Filed pursuant to Rule 433
Preliminary Prospectus dated November 3, 2008
Registration No. 333-130932
VIRGINIA ELECTRIC AND POWER COMPANY
FINAL TERM SHEET
November 3, 2008
| 2008 Series B 8.875% Senior Notes Due 2038 | ||
| Issuer: | Virginia Electric and Power Company | |
| Principal Amount: | $700,000,000 | |
| Expected Ratings (Moody’s/S&P/Fitch): |
Baa1 (stable outlook)/A- (stable outlook)/A- (stable outlook) | |
| Trade Date: | November 3, 2008 | |
| Settlement Date: | November 6, 2008 | |
| Final Maturity Date: | November 15, 2038 | |
| Interest Payment Dates: | May 15 and November 15 | |
| First Interest Payment Date: | May 15, 2009 | |
| Call Provisions: | Make Whole Call at T+ 50 bps | |
| Treasury Benchmark: | 4.375% due February 15, 2038 | |
| Benchmark Yield: | 4.312% | |
| Spread to Benchmark: | + 456.3 bps | |
| Reoffer Yield: | 8.875% | |
| Coupon: | 8.875% | |
| Price to Public: | 99.995% | |
| Proceeds to Company Before Expenses: | 99.120% | |
| CUSIP/ISIN: | 927804FG4/US927804FG41 | |
| Joint Book-Running Managers: | Citigroup Global Markets Inc., Goldman, Sachs & Co., Greenwich Capital Markets, Inc. | |
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 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:
| Citigroup Global Markets Inc. | 1-877-858-5407 (toll free) | |
| Goldman, Sachs & Co. | 1-866-471-2526 (toll free) | |
| Greenwich Capital Markets, Inc. | 1-866-884-2071 (toll free) | |
Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.