Dominion Resources tenders for up to $200 million of notes due 2066

By Wendy Van Sickle

Columbus, Ohio, July 5 – Dominion Resources, Inc. tendered for up to $200 million of its outstanding 2006 series A and series B enhanced junior subordinated notes due 2066, according to a press release.

The company is offering a total consideration of $800 per $1,000 principal amount of the $373,346,000 of outstanding series B notes, which have acceptance priority over the series A notes. It is offering $900 per $1,000 principal amount for the series A notes, of which $247,479,000 are outstanding.

Each total consideration includes a $30 premium that will be paid only for notes tendered by the early deadline of 5 p.m. ET on July 18. The company will also pay accrued interest to but excluding the settlement date. Holders may withdraw tenders up to the early deadline.

The early settlement date is expected to be July 19.

The offer expires at 11:59 ET on Aug. 1.

All notes tendered by the early tender deadline will be given priority over notes tendered after the early deadline.

The offer is not conditioned on any minimum amount of notes being tendered, but it is subject to satisfaction of certain conditions, the company said. Dominion said it reserves the right to increase the tender cap.

BofA Merrill Lynch (888 292-0070 or 980 387-3907) and J.P. Morgan Securities LLC (866 834-4666 or 212 834-8553) are the dealer managers. D.F. King & Co., Inc. (800 884-5882, 212 269-5550 or dominion@dfking.com) is the information and tender agent.

The energy producer and transporter is based in Richmond, Va.

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