Dominion Energy Secures $600 Million via Dual-Tranche Senior Notes Offering
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Key Takeaways
- Dominion Energy priced $600 million in senior notes across 2029 and 2037 maturities.
- The 2029 tranche carries a 5.25% coupon, while the 2037 tranche is set at 5.95%.
- Spreads were established at 65 and 110 basis points over benchmark Treasuries.
- The offering utilizes an extended T+9 settlement cycle ending November 16, 2026.
- Ratings agencies Moody's, S&P, and Fitch assigned investment-grade status with positive outlooks or watches.
Dominion Energy (NYSE: D), Inc. has finalized the pricing for a two-part senior notes offering totaling $600 million, according to a regulatory filing submitted on November 2, 2026. The transaction includes tranches maturing in 2029 and 2037 designed to support the utility's financial structure.
The offering is split into two distinct series with a combined principal amount of $600 million. The 2026 Series B notes carry a 5.25% coupon and mature on November 15, 2029. These were priced at 99.869% of their face value. The 2026 Series C notes carry a higher coupon of 5.95% with a maturity date of January 15, 2037, and were issued at 99.620% of the principal amount.
Financial terms for the Series B notes reflect a 65 basis point spread over the benchmark Treasury yield of 4.648%. The longer-dated Series C notes were set at 110 basis points above a 4.898% Treasury benchmark. After accounting for underwriting discounts but before other issuance costs, Dominion expects proceeds of 99.519% and 98.970% for the respective tranches.
The transaction is being led by a group of joint book-running managers including Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, Barclays Capital Inc., BofA Securities, Inc. and J.P. Morgan Securities LLC. The notes are expected to settle on November 16, 2026. Due to the T+9 settlement cycle, the company advised that investors trading in the secondary market before the closing date may need to arrange for alternative settlement timing.
