By Cristal Cody
Tupelo, Miss., March 13 – Virginia Electric and Power Co. priced $750 million of 3.5% 10-year senior notes at a spread of Treasuries plus 90 basis points on Monday, according to an FWP filing with the Securities and Exchange Commission.
The notes due March 15, 2027 (A2/BBB+/A) priced at 99.908 to yield 3.511%.
Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used to repay short-term debt and for general corporate purposes.
The electric utility is based in Richmond, Va.
| Issuer: | Virginia Electric and Power Co.
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| Amount: | $750 million
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| Description: | Senior notes
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| Maturity: | March 15, 2027
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| Bookrunners: | Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC
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| Co-managers: | CastleOak Securities LP and Loop Capital Markets LLC
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| Coupon: | 3.5%
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| Price: | 99.908
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| Yield: | 3.511%
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| Spread: | Treasuries plus 90 bps
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| Trade date: | March 13
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| Settlement date: | March 16
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| Call features: | Make-whole call at Treasuries plus 15 bps before Dec. 15, 2026; at par thereafter
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| Ratings: | Moody’s: A2
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| S&P: BBB+
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| Fitch: A
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| Distribution: | SEC registered
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