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Energy capital raises in 2016: Midstream sector raises down 48% YOY

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Energy capital raises in 2016: Midstream sector raises down 48% YOY

This Data Dispatchwill be updated throughout 2016 to tally capital offerings in the U.S. energyindustry. Click herefor a spreadsheet listing all energy capital offerings since Nov. 4, 2009.

The U.S. energy industry aggregate year-to-date capitalraised reached $93.59 billion as of Sept. 23, according to S&P GlobalMarket Intelligence data. The total is comprised of $65.38 billion of seniordebt, $17.79 billion of common equity, $5.45 billion of preferred equity and$4.97 billion of subordinated debt in 2016.

By sector, power companies had raised $63.73 billion ofcapital, midstream companies had raised $25.18 billion and gas utilities hadraised $4.98 billion. Of the total common equity raises in 2016, energycompanies raised $12.73 billion from 35 follow-on offerings, $3.82 billion from53 at-the-market offerings and about $920 million from 10 private placementtransactions.


TargaResources Partners LP on Sept. 22 sold $1 billion of seniorunsecured notes,comprising $500 millionof 5.125% notes due Feb. 1, 2025, and $500 million of 5.375% notes due Feb. 1, 2027, to fundits cash tender offers to purchase shorter-term debt. Targa Resources Partnersis a unit of Targa ResourcesCorp.


8point3 EnergyPartners LP on Sept. 22 sold7 million class A common shares at $14.65 apiece to help fund a portion of thepurchase price of its acquisitionof a 49% stakein the 102-MW HenriettaSolar Project in Kings County, Calif., from The partnershipreceived approximately $102.6million gross proceeds from the follow-on offering. Merrill LynchPierce Fenner & Smith Inc., Wells Fargo Securities LLC, Citigroup GlobalMarkets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc. and CréditAgricole Securities (USA) Inc. served as joint book-running managers.


ChesapeakeUtilities Corp. on Sept. 22 sold $52 million worth of common shares to pay down a portionof its short-term revolving debt. The company sold 835,207 at $62.26 apiece in a follow-onoffering. Wells Fargo Securities LLC and RBC Capital Markets LLC acted as jointbook-running managers.

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