Virginia Electric and Power offers five- and 30-year senior notes

By Devika Patel

Knoxville, Tenn., May 16 – Virginia Electric and Power Co. will market a two-part offering of five- and 30-year fixed-rate senior notes, according to a 424B5 filing with the Securities and Exchange Commission.

The notes will be sold in two tranches of series B notes due May 15, 2027 and series C notes due May 15, 2052.

The 2027 notes have a make-whole call until April 15, 2027 and then a par call; the 2052 notes have a make-whole call until Nov. 15, 2051 and then a par call.

Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, MUFG, U.S. Bancorp Investments Inc., BMO Capital Markets Corp., Guggenheim Securities LLC, J.P. Morgan Securities LLC, Mizuho Securities USA Inc. and Samuel A. Ramirez & Co., Inc. are the bookrunners.

U.S. Bank NA is the trustee.

Counsel to the issuer is provided by McGuireWoods LLP and to the underwriters by Troutman Pepper Hamilton Sanders LLP.

Proceeds will be used for general corporate purposes and to repay short-term debt.

The electric utility is based in Richmond, Va.

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