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Va. regulators OK Dominion utility's participation in revolving credit facility

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Va. regulators OK Dominion utility's participation in revolving credit facility

The Virginia State Corporation Commission on March 15 authorized Dominion Energy Virginia's participation in a $6 billion, five-year syndicated revolving credit facility with parent Dominion Energy Inc.

Dominion Energy executives on the company's fourth-quarter 2017 earnings call in late January announced the company is increasing its credit facilities by $500 million to a total of $6 billion.

The credit facilities will be available for borrowing by Dominion Energy, Dominion Energy Virginia, known legally as Virginia Electric and Power Co., Dominion Energy Gas Holdings LLC and Questar Gas Co., according to the regulatory filing. The facilities include sublimits of $1.5 billion for Dominion Energy Virginia, $3.5 billion for Dominion Energy, $750 million for Dominion Energy Gas Holdings and $250 million for Questar Gas Co., the filing indicates.

Dominion Energy Virginia estimated it would cost about $10.5 million to establish the core credit facility. "All expenses of the proposed core credit facility will be allocated based on each borrowers' sublimit which means [Dominion Energy Virginia] will pay 25% of the upfront costs," regulators said. (Va. SCC docket PUR-2018-00024)