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June 27, 2007
Dominion Announces Results To Early Tender Date Of Its Offer To Purchase Up To $2.5 Billion Of Its Outstanding Debt
RICHMOND, Va. – Dominion Resources, Inc. (NYSE:D) announced today that, as of 5:00 p.m., New York City time, June 26, 2007, the early tender date, the following principal amounts of securities have been tendered in connection with its previously announced cash tender offer for up to $2.5 billion principal amount of selected outstanding notes. The terms and conditions of the tender offer are described in detail in the Offer to Purchase dated June 13, 2007, and the related Letter of Transmittal, which were mailed to the holders of the notes.
Because the aggregate principal amount of notes tendered exceeds the $2.5 billion maximum tender offer amount described in the Offer to Purchase, the 6.25% Notes due 2011, the 6.0% Notes due 2010 and the 6.3% Notes due 2033 (denoted with an asterisk in the table above) will not be accepted for purchase, and notes of such series previously tendered will be promptly returned.
Based on the principal amounts of notes currently tendered, the 6.25% Notes due 2012 will, if accepted for purchase, be subject to proration as described in the Offer to Purchase depending on the aggregate principal amount of notes validly tendered and not withdrawn prior to the expiration of the tender offer. The expiration date is currently 12:00 midnight, New York City time, on July 11, 2007.
As previously announced, Dominion intends to fund the tender offer with a portion of the proceeds of the pending sale of its offshore exploration and production assets to Eni Petroleum, which is expected to close in early July. The tender offer is conditioned upon completion of the sale of the offshore exploration and production assets and other general conditions.
Barclays Capital Inc., Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated are acting as lead dealer managers for the tender offer. Credit Suisse Securities (USA), LLC and Deutsche Bank Securities are acting as co-dealer managers. The information agent and depositary for the tender offer is Global Bondholders Services Corporation. The tender offer is made only by the Offer to Purchase and the related Letter of Transmittal, and the information in this news release is qualified by reference to such documents. Persons with questions regarding the tender offer should contact Barclays Capital Inc. at (212) 412-4072 (collect) or (866) 307-8991 (toll-free), Citigroup Global Markets Inc. at (212) 723-6106 (collect) or (800) 558-3745 (toll-free) and Merrill Lynch, Pierce, Fenner & Smith Incorporated at (212) 499-4914 (collect) or (888) 654-8637 (toll-free). Requests for copies of the Offer to Purchase and Letter of Transmittal should be directed to Global Bondholders Services Corporation at (212) 430-3774 or (866) 470-4200 (toll-free).
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