatic extensions up to 2079 if they have not been redeemed.
They are callable on or before June 15, 2014, and will otherwise mature at the final date of 2079.
There is an over-allotment option, in which $62.5 million can be issued within three business days of the settlement date.
Bookrunners were Banc of America Securities LLC, Citigroup Global Markets Inc., Morgan Stanley & Co. Inc., UBS Investment Bank and Wachovia Capital Markets LLC.
Proceeds will be used for general corporate purposes.
The energy producer and transporter is based in Richmond, Va.
| Issuer: | Dominion Resources, Inc.
|
| Issue: | Enhanced junior subordinated notes
|
| Amount: | $625 million, increased from initial $150 million
|
| Greenshoe: | Up to $62.5 million within three days of settlement
|
| Maturity: | June 15, 2064 (initial), June 15, 2079 (final)
|
| Bookrunners: | Banc of America Securities LLC, Citigroup Global Markets Inc., Morgan Stanley & Co. Inc., UBS Investment Bank, Wachovia Capital Markets LLC
|
| Coupon: | 8.375%
|
| Price: | Par of $25
|
| Call: | On or before June 15, 2014, and will otherwise mature at the final date of 2079
|
| Trade date: | June 10
|
| Settlement date: | June 17
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
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