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US utility sector adds $4.58B to YTD debt raises in February

This Data Dispatch will be updated throughout 2019 to tally capital offerings in the U.S. utilities industry. Click here for a spreadsheet listing all utilities capital offerings since Jan. 1, 2009.

The U.S. electric and gas sector's aggregate year-to-date capital raises reached $13.93 billion as of Feb. 28, according to S&P Global Market Intelligence data. The total comprises $13.10 billion of senior debt, $630 million of subordinated debt and $200 million of common equity.

Electric utilities have raised $11.06 billion, multi-utilities companies have raised $1.98 billion, and gas utilities have raised $890 million in 2019. In February, the utility sector raised $4.58 billion of capital, comprising $3.95 billion of senior debt and $630 million of subordinated debt.

* Arizona Public Service Co. on Feb. 26 sold $300 million of 4.25% senior unsecured notes due March 1, 2049. The Pinnacle West Capital Corp. subsidiary used net proceeds to pay its $500 million of 8.750% notes due March 1. The utility may temporarily invest the net proceeds in highly liquid short-term investments. Barclays Capital Inc., Mizuho Securities USA LLC, SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC acted as joint book-running managers.

* PacifiCorp on Feb. 25 sold $1 billion of first mortgage bonds to fund capital expenditures and for general corporate purposes, including repayment of short-term debt that was partially incurred to repay $350 million of its 5.50% bonds due January. The Berkshire Hathaway Energy subsidiary sold $400 million of its 3.50% bonds due June 15, 2029, and $600 million of its 4.15% bonds due Feb. 15, 2050. J.P. Morgan Securities LLC, MUFG Securities Americas Inc. and PNC Capital Markets LLC served as joint book-running managers, among others.

* Atmos Energy Corp. on Feb. 25 sold $450 million of 4.125% senior unsecured notes due March 15, 2049, to repay at maturity its $450 million of its 8.50% senior notes due March 15. BNP Paribas Securities Corp., CIBC World Markets Corp. and Crédit Agricole Securities (USA) Inc. acted as joint book-running managers, among others.

* Florida Power & Light Co. on Feb. 21 sold $600 million of 3.99% first mortgage bonds due March 1, 2049. The NextEra Energy Inc. subsidiary plans to add the proceeds to its general funds and use those funds for general corporate purposes, including the repayment of a portion of its outstanding commercial paper obligations. BNP Paribas Securities Corp., Crédit Agricole Securities (USA) Inc. and Mizuho Securities USA LLC served as joint book-running managers, among others.

* DTE Electric Co. on Feb. 11 sold $650 million of 3.95% series 2019-A general and refunding mortgage bonds due March 1, 2049, to fund renewable development, solar or wind supply contract payments and energy efficiency and optimization programs. Barclays Capital Inc., BNY Mellon Capital Markets LLC, J.P. Morgan Securities LLC and Merrill Lynch Pierce Fenner & Smith Inc. acted as joint book-running managers.

* Commonwealth Edison Co. on Feb. 11 sold $400 million of 4% first mortgage bonds due March 1, 2049. The Exelon Corp. subsidiary plans to use a portion of the net proceeds to repay outstanding commercial paper obligations and for general corporate purposes. Barclays Capital Inc., MUFG Securities Americas Inc. and U.S. Bancorp Investments Inc. served as joint book-running managers, among others.

* Jersey Central Power & Light Co. on Feb. 8 sold $400 million of 4.30% senior notes due 2026. The FirstEnergy Corp. subsidiary used the net proceeds to refinance existing indebtedness.

* CMS Energy Corp. on Feb. 6 sold $630 million of 5.875% junior subordinated notes due March 1, 2079, to repay outstanding term loans and for general corporate purposes. Merrill Lynch Pierce Fenner & Smith Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC acted as joint book-running managers.

* UGI Utilities Inc. on Feb. 1 sold $150 million of 4.55% senior unsecured notes due Feb. 1, 2049, in a private placement. The UGI Corp. subsidiary plans to use the proceeds to pay down short-term borrowings on its revolving credit facility and for other general corporate purposes. Credit Suisse Securities (USA) LLC and PNC Capital Markets LLC served as placement agents.

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