RICHMOND, Va., Nov. 13,
2024 /PRNewswire/ -- Dominion Energy,
Inc. (NYSE: D), announced today that it will redeem for cash all
outstanding shares of its 4.65% Series B Fixed-Rate Reset
Cumulative Redeemable Perpetual Preferred Stock, without par value
(the Series B Preferred Stock), effective Dec. 15, 2024 (the Redemption Date), at a price
of $1,000 per share, which is equal
to the per-share liquidation preference of the Series B Preferred
Stock. Because the Redemption Date is not a business day, the
redemption will be processed on Dec. 16,
2024. There are 360,410 shares of Series B Preferred Stock
outstanding with an aggregate liquidation preference of
approximately $360 million.
A regular, semi-annual dividend on the Series B Preferred Stock
of $23.25 per share will be paid
separately on Dec. 16, 2024, to
holders of record as of the close of business on Dec. 13, 2024, in the customary manner.
Accordingly, the redemption price for the Series B Preferred Stock
does not include any accumulated and unpaid dividends.
The redemption of the Series B Preferred Stock is consistent
with Dominion Energy's previously announced plans to utilize the
proceeds from the company's May 2024
issuance of $2 billion of enhanced
junior subordinated notes to, among other things, opportunistically
retire, redeem, or repurchase outstanding company securities. There
is no change to the company's financing guidance.
Assuming that Dominion Energy sets aside sufficient funds to pay
the redemption price prior to the Redemption Date, dividends on the
Series B Preferred Stock will cease to accumulate on and after the
Redemption Date and all rights of holders of shares of Series B
Preferred Stock as of the Redemption Date will terminate, except
for the right to receive the Redemption Price without interest.
The transfer and paying agent for the Series B Preferred Stock
is:
Broadridge Corporate Issuer Solutions, Inc.
51 Mercedes Way
Edgewood, NY 11717
This press release does not constitute a notice of
redemption. Dominion Energy will issue a notice of redemption
in accordance with the terms of the Series B Preferred Stock later
today, Nov. 13, 2024.
About Dominion Energy
Dominion Energy (NYSE: D),
headquartered in Richmond, Va., provides
regulated electricity service to 3.6 million homes and
businesses in Virginia, North Carolina, and South
Carolina, and regulated natural gas service to 500,000 customers
in South Carolina. The company is one of the nation's
leading developers and operators of regulated offshore
wind and solar power and the largest producer
of carbon-free electricity in New England. The company's mission is
to provide the reliable, affordable, and increasingly clean
energy that powers its customers every day. Please
visit DominionEnergy.com to learn
more.
Forward-Looking Statements
This release contains
certain forward-looking statements that are subject to a variety of
factors that could cause actual events or results to differ from
those included in these statements. These factors include the
company having funds legally available for the redemption at the
time of the redemption as required by Virginia law, as well as the factors
identified in Dominion Energy's Forms 10-K and 10-Q filed with the
U.S. Securities and Exchange Commission. Dominion Energy refers
readers to those discussions for further information. Any
forward-looking statement speaks only as of the date on which it is
made, and Dominion Energy undertakes no obligation to update any
forward-looking statement to reflect events or circumstances
occurring after the date on which it is made.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/dominion-energy-announces-redemption-of-series-b-preferred-stock-302304058.html
SOURCE Dominion Energy
