Dominion Resources Inc. (NYSE: D) has begun the sale of an aggregate of 10,200,000 shares of its common stock, representing $750 million of gross proceeds, through a registered underwritten public offering to Citigroup, as the sole underwriter.
The net proceeds from the offering will be used for general corporate purposes, including to fund in part Dominion's combination with Questar Corp., and to repay short-term debt, including commercial paper. The offering is expected to close on April 8.
The last reported sale price of the company's common stock on April 4 was $74.58 per share. Citigroup proposes to offer for sale the shares of common stock from time to time in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices, subject to receipt and acceptance by it and subject to its right to reject any order in whole or in part.