Filed pursuant to Rule 433
Relating to Preliminary Prospectus Supplement dated August 8, 2023
to Prospectus dated February 21, 2023
Registration No. 333-269881
VIRGINIA ELECTRIC AND POWER COMPANY
FINAL TERM SHEET
August 8, 2023
| | | | |
| | | 2023 Series C 5.30% Senior Notes due 2033 | | 2023 Series D 5.70% Senior Notes due 2053 |
| Principal Amount: | | $400,000,000 | | $600,000,000 |
Expected Ratings* (Moody’s/S&P/Fitch): | | A2 (stable outlook) /
BBB+ (negative outlook) /
A (stable outlook) | | A2 (stable outlook) /
BBB+ (negative outlook) /
A (stable outlook) |
| Trade Date: | | August 8, 2023 | | August 8, 2023 |
| Settlement Date (T+2): | | August 10, 2023 | | August 10, 2023 |
| Final Maturity Date: | | August 15, 2033 | | August 15, 2053 |
| Interest Payment Dates: | | February 15 and August 15 | | February 15 and August 15 |
| First Interest Payment Date: | | February 15, 2024 | | February 15, 2024 |
| Optional Redemption: | | Make Whole Call at T+20 bps prior to May 15, 2033; Par Call on or after May 15, 2033 | | Make Whole Call at T+25 bps prior to February 15, 2053; Par Call on or after February 15, 2053 |
| Benchmark Treasury: | | 3.375% due May 15, 2033 | | 3.625% due February 15, 2053 |
| Benchmark Treasury Yield: | | 4.034% | | 4.225% |
| Spread to Benchmark Treasury: | | +128 bps | | +150 bps |
| Reoffer Yield: | | 5.314% | | 5.725% |
| Coupon: | | 5.30% | | 5.70% |
| Price to Public: | | 99.891% of the principal amount | | 99.642% of the principal amount |
| Proceeds to the Company Before Expenses: | | 99.241% of the principal amount | | 98.767% of the principal amount |
| CUSIP/ISIN: | | 927804 GM0/US927804GM00 | | 927804 GN8/US927804GN82 |
| Joint Book-Running Managers: | | BMO Capital Markets Corp., CIBC World Markets Corp., Deutsche Bank Securities Inc., Regions Securities LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., Truist Securities, Inc., Mizuho Securities USA LLC, MUFG Securities Americas Inc. and TD Securities (USA) LLC |
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC, including the preliminary prospectus supplement dated August 8, 2023, for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling:
| | |
| BMO Capital Markets Corp. | | 1-866-864-7760 (toll-free) |
| CIBC World Markets Corp. | | 1-800-282-0822 (toll-free) |
| Deutsche Bank Securities Inc. | | 1-800-503-4611 (toll-free) |
| Regions Securities LLC | | 1-800-734-4667 (toll-free) |
| Scotia Capital (USA) Inc. | | 1-800-372-3930 (toll-free) |
| SMBC Nikko Securities America, Inc. | | 1-888-868-6856 (toll-free) |
| Truist Securities, Inc. | | 1-800-685-4786 (toll-free) |
| Mizuho Securities USA LLC | | 1-866-271-7403 (toll-free) |
| MUFG Securities Americas Inc. | | 1-877-649-6848 (toll-free) |
| TD Securities (USA) LLC | | 1-855-495-9846 (toll-free) |
| * | A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. |
