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Dominion’s $800 million of 5.25% $25-par junior subordinated notes due 2076 admitted to NYSE
By Stephanie N. Rotondo
Seattle, July 25 – Dominion Resources Inc.’s $800 million of 5.25% 2016 series A $25-par enhanced junior subordinated notes due July 30, 2076 began trading on the New York Stock Exchange on Monday.
The ticker symbol is “DRUA.”
The deal priced July 12. Price talk was 5.375% to 5.5%, according to a market source.
BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC were the joint bookrunners. J.P. Morgan Securities LLC and RBC Capital Markets LLC were joint lead managers.
Interest will be payable on the 30th day of January, April, July and October, beginning Oct. 30. The company can opt to defer the payments on one or more occasions for up to 10 consecutive years. In that case, the deferred payments will accumulate additional interest.
The notes become redeemable on or after July 30, 2021 at par plus accrued interest. The notes are also redeemable, in whole, upon a tax event, at the same redemption price. In the event of a rating agency event, the notes are redeemable in whole at 102% of par plus accrued interest.
The new notes will be listed on the New York Stock Exchange.
Proceeds will be used for general corporate purposes, including to finance a previously announced tender offer for up to $200 million of the outstanding 2006 series A enhanced junior subordinated notes due 2066 and 2006 series B enhanced junior subordinated notes due 2066, and to repay short-term paper.
Dominion is a Richmond, Va.-based energy company.
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