Dominion said it intends to offer to sell 18 million equity units, subject to market and other conditions.
Each equity unit will be issued in a stated amount of $50 and will consist of a contract to purchase common stock in the future and a 1/20 undivided beneficial ownership interest in a remarketable subordinated note having a principal amount of $1,000. Dominion expects to grant to the underwriters an option to purchase an additional 2 million equity units to cover over-allotments.
Dominion plans to use the net proceeds from this offering for general corporate purposes and to fund its growth plan, including the Cove Point liquefaction project.