Dominion believes it has become the first power company to execute a combined stock and convertible deal through an overnight sale. Scott Hetzer, senior v.p. and treasurer, says while it's common to issue either stock or convertibles in these types of overnight transactions, combining the two hasn't been done in the sector before. This reflects the fact two distinct types of buyers are being targeted and Wall Street firms handling the sale typically don't operate combined equity and convertible desks, he says. An overnight transaction is a deal executed without marketing after the public markets close, normally via a block trade.
March 24, 2002