Dominion forward-sells shares to obtain equity on demand
Virginia-based energy company Dominion has forward-sold 10 million shares of its common stock in a block trade to JP Morgan Securities. The deal was done in connection with a forward-sale agreement between Dominion and investment bank Merrill Lynch. It is set up so that Dominion only issues the stock and receives proceeds when it needs them to fund certain purchases. Only a handful of such forward transactions have been executed to date, said Dominion treasurer Scott Hetzer.
Merrill agreed to borrow and sell 10 million Dominion shares –
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