Dominion Energy South Carolina Launches Cash Tender Offer For Certain Outstanding Debt Securities.
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Release date- 28082019 - RICHMOND - Dominion Energy South Carolina, Inc. (DESC), a wholly owned subsidiary of Dominion Energy, Inc. (NYSE: D), today announced the commencement of an offer to purchase for cash up to $400,000,000 aggregate principal amount (the Offer Cap) of its 4.250% First Mortgage Bonds due 2028, 4.350% First Mortgage Bonds due 2042 and 4.600% First Mortgage Bonds due 2043 (collectively, the Bonds) (such offer, the Offer); provided, that the Bonds tendered in the Offer shall be subject to the Offer Cap, the Acceptance Priority Levels (defined below), the Early Tender Priority (defined below) and proration, as applicable.
The terms and conditions of the Offer are described in the Offer to Purchase, dated Aug. 28, 2019 (the Offer to Purchase). Copies of the Offer to Purchase are available at www.dfking.com/dominion.
If the Offer is not fully subscribed as of the Early Tender Deadline, all Bonds validly tendered prior to or at the Early Tender Deadline will have priority over any Bonds validly tendered after the Early Tender Deadline, regardless of the Acceptance Priority Level of such bonds (such priority, the Early Tender Priority). Furthermore, if the Offer is fully subscribed as of the Early Tender Deadline, Holders who tender their Bonds following the Early Tender Deadline will not have any of their Bonds accepted for purchase. Bonds of a given series may be subject to proration if the aggregate principal amount of such Bonds validly tendered would cause the Offer Cap to be exceeded.
The Early Settlement Date is the date that DESC accepts for purchase Bonds validly tendered and not withdrawn at or prior to the Early Tender Deadline, and the Final Settlement Date is the date that DESC accepts for purchase Bonds validly tendered after the Early Tender Deadline but prior to or at the Expiration Time, if any; provided, in each case, that all applicable conditions have been satisfied or waived by DESC. DESC currently expects the Early Settlement Date and the Final Settlement Date to be the second business day following the Early Tender Deadline and Expiration Time, respectively.
Other Information with Respect to the Offer
Capitalized terms used in this press release and not defined herein have the meanings given to them in the Offer to Purchase.
BofA Merrill Lynch and U.S. Bancorp Investments, Inc. are acting as dealer managers for the Offer. For additional information regarding the terms of the Offer, please contact BofA Merrill Lynch at (888) 292-0070 (toll-free) or (980) 387-3907 (collect) or U.S. Bancorp Investments, Inc. at (877) 558-2607 (toll-free) or (612) 336-7604 (collect). Requests for the Offer to Purchase may be directed to D.F. King & Co., Inc., which is acting as the Tender Agent and Information Agent for the Offer, at (212) 269-5550 (for banks and brokers) or (866) 388-7535 (all others, toll-free) or email firstname.lastname@example.org.
Based in Cayce, S.C., Dominion Energy South Carolina, Inc. is a wholly owned subsidiary of Dominion Energy. The regulated public utility is engaged in the generation, transmission, distribution and sale of electricity to approximately 731,000 customers in the central, southern and southwestern portions of South Carolina. The company also provides natural gas service to approximately 379,000 customers throughout the state.
About Dominion Energy
Nearly 7.5 million customers in 18 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 more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 80 percent by 2050 and reduce methane emissions from its gas assets 50 percent by 2030.
This news release contains 'forward-looking statements' made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements relate to, among other things, expectations and projections. Actual results may differ from expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of future events. Words such as 'expect,' 'assume,' 'estimate,' 'project,' 'anticipate,' 'intend,' 'plan,' 'may,' 'will,' 'could,' 'should,' 'believe,' 'potential,' and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results, and may include, but are not limited to, statements about proposed transactions, plans, objectives, expectations and intentions and the timing of future events. All statements relating to events or developments that DESC expects or anticipates will occur in the future are forward-looking statements, and DESC's ability to predict results or the actual effect of future events is inherently uncertain. Although DESC believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that actual outcomes and results will not differ materially from what is expressed in such forward-looking statements. There can be no assurance that the transactions will be consummated.
Forward-looking statements in this release are based on information available as of the date of this release, which such information is subject to change at any time. DESC undertakes no obligation to update any forward-looking statement to reflect developments after the statement is made.
Tel: (804) 819-2521
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|Date:||Aug 29, 2019|
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