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Virginia Electric and Power sells $700M of 3.80% notes

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Virginia Electric and Power sells $700M of 3.80% notes

Virginia Electric and Power Co. sold $700 million of its 3.80% series 2018A senior unsecured notes due April 1, 2028, according to a March 20 free writing prospectus.

Interest on the notes is payable semiannually on April 1 and Oct. 1 of each year, starting Oct. 1. The notes have a spread to benchmark Treasury of 95 basis points. The issue was expected to be rated A2 by Moody's, A by Fitch Ratings and BBB+ by S&P Global Ratings.

The Dominion Energy Inc. subsidiary intends to use net proceeds for general corporate purposes and to repay short-term debt, including commercial paper.

BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC and U.S. Bancorp Investments Inc. acted as joint book-running managers. BB&T Capital Markets and C. L. King & Associates Inc. served as co-managers.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.