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US utility sector's YTD capital raises surpass $90B

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 January 2009.

The U.S. electric, gas and water utility sector's aggregate year-to-date capital raised reached $90.59 billion as of Nov. 30, according to S&P Global Market Intelligence data. The total is composed of $72.98 billion of senior debt, $8.18 billion of common equity, $5.52 billion of subordinated debt and $3.90 billion of preferred equity.

Electric utilities have raised $61.22 billion, multi-utilities companies have raised $20.20 billion, gas utilities have raised $6.62 billion, and water utilities have raised $2.55 billion so far in 2019.

In November, the utility sector raised about $6.86 billion of senior debt, led by Vistra Energy Corp. subsidiary Vistra Operations Co. LLC, which sold $1.10 billion of senior notes in a private placement to help prepay a portion of its senior secured term loan under a credit agreement.

Xcel Energy Inc. sold $1.0 billion of senior notes to repay short-term debt borrowings and to fund the repayment or redemption of outstanding long-term debt, including $550 million of its 4.7% senior notes due May 15, 2020.

Other notable November offerings include Duke Energy Corp. subsidiary Duke Energy Florida LLC, which sold $900 million of first mortgage bonds and floating-rate senior notes to pay or reimburse the payment of eligible green expenditures, fund restoration costs related to Hurricane Dorian, fund capital expenditures of ongoing construction and capital maintenance, and for general corporate purposes.

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