Virginia Electric and Power Company to Redeem Preferred Securities
RICHMOND, Va. - Virginia Electric
and Power Company, a wholly owned subsidiary of Dominion (NYSE: D), announced
today that it will redeem all outstanding shares of its variable rate preferred
stock.
Redemption will occur on the following schedule:
Series Description
Redemption Date
September 1992 A Series Auction Market Preferred Stock
September 1992 B Series Auction Market Preferred Stock
October 1988 Series Money Market Cumulative Preferred Stock
June 1989 Series Money Market Cumulative Preferred Stock
The paying agent is Deutsche Bank. Each series will be redeemed
at par value plus accrued and unpaid dividends through and including the redemption
date. The record date will be the business day immediately preceding the redemption
date.
In addition, Virginia Power Capital Trust I, a subsidiary
trust of Virginia Electric and Power Company, announced the redemption of all
outstanding shares of its 8.05 percent Trust Preferred Securities on September
30, 2002. The paying agent is JPMorgan Chase Bank. The redemption price is par
value of $25 per preferred security plus accrued and unpaid distributions through
and including the redemption date. The record date will be September 15, 2002.
