UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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| Item 8.01 | Other Events. |
Dominion Energy, Inc. (the “Company”) executed a definitive agreement on July 9, 2023, to sell its 50% noncontrolling limited partner interest in Cove Point LNG, LP (“Cove Point”) to a subsidiary of Berkshire Hathaway Energy Company, which currently operates the facility and owns a 100% general partner and 25% limited partner interest. The total transaction value is $3.5 billion, inclusive of transaction proceeds ($3.3 billion) and expected proceeds from the termination of related interest rate derivatives ($0.2 billion). Total after-tax proceeds of approximately $3.3 billion are expected to be used to repay debt including the existing $2.3 billion term loan secured by its noncontrolling interest in Cove Point. The sale is subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Act of 1976, as amended, and a filing with the U.S. Department of Energy and the expiration of any objection or review period in connection with such filing. The sale is expected to close by year-end 2023, subject to satisfaction of the foregoing conditions, among other things.
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 hereunto duly authorized.
| DOMINION ENERGY, INC. Registrant | ||||||
| Date: July 10, 2023 | By: | /s/ Steven D. Ridge | ||||
| Steven D. Ridge | ||||||
| Senior Vice President and | ||||||
| Chief Financial Officer | ||||||