BB&T Capital Markets Serves as a Lead Bookrunner on RGC Resources’ Follow-On Equity Offering
BB&T Capital Markets’ Energy Group completed a transaction for a Local Distribution Company (LDC) in the first quarter of 2018, helping to raise $16,100,000 in gross proceeds for our client.
The company intends to use the net proceeds from the offering for general corporate purposes and to fund capital expenditures, such as utility plant investments and a portion of required contributions to Mountain Valley Pipeline, LLC. Total gross proceeds include the full exercise of the underwriters’ 30-day over-allotment option.
About the Companies
RGC Resources (“RGC” or “The Company”) is a LDC primarily engaged in the regulated sale and distribution of natural gas to approximately 61,200 residential, commercial and industrial customers in Southwestern Virginia through its Roanoke Gas Company (“Roanoke Gas”) utility subsidiary. The Company also holds, through RGC Midstream, LLC (“Midstream”), a 1% interest in Mountain Valley Pipeline, LLC which was created in August 2014 for the purpose of constructing a natural gas pipeline connecting the Equitrans gathering and transmission system in northern West Virginia to the Transco interstate pipeline in south central Virginia (the “Mountain Valley Pipeline Project”). The Company was founded in 1883 and became publicly listed on Nasdaq in 1994.
About BB&T Capital Markets
BB&T Capital Markets offers an integrated platform of equity and debt underwriting, M&A advisory, corporate banking, and sales and trading. Headquartered in Richmond, VA, with offices throughout the US, we have specific expertise within 10 distinct industry verticals including Automotive Aftermarket; Commercial & Industrial; Education; Energy; Financial Services; Food & Agribusiness; Healthcare; Logistics & Transportation Services; Real Estate; and Retail & Consumer. Our commitment to industry expertise, combined with our resources as one of the nation's strongest financial institutions, strategically positions BB&T Capital Markets to build lasting relationships and contribute measurably to the long-term success of our clients.