Dominion Energy Announces Commitments Secured for $3 billion Cove Point Term Loan
Dominion Energy, Inc. (D)
Last dominion energy, inc. earnings: 2/11 07:30 am
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Source: PR Newswire
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 th
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