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Dominion Energy South Carolina launches $400M cash tender offer

Dominion Energy South Carolina Inc. has commenced a cash tender offer to purchase up to $400 million of its three series of first mortgage bonds.

The tender offer involves the Dominion Energy Inc. subsidiary's $400 million outstanding 4.25% bonds due 2028, its $324.4 million outstanding 4.35% bonds due 2042 and its $400 million outstanding 4.60% bonds due 2043. The offer is set to expire at 11:59 p.m. ET on Sept. 25, unless extended or earlier terminated.

The utility will purchase the bonds based on the priority order for each series, with 1 being the highest acceptance priority level for the 2028 bonds and 3 being the lowest acceptance priority level for the 2043 bonds, according to an Aug. 28 news release.

Holders who validly tender and not properly withdraw their bonds prior at or prior to 5 p.m. ET on Sept. 11 will be eligible to receive the applicable total consideration, including a $30 early tender premium, plus accrued interest. Any bonds validly tendered after the early tender deadline but prior to the expiration date will be eligible to receive only the applicable late tender offer consideration, plus accrued interest.

Bank of America Merrill Lynch and U.S. Bancorp Investments Inc. are serving as dealer managers of the tender offer, while D.F. King & Co. Inc. is acting as the tender agent and information agent.