Filed pursuant to Rule 433
Relating to Preliminary Prospectus Supplement dated November 15, 2021
to Prospectus dated June 26, 2020
Registration No. 333-239472
VIRGINIA ELECTRIC AND POWER COMPANY
FINAL TERM SHEET
November 15, 2021
2021 Series A 2.30% Senior Notes due 2031 | 2021 Series B 2.95% Senior Notes due 2051 | |||
Principal Amount: | $500,000,000 | $500,000,000 | ||
Expected Ratings* (Moody’s/S&P/Fitch): | A2 (stable outlook) / BBB+ (positive outlook) / A (stable outlook) | A2 (stable outlook) / BBB+ (positive outlook) / A (stable outlook) | ||
Trade Date: | November 15, 2021 | November 15, 2021 | ||
Settlement Date (T+5)**: | November 22, 2021 | November 22, 2021 | ||
Final Maturity Date: | November 15, 2031 | November 15, 2051 | ||
Interest Payment Dates: | May 15 and November 15 | May 15 and November 15 | ||
First Interest Payment Date: | May 15, 2022 | May 15, 2022 | ||
Optional Redemption: | Make Whole Call at T+15 bps prior to August 15, 2031; Par Call on or after August 15, 2031 | Make Whole Call at T+15 bps prior to May 15, 2051; Par Call on or after May 15, 2051 | ||
Benchmark Treasury: | 1.375% due November 15, 2031 | 2.000% due August 15, 2051 | ||
Benchmark Treasury Yield: | 1.625% | 2.011% | ||
Spread to Benchmark Treasury: | +70 bps | +95 bps | ||
Reoffer Yield: | 2.325% | 2.961% | ||
Coupon: | 2.30% | 2.95% | ||
Price to Public: | 99.779% of the principal amount | 99.783% of the principal amount | ||
Proceeds to the Company Before Expenses: | 99.129% of the principal amount | 98.908% of the principal amount | ||
CUSIP/ISIN: | 927804 GE8/US927804GE83 | 927804 GF5/US927804GF58 | ||
Joint Book-Running Managers: | BMO Capital Markets Corp., BofA Securities, Inc., Mizuho Securities USA LLC, PNC Capital Markets LLC, Scotia Capital (USA) Inc. and SMBC Nikko Securities America, Inc. | |||
Co-Managers: | Bancroft Capital LLC and R. Seelaus & Co., LLC |
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC, including the preliminary prospectus supplement dated November 15, 2021, for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling:
BMO Capital Markets Corp. | 1-800-414-3627 (toll-free) | |
BofA Securities, Inc. | 1-800-294-1322 (toll-free) | |
Mizuho Securities USA LLC | 1-866-271-7403 (toll-free) | |
PNC Capital Markets LLC | 1-855-881-0697 (toll-free) | |
Scotia Capital (USA) Inc. | 1-800-372-3930 (toll-free) | |
SMBC Nikko Securities America, Inc. | 1-888-868-6856 (toll-free) |
* | A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. |
** | We expect that delivery of the Senior Notes will be made against payment for the Senior Notes on the Settlement Date, which will be the fifth business day following the date of this final term sheet (this settlement cycle being referred to as “T+5”). Under Rule 15c6-1 of the SEC under the Exchange Act, trades in the secondary market generally are required to settle in two business days unless the parties to that trade expressly agree otherwise. Accordingly, purchasers who wish to trade Senior Notes on the date of this final term sheet or the next succeeding two business days will be required, by virtue of the fact that the Senior Notes initially will settle in T+5, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement and should consult their own advisors. |