By Andrea Heisinger
New York, March 2 - Dominion Resources, Inc. priced an upsized $900 million of senior notes, 2011 series A, (Baa2/A-/BBB+) on Wednesday in two parts, according to an FWP filing with the Securities and Exchange Commission.
The size was increased from $800 million, with $100 million added to the 10-year maturity.
The $400 million of 1.8% three-year notes priced at 99.944 to yield 1.819% with a spread of Treasuries plus 68 basis points. They have a make-whole call at 10 bps over Treasuries.
A $500 million tranche of 4.45% 10-year notes priced at 99.751 to yield 4.481% with a spread of 105 bps over Treasuries. The notes have a make-whole call at 15 bps over Treasuries.
Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC and Scotia Capital (USA) Inc. were the bookrunners.
Proceeds are being used for general corporate purposes, including short-term debt repayment and commercial paper.
The energy production and transportation company is based in Richmond, Va.
| Issuer: | Dominion Resources, Inc.
|
| Issue: | Senior notes, 2011 series A
|
| Amount: | $900 million, increased from $800 million
|
| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Scotia Capital (USA) Inc.
|
| Trade date: | March 2
|
| Settlement date: | March 7
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: A-
|
| Fitch: BBB+
|
|
|
| Three-year notes
|
| Amount: | $400 million
|
| Maturity: | March 15, 2014
|
| Coupon: | 1.8%
|
| Price: | 99.944
|
| Yield: | 1.819%
|
| Spread: | Treasuries plus 68 bps
|
| Call: | Make-whole at Treasuries plus 10 bps
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | March 15, 2021
|
| Coupon: | 4.45%
|
| Price: | 99.751
|
| Yield: | 4.481%
|
| Spread: | Treasuries plus 105 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
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