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Energy capital raises in 2016: Dominion sells stock to fund Questar deal

As ofApril 8, the U.S. energy industry had raised $15.94 billion of senior debt, $3.80billion of preferred equity, $3.46 billion of common equity, $550.0 million of subordinateddebt and $300.0 million of subsidiary trust preferred in 2016. The power sectorhad raised $14.08 billion of capital, the midstream sector had raised $8.69 billionand the gas utility sector had raised $1.27 billion.


on April8 sold 9,056,136 shares of common unitsrepresenting limited partner interests at $45.96 per unit, totaling per unit.

The partnershipintends to use the net proceeds from the offering for general corporate purposes,including the funding of its current expansion capital plan.


on April4 sold 10.2 million sharesof common stock at $74.16 per share, totaling $756.4 million.

The companyintends to use the net proceeds for general corporate purposes, including to fundin part Dominion's combinationwith Questar Corp. andto repay short-term debt including commercial paper, according to an April 4 statement.

CitigroupGlobal Markets Inc. served as sole underwriter.


subsidiaryEnterprise Products Operating LLCon April 4 sold $1.25 billion of senior unsecured notes, comprising $575.0 million of senior notes due April 15, 2021, of senior notesdue Feb. 15, 2027, and $100.0million of senior notes due May 15, 2046. The 2.85% notes have spreadto benchmark Treasury of 165.2 basis points, the 3.95% notes have spread to benchmarkTreasury of 220 basis points and the 4.90% notes have spread to benchmark Treasuryof 260 basis points. The issue was rated Baa1 by Moody's and BBB+ by Standard &Poor's Ratings Services and Fitch Ratings.

The companyintends to use the net proceeds for the repayment of debt, including the repaymentof amounts outstanding under its commercial paper program, and for general companypurposes.

J.P.Morgan Securities LLC, Merrill Lynch Pierce Fenner & Smith Inc., Citigroup GlobalMarkets Inc., Deutsche Bank Securities Inc., DNB Markets Inc., and Scotia Capital(USA) Inc. acted as joint book-running managers.


on April 4 sold $1.80billion senior unsecured notes,comprising $300.0 millionof 2.45% notes due April 15, 2021, $750.0million of 3.40% notes due April 15, 2026, and $750.0 million of 4.45% notes due April 15, 2046.The 2.45% notes have spread to benchmark Treasury of 125 basis points, the 3.40%notes have spread to benchmark Treasury of 165 basis points and the 4.45% noteshave spread to benchmark Treasury of 190 basis points. The issue was rated Baa2by Moody's and BBB- by S&P.

The companyintends to use the net proceeds to retire short-term debt incurred to complete thefunding of its recently closed PepcoHoldings LLC acquisitionand for general corporate purposes.

BarclaysCapital Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Scotia Capital(USA) Inc., Credit Suisse Securities (USA) Inc., RBC Capital Markets LLC and TDSecurities (USA) LLC acted as joint book-running managers.


on April 4 sold14 million shares of commonstock at $30 per share, totaling $420.0million to purchase additional common units from Spectra Energy Partners.

The companyalso intends to use the net proceeds of its sale of common units for general partnershippurposes, including the funding of its current expansion capital plan.

BarclaysCapital Inc. served as sole underwriter.


on April 4 sold of 6.250% seniorunsecured notes due April15, 2021, to repay a portion of a term loan facility. The notes have a spread tobenchmark Treasury of 500 basis points. The issue was rated Ba3 by Moody's.

CreditSuisse Securities (USA) LLC, Merrill Lynch Pierce Fenner & Smith Inc., BBVASecurities Inc., Mizuho Securities USA Inc., TD Securities (USA) LLC, Crédit AgricoleSecurities (USA) Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc.,DNB Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley& Co. LLC, Natixis Securities Americas LLC, PNC Capital Markets LLC, RBC CapitalMarkets LLC and Wells Fargo Securities LLC served as joint book-running managers.


Click here for a template that explains how to download SNL capitalofferings data into an Excel spreadsheet.

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