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Dominion Energy sells $1.5B of senior notes

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Dominion Energy sells $1.5B of senior notes

Dominion Energy Inc. sold $1.50 billion of its 3.375% 2020 series C senior notes due April 1, 2030, according to a March 31 free writing prospectus.

The company plans to use net proceeds for general corporate purposes and to repay short-term debt, which as of March 27 included $1.9 billion in outstanding commercial paper with a weighted average yield of 1.84% per year and a weighted average days to maturity of approximately 40 days.

Interest on the notes is payable every April 1 and Oct. 1, starting Oct. 1. The notes have a spread to benchmark Treasury of 280 basis points, and were expected to be rated Baa2 by Moody's, BBB by S&P Global Ratings and BBB+ by Fitch Ratings.

BofA Securities Inc., RBC Capital Markets LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments Inc. served as joint book-running managers. R. Seelaus & Co. LLC acted as the sole co-manager.