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Dominion Energy secures Cove Point loan

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LNG Industry,

Dominion Energy announced that it has successfully secured commitments totalling US$3 billion from over 20 lenders for its three-year, non-amortising, Cove Point term loan facility.

The US LNG company intends to use the proceeds from the financing to reduce parent-level debt. As a result, parent level debt as a percentage of total company debt will fall by approximately 8%, representing significant progress toward achieving Dominion Energy's credit objectives.

Mark McGettrick, executive vice president and chief financial officer, said:

“We have been very pleased with the strong interest among lenders to participate in this important financing which has resulted in very attractive terms. Today's announcement represents another milestone toward successfully completing the previously announced credit improvement initiatives which demonstrate our commitment to a strong credit profile.”

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