Dominion Energy Inc. announced a series of moves Tuesday aimed at boosting the Richmond-based company’s credit profile while maintaining its bond ratings.
The actions came in the face of a decision by the Federal Energy Regulatory Commission earlier this month that dealt a blow to the stock price of the energy giant’s Dominion Midstream Partners, which handles natural gas terminal, processing, storage, transportation and other assets.
Also, in January, rating agency Moody’s changed its outlook on Dominion to negative as a result of the company’s low ratio of cash flow to debt.
The company will conduct a “forward sale” — which allows it to sell stock now and collect the funds later — of 20 million shares of Dominion Energy common stock priced Tuesday night at $67.85, which would generate about nearly $1.4 billion to be used for “general corporate purposes.” Shares closed Wednesday at $67.79, down $1.43 or 2.07 percent.
