RICHMOND Va. - Dominion (NYSE: D) announced the pricing of
today's public offering of 26.5 million shares of common stock at $40.50 per
share. The public offering raised approximately $1.07 billion in gross proceeds
for Dominion. These securities will be issued under the company's existing shelf
registration with the Securities and Exchange Commission. The common stock is
expected to be issued on Oct. 21, subject to customary closing conditions.
In connection with the offering, the company has granted the
underwriters an option for a period of 30 days to purchase up to an additional
3.975 million shares of the company's common stock to cover over-allotments.
The net proceeds from the offering will be used for general
corporate purposes, principally repayment of debt.
The joint book-running managers for the offering are Merrill
Lynch & Co. and Morgan Stanley.
Investors can obtain a copy of the final prospectus relating
to the offering from Merrill Lynch & Co., 4 World Financial Center, 250
Vesey St., Ground Floor, New York, N.Y., 10080, Attention: Max Tabuzo; or from
Morgan Stanley, 1585 Broadway, New York, N.Y., 10036, Attention: Prospectus
Department.
Dominion has a diversified and integrated energy portfolio
consisting of nearly 24,000 megawatts of generation, 5.7 trillion cubic feet
equivalent of natural gas reserves, 7,700 miles of natural gas transmission
pipeline and the nation's largest underground natural gas storage system with
more than 960 billion cubic feet of storage capacity. Dominion also serves 3.9
million franchise natural gas and electric customers in five states and nearly
one million unregulated retail customers in eight states. In addition, Dominion
owns a managing equity interest in Dominion Fiber Ventures LLC, owner of Dominion
Telecom. For more information about Dominion, visit the company's web site at
www.dom.com.
