The transaction, dated June 29, settles today (July 9). It provides Saxon with more than $100 million in working capital. Virginia-based Friedman, Billings, Ramsey and Co. Inc. was the advisor and sole placement agent for the transaction.

Dominion's merger with Consolidated Natural Gas Co. closed in January 2000. The deal requires Dominion to complete a divestiture of all of its financial services holdings.

"Saxon has been a profitable and value-adding member of the Dominion Capital group of financial services companies," comments Thos. E. Capps, chairman, president and chief executive officer of Dominion. "We wish our colleagues there the very best. They are a talented, hard-driven group of professionals, and we're pleased to be transferring ownership of the business to a group that includes this excellent management team."

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