Dominion in Equity Offering to Fund Cove Point Liquefaction Project
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.