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Dominion Energy plans $1,000-par reset cumulative preferreds
By James McCandless
San Antonio, Dec. 2 – Dominion Energy, Inc. plans to price an offering of $1,000-par series B fixed-rate reset cumulative redeemable perpetual preferred stock, according to a filing with the Securities and Exchange Commission.
BofA Securities, Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and SunTrust Robinson Humphrey, Inc. are the joint bookrunners.
Dividends are payable on June 15 and Dec. 15 each year, commencing on June 15, 2020.
The preferreds are redeemable on or after Dec. 15, 2024 at par. Prior to that, the preferreds are redeemable within 120 days after a ratings event at 102.
Beginning Dec. 15, 2024, the dividend will reset to the five-year Treasury rate plus a spread.
Dominion Energy plans to use the proceeds for general corporate purposes and to repay short-term debt.
The company does not intend to list the preferreds on any securities exchange.
Dominion Energy is a Richmond, Va.-based gas and electric utility.
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