RICHMOND, Va., Sept. 4, 2018 /PRNewswire/ -- Dominion
Energy (NYSE: D) today announced that it has successfully secured
commitments totaling $3 billion from
over 20 lenders for its three-year, non-amortizing, Cove Point term
loan facility. The facility is expected to close and fund
later this month. Initial drawn pricing for the term loan is
set at Libor plus 1.375%.
Dominion Energy intends to use the proceeds from the financing
to reduce parent-level debt. As a result, parent level debt
as a percentage of total company debt will fall by approximately 8
percent, representing significant progress toward achieving
Dominion Energy's credit objectives.
Mark F. McGettrick, executive
vice president and chief financial officer, said:
"We have been very pleased with the strong interest among
lenders to participate in this important financing which has
resulted in very attractive terms. Today's announcement
represents another milestone toward successfully completing the
previously announced credit improvement initiatives which
demonstrate our commitment to a strong credit profile."
Nearly 6 million customers in 19 states energize their homes and
businesses with electricity or natural gas from Dominion Energy
(NYSE: D), headquartered in Richmond,
Va. The company is committed to sustainable, reliable,
affordable, and safe energy and is one of the nation's largest
producers and transporters of energy with over $78 billion of assets providing electric
generation, transmission and distribution, as well as natural gas
storage, transmission, distribution, and import/export services. As
one of the nation's leading solar operators, the company intends to
reduce its carbon intensity 50 percent by 2030. Through its
Dominion Energy Charitable Foundation, as well as EnergyShare and
other programs, Dominion Energy plans to contribute more than
$30 million in 2018 to community
causes throughout its footprint and beyond. Please visit
www.DominionEnergy.com, Facebook or Twitter to learn more.
This release contains certain forward-looking statements that
are subject to various risks and uncertainties. Factors that
could cause actual results to differ include, but are not limited
to: unusual weather conditions and their effect on energy sales to
customers and energy commodity prices; extreme weather events and
other natural disasters; federal, state and local legislative and
regulatory developments; changes to federal, state and local
environmental laws and regulations, including proposed carbon
regulations; cost of environmental compliance; changes in
enforcement practices of regulators relating to environmental
standards and litigation exposure for remedial activities; capital
market conditions, including the availability of credit and the
ability to obtain financing on reasonable terms; fluctuations in
interest rates; changes in rating agency requirements or credit
ratings and their effect on availability and cost of capital;
impacts of acquisitions, divestitures, transfers of assets by
Dominion Energy to joint ventures or to Dominion Energy Midstream
Partners, and retirements of assets based on asset portfolio
reviews; the expected timing and likelihood of completion of the
proposed acquisition of SCANA Corporation, including the timing,
receipt and terms and conditions of required regulatory
approvals; receipt of approvals for, and timing of, closing dates
for other acquisitions and divestitures; changes in demand for
Dominion Energy's services; additional competition in Dominion
Energy's industries; changes to regulated rates collected by
Dominion Energy; changes in operating, maintenance and construction
costs; timing and receipt of regulatory approvals necessary for
planned construction or expansion projects and compliance with
conditions associated with such regulatory approvals and the
inability to complete planned construction projects within time
frames initially anticipated. Other risk factors are
detailed from time to time in Dominion Energy's quarterly reports
on Form 10-Q or most recent annual report on Form 10-K filed with
the Securities and Exchange Commission.
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SOURCE Dominion Energy