Virginia Electric to price add-on to 4.45% senior notes due 2044

By Aleesia Forni

Virginia Beach, Oct. 20 – Virginia Electric and Power Co. is planning to price an add-on to its existing 4.45% series B senior notes (A2/A-/A-) due Feb. 15, 2044, according to a 424B5 filed with the Securities and Exchange Commission.

The original $400 million of 4.45% notes due 2044 priced at 90 basis points over Treasuries on Feb. 4, 2014.

BNP Paribas Securities Corp. and Citigroup Global Markets Inc. are the bookrunners.

Proceeds will be used for general corporate purposes, to repay short-term debt and to offset the payment of the redemption price to be paid in connection with the redemption of all of its issued and outstanding preferred stock on Oct. 20.

The electric utility is based in Richmond, Va.

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