Dominion Announces Plans for Public Offering of Common Stock

Oct 14, 2002

October 14, 2002

RICHMOND, Va. – Dominion (NYSE: D) announced today that it plans a public offering of 26.5 million shares of its common stock which, at today's closing price of $39.35 on the New York Stock Exchange, would amount to approximately $1 billion in gross proceeds to Dominion.

In connection with the offering, the company will grant the underwriters an option for a period of 30 days to purchase up to an additional 3.975 million shares of the company's common stock to cover over-allotments.

The offering will be made under one of the company's existing shelf registration statements.

The net proceeds from the offering will be used for general corporate purposes, principally repayment of debt.

The joint book-running managers for the offering are Merrill Lynch & Co. and Morgan Stanley.

Investors will be able to obtain a copy of the final prospectus relating to the offering from Merrill Lynch & Co., 4 World Financial Center, 250 Vesey Street, Ground Floor, New York, NY 10080, Attention: Max Tabuzo, or from Morgan Stanley, 1585 Broadway, New York, NY 10036, Attention Prospectus Department.

Dominion has a diversified and integrated energy portfolio consisting of about 24,000-megawatts of generation, 5.7 trillion cubic feet equivalent of natural gas reserves, nearly 7,700 miles of natural gas transmission pipeline and an underground natural gas storage system with more than 960 billion cubic feet of storage capacity. Dominion also serves over 3.8 million franchise natural gas and electric customers in five states. In addition, Dominion owns a managing equity interest in Dominion Fiber Ventures LLC, owner of Dominion Telecom.

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CONTACTS:    
Media: Mark G. Lazenby, 804-819-2042  
  Hunter A. Applewhite, 804-819-2043  
     
Analysts: Thomas P. Wohlfarth, 804-819-2150  
  Joseph G. O'Hare, 804-819-2156

 


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