Dominion Energy South Carolina Inc. priced its tender offer to purchase three tranches of first mortgage bonds after it was fully subscribed as of the Sept. 11 early tender date.
The Dominion Energy Inc. subsidiary set first preference to 4.250% first mortgage bonds due 2028 with an early tender premium of $30 with a total consideration of $1,146.10 per $1,000 of the principal amount, with a fixed spread of 65 basis points. The second priority was given to 4.350% first mortgage bonds due 2042, with an early tender premium of $30 with a total consideration of $1,189.04 per $1,000 of the principal amount, with a fixed spread of 95 basis points.
The third tranche of 4.600% first mortgage bonds due 2043 will not be accepted due to the tender offer cap, the utility said in a news release.
The tender offer is priced, based on early results, for validly tendered and not properly withdrawn bonds by 5 p.m. ET on Sept. 11.
The company does not expect to accept for purchase any bonds tendered after the early tender deadline. The tender is scheduled to expire at 11:59 p.m. ET on Sept. 25.
Bank of America Merrill Lynch and U.S. Bancorp Investments Inc. are acting as dealer managers for the offer.
