Morning Commentary: New Dominion Resources adds in secondary; older Dominion tranches edge up

By Rebecca Melvin

New York, June 26 – Dominion Resources Inc.’s newly priced 6.375% mandatory convertible equity units traded up in the early going Thursday after the Richmond, Va.-based energy company priced $900 million of the three-year mandatory units through the tight end of coupon talk and at the midpoint of premium talk.

Dominion’s 6.375% convertibles were quoted at $51 bid, $52 offered with the shares around $70.40. Earlier the new paper had gone to as high as $52.25 bid, $52.50 offered.

Dominion’s existing convertibles, the 6.125% convertible A tranche, added 61 cents, or 1.1%, to $57.49 in the early going, and Dominion’s 6% convertible B tranche was up 41 cents, or 0.7%, at $57.43. These issues priced a year ago.

Dominion shares were up nearly 1% at $70.41.

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