SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 8, 1997
Dominion Resources, Inc.
(Exact name of registrant as specified in its charter)
Virginia 1-8489 54-1229715
(State of other juris- (Commission (IRS Employer
diction of Incorporation) File Number) Identification No.)
901 East Byrd Street, Richmond, Virginia 23219
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (804) 775-5700
(Former name or former address if changed since last report.)
<PAGE>
Item 5. OTHER EVENTS
On December 8, 1997, Dominion Resources, Inc. through its Dominion
Resources Capital Trust I, a Delaware business trust, issued 250,000 7.83%
Capital Securities (liquidation amount $1000 per security). See the company's
attached press release filed as Exhibit 99 herewith.
Exhibit
99 - Press Release, dated December 8, 1997.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
DOMINION RESOURCES, INC.
Registrant
/s/L. R. Robertson
L. R. ROBERTSON
Executive Vice President
Date: December 11, 1997
Exhibit 99
FOR IMMEDIATE RELEASE
DOMINION RESOURCES BEGINS SECOND STAGE OF PROGRAM
TO REFINANCE ITS ACQUISITION OF EAST MIDLANDS ELECTRICITY
RICHMOND, Va., December 8, 1997 Dominion Resources, Inc. (NYSE:D) announced
today the issuance of $250 million in Capital Securities as part of the second
stage in refinancing $2.2 billion in interim loans used to complete the
acquisition of East Midlands Electricity, plc, its newest subsidiary. The
Capital Securities were issued by Dominion Resources Capital Trust I, a
Delaware business trust.
Last summer, Dominion Resources retired 60 percent of the interim financing
with proceeds from three bond offerings by its U.K.-based DR Investments
subsidiary and one private bank facility to serve the same subsidiary. The
debt is non-recourse to Dominion Resources.
Moody's, S&P and Fitch have assigned respective ratings for the securities of
baa1, BBB+ and BBB. In rating the securities, Moody's, S&P and Fitch have
also assigned respective corporate credit ratings for Dominion Resources of
Baa1, A- and BBB+.
"Our program to replace 60 percent of the interim financing with permanent
debt and 40 percent with equity or equity equivalents remains on schedule,"
Linwood R. Robertson, executive vice president and chief financial officer,
said. "We have chosen to open stage two with the issuance of Capital
Securities to accommodate current market conditions and take advantage of the
attractive after-tax cost of this source of capital."
East Midlands Electricity, which is based in Nottingham, England, is
principally a power distribution and supply company that serves 2.3 million
homes and businesses in east-central England.
Dominion Resources is a $20 billion holding company active in national and
international electric power, natural gas and oil, financial services and real
estate.
The Capital Securities have not been registered with the Securities and
Exchange Commission and may not be offered or sold in the United States absent
registration or an applicable exemption from registration requirements.
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CONTACTS:
Media:
Mark G. Lazenby (804) 775-5704
Hunter Applewhite (804) 775-5727
Analysts
Fred G. Wood (804) 775-5813
Mark C. Stevens (804) 775-5740
