Dominion offers variable denomination floating perpetual demand notes

By Rebecca Melvin

Concord, N.H., Nov. 23 – Dominion Energy Reliability Investment is offering variable denomination floating-rate perpetual demand notes, according to a Rule 424B5 filed with the Securities and Exchange Commission on Monday.

The rate is determined at the direction of the Dominion Energy Reliability Investment Committee, with the initial rate and all subsequent changes to the initial interest rate to be disclosed in prospectus supplements filed with the SEC.

The notes are issuable in any amount demanded by the investor and are subject to redemption by Dominion Energy at any time. They have a principal amount equal to the total amount of each investor’s investment, plus reinvested interest, after deducting redemptions and fees.

Accrued interest will be compounded daily and automatically reinvested in notes on the last business day of each month.

The notes rank equally in priority with all of Dominion Energy’s existing and future unsecured and non-subordinated debt and will rank senior in right of payment to all of Dominion Energy’s existing and future subordinated debt.

The notes are being offered on a continuous basis and have a maximum aggregate principal amount that may be outstanding at any one time of $1 billion.

Proceeds from the sale of the notes are expected to be used to finance capital expenditures and future acquisitions and to retire or redeem debt securities issued by Dominion and for other general corporate purposes which may include the repayment of commercial paper and debt under any of Dominion’s credit facilities.

Based in Richmond, Va., Dominion Energy Reliability Investment is a unit of Dominion Energy, a power company based in Richmond, Va.

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