Virginia Electric and Power plans senior notes due 2033, 2053

By Marisa Wong

Los Angeles, Aug. 8 – Virginia Electric and Power Co. is offering fixed-rate senior notes in two parts, according to a 424B5 filing with the Securities and Exchange Commission.

The company is offering 2023 series C notes due Aug. 15, 2033 and 2023 series D notes due Aug. 15, 2053.

Each of the notes will feature an optional make-whole call, followed by an optional par call. The par call date will be three months prior to maturity for the series C notes and six months prior to maturity for the series D notes.

BMO Capital Markets Corp., CIBC World Markets Corp., Deutsche Bank Securities Inc., Regions Securities LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., Truist Securities, Inc., Mizuho Securities USA LLC, MUFG Securities Americas Inc. and TD Securities (USA) LLC are the joint bookrunners.

U.S. Bank Trust Co., NA is the trustee.

McGuireWoods LLP will act as counsel for the issuer. Troutman Pepper Hamilton Sanders LLP will act as counsel for the underwriters.

Proceeds will be used for general corporate purposes and to repay short-term debt, which as of July 31 included $1.3 billion of outstanding commercial paper with a weighted average yield of 5.532% per year and a weighted average days to maturity of about 31 days.

The public electric utility is based in Richmond, Va. Its parent company is Dominion Energy.

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