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Energy capital raises in 2016: Dominion issues $800M of notes in quiet week

As ofJuly 15, the U.S. energy industry had raised $42.40 billion of senior debt, about$12.11 billion of common equity, $5.42 billion of preferred equity, $2.77 billionof subordinated debt and $300.0 million of subsidiary trust preferred in 2016. Thepower sector had raised $41.36 billion of capital, the midstream sector had raised$19.56 billion and the gas utility sector had raised $2.06 billion.

Of thetotal common equity raises in 2016, U.S. energy companies raised $9.10 billion from24 follow-on offerings, $2.20 billion from 27 at-the-market offerings and about$800 million from six private placement transactions.

on July 12sold $800 millionof its 5.25% enhanced junior subordinated notesseries 2016-A due July 30, 2076, for general corporate purposes.

The series2016-A notes have a spread to benchmark Treasury of 301 basis points, and were ratedBaa3 by Moody's and BBB- by both S&P Global Ratings and Fitch Ratings.

MerrillLynch Pierce Fenner & Smith Inc., Morgan Stanley & Co. LLC, UBS SecuritiesLLC and Wells Fargo Securities LLC acted as joint book-running managers of the offering.

on July11 sold $500 millionof 4.850% senior unsecured notesdue July 15, 2026, to repay outstanding borrowings under its revolving credit facilityand for general partnership purposes.

The noteshave a spread to benchmark Treasury of 345 basis points. The issue was rated Ba2by Moody's.

J.P.Morgan Securities LLC, Merrill Lynch Pierce Fenner & Smith Inc., SunTrust RobinsonHumphrey Inc., BBVA Securities Inc., BMO Capital Markets Corp., Mizuho SecuritiesUSA Inc., MUFG Securities Americas Inc., PNC Capital Markets LLC and U.S. BancorpInvestments Inc. 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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