Dominion offering cash tender for debt securities

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Dominion Energy South Carolina Inc. is launching an offer to purchase for cash up to $400 million aggregate principal amount of several bonds due. Those bonds are 4.25% First Mortgage Bonds due 2028, 4.35% First Mortgage Bonds due 2042 and 4.6% First Mortgage Bonds due 2043.

Cayce-based Dominion Energy South Carolina is a wholly owned subsidiary of Dominion Energy Inc. The sale of S.C. Electric & Gas to Dominion Energy, now known as Dominion Energy South Carolina, was completed earlier this year.

"We’re reducing the amount of outstanding debt at Dominion Energy South Carolia, which reduces interest expense and improves the utility’s debt-to-capitalization ratio," Ryan Frazier, Dominion Energy spokesperson, said.

Bonds will be accepted for purchase based on acceptance priority levels set by the company. The bonds tendered in the offer are subject to the offer cap, acceptance priority levels, early tender priority and proration, according to a news release from Dominion.

Bank of America Merrill Lynch and U.S. Bancorp Investments Inc. are acting as dealer managers for the offer, according to the release. D.F. King & Co. Inc. is acting as tender agent and information agent.

For more information about the terms of the offer, contact Bank of America Merrill Lynch at 888-292-0070 or U.S. Bancorp at 877-558-2607.  Offer to purchase requests can be directed to D.F. King  at 212-269-5550 (banks and brokers) or 866-388-7525 (all others) or by email at dominion@dfking.com.

The offer will expire Sept. 25 at 11:59 p.m. unless extended or terminated by Dominion Energy S.C.