Each unit in the offering will be issues in a stated amount of $50. The units consist of a contract to buy common stock at a later date, and a 1/20 undivided beneficial ownership interest in a re-marketable subordinated note with a principal amount of $1,000. Dominion will give the underwriters an option to buy up to an additional 2 million units to cover over-allotments.
The company will use the proceeds from the offering for general corporate purposes, and to fund its growth plan which includes the Cove Point liquefaction project.
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TheStreet Ratings team rates DOMINION RESOURCES INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate DOMINION RESOURCES INC (D) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."