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  • Dominion Energy Announces Equity Recapitalization of Cove Point
    édité le 22/10/2019 - Plus de news de "Dominion Energy" - Voir la fiche entreprise de "Dominion Energy"


Dominion Energy Announces Equity Recapitalization of Cove Point
Dominion Energy, Inc., announced that it has entered into an agreement with Brookfield Super-Core Infrastructure Partners, an infrastructure fund managed by Brookfield Asset Management Inc. (Brookfield), in which the company will transfer a 25 percent non-controlling equity interest in Cove Point to Brookfield in exchange for cash consideration of just over $2 billion, excluding working capital. The announcement is part of Dominion Energy's previously communicated intention to establish a permanent capital structure for Cove Point.

Thomas F. Farrell, II, chairman, president and chief executive officer, said:

"The agreement highlights the compelling intrinsic value of Cove Point and allows us to efficiently redeploy capital toward our robust regulated growth capital programs. We are very excited to have a highly respected infrastructure investor such as Brookfield as our partner in this world-class facility."

Dominion Energy Cove Point LNG, LP (Cove Point) owns a liquefied natural gas (LNG) import, export and storage facility located on the western shore of the Chesapeake Bay in Lusby, Md., including a 136-mile pipeline that interconnects the facility with the interstate pipeline system. These assets provide liquefaction, gasification, transportation, storage and peaking gas supply services to customers in the United States, India and Japan. In 2018, the company completed a $4.1 billion expansion to enable natural gas exports.

The transaction represents an implied enterprise value of $8.22 billion, excluding working capital, and is supportive of the company's existing operating earnings per share and earnings growth guidance. Proceeds are expected to be used for general corporate purposes including significantly reducing the annual common equity financing described at the company's investor day in March 2019.

Upon transaction close, expected by the end of 2019, Dominion Energy will retain full operational control of the facility and its services, and existing customers and employees will be unaffected by this recapitalization agreement.

J.P. Morgan is acting in the role of financial adviser to Dominion Energy.

McGuireWoods LLP served as legal counsel to Dominion Energy and Kirkland & Ellis LLP served as legal counsel to Brookfield.

About Dominion Energy

Dominion Energy (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of generation, 14,800 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with approximately 1 trillion cubic feet of storage capacity and serves nearly 6 million utility and retail energy customers.


Origine : Communiqué Dominion Energy

Voir la fiche entreprise de "Dominion Energy"





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