By Cristal Cody
Eureka Springs, Ark., Jan. 9 – Dominion Resources, Inc. priced $800 million of notes (Baa2/BBB/BBB+) in two parts on Monday, according to an FWP filing with the Securities and Exchange Commission.
The company sold $400 million of 1.875% two-year notes at 99.931 to yield 1.91%. The notes priced with a spread of 72 basis points over Treasuries.
Dominion Resources priced $400 million of 2.75% five-year notes at 99.856 to yield 2.781%, or 90 bps over Treasuries.
Barclays, Citigroup Global Markets Inc. and UBS Securities LLC were the bookrunners.
Proceeds will be used for general corporate purposes, including to partly fund the company’s merger with Questar.
Dominion Resources is a Richmond, Va.-based energy producer and transporter.
| Issuer: | Dominion Resources, Inc.
|
| Amount: | $800 million
|
| Securities: | Notes
|
| Bookrunners: | Barclays, Citigroup Global Markets Inc., UBS Securities LLC
|
| Trade date: | Jan. 9
|
| Settlement date: | Jan. 12
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
|
|
| Two-year notes
|
| Amount: | $400 million
|
| Maturity: | Jan. 15, 2019
|
| Coupon: | 1.875%
|
| Price: | 99.931
|
| Yield: | 1.91%
|
| Spread: | Treasuries plus 72 bps
|
| Call feature: | Make-whole call at Treasuries plus 15 bps
|
|
|
| Five-year notes
|
| Amount: | $400 million
|
| Maturity: | Jan. 15, 2022
|
| Coupon: | 2.75%
|
| Price: | 99.856
|
| Yield: | 2.781%
|
| Spread: | Treasuries plus 90 bps
|
| Call feature: | Make-whole call at Treasuries plus 15 bps before Dec. 15, 2021; on or after Dec. 15, 2021 at par
|
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