Dominion Energy, Inc. $1.61 Billion Offering of Equity Units

Davis Polk advised the joint book-running managers and representatives of the underwriters on an SEC-registered offering by Dominion Energy, Inc. of 16,100,000 equity units, including 2,100,000 equity units from the exercise by the underwriters of their option to purchase additional equity units. The equity units will initially consist of 1,610,000 shares of Dominion Energy, Inc.’s 1.75% Series A cumulative perpetual convertible preferred stock, with a liquidation preference of $1,000 per share, and contracts to purchase, for an aggregate of $1.61 billion, a variable number of shares of common stock of Dominion Energy, Inc.

Dominion Energy, Inc. is one of the nation’s largest producers and transporters of energy, operating one of the nation’s largest natural gas storage systems.

The Davis Polk equity derivatives team included partners Mark M. Mendez and Mark J. DiFiore and associates Joseph Luizzi and S. Elizabeth Kim. The tax team included partner Michael Farber and associate Christopher A. Baratta. All members of the Davis Polk team are based in the New York office.