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Dominion Energy, subsidiaries increase credit facility to $6B

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Dominion Energy, subsidiaries increase credit facility to $6B

Dominion Energy Inc. and its subsidiaries Virginia Electric and Power Co., Dominion Energy Gas Holdings LLC and Questar Gas Co. amended their revolving credit facility to increase the loan amount to $6.00 billion from $5 billion and extend the facility's maturity date to March 2023 from April 2020.

The amendment also increased Dominion Energy's permitted ratio of total debt to capitalization to 0.675 to 1.00 from 0.65 to 1.00, according to Form 8-K filed March 26. The permitted ratio of total debt to capitalization for Virginia Electric and Power, Dominion Energy Gas and Questar Gas remains at 0.65:1.00.

The credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support the issuance of letters of credit.

Dominion Energy said in the filing that the changes in the credit facility are not expected to have any material impact on the annual cost or availability of funds to the company.

JPMorgan Chase Bank NA acted as administrative agent and Mizuho Bank Ltd., Bank of America NA, the Bank of Nova Scotia and Wells Fargo Bank NA served as syndication agents.

In connection with the amendment of the credit facility, Dominion Energy and its subsidiaries terminated a $500 million credit facility due to the $1 billion increase in the revolving credit facility.