Virginia Electric and Power to price two tranches of senior notes

By Devika Patel

Knoxville, Tenn., Sept. 11 – Virginia Electric and Power Co. will conduct a two-part offering of fixed-rate senior notes, according to a 424B5 filing with the Securities and Exchange Commission.

The notes will be sold in tranches of series B notes due Sept. 15, 2047 and an add-on to its 2.75% series C notes due March 15, 2023. The company sold $500 million of the series C notes on March 14, 2013.

The series B notes have a make-whole call until March 15, 2047 and then a par call; the series C notes have a make-whole call until Dec. 15, 2022 and then a par call.

RBC Capital Markets Corp., Scotia Capital (USA) Inc., SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments Inc. are the bookrunners.

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

The electric utility is based in Richmond, Va.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.