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Energy capital raises in 2016: Spectra Energy Partners' $800M debt issue leads week


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Energy capital raises in 2016: Spectra Energy Partners' $800M debt issue leads week

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 $102.4 billion as of Oct. 7, according to S&P Global MarketIntelligence data. The total is comprised of $71.25 billion of senior debt,$19.87 billion of common equity, $6.31 billion of preferred equity and $4.97billion of subordinated debt.

By sector, power companies had raised $70.73 billion ofcapital, midstream companies had raised $26.69 billion and gas utilities hadraised $5.28 billion. Of the total common equity raises in 2016, energycompanies raised $14.35 billion from 36 follow-on offerings, $3.82 billion from53 at-the-market offerings and about $1.37 billion from 11 private placementtransactions.

Western GasPartners LP on Oct. 6 sold $200 million of 5.45% senior unsecured due April 1, 2044, torepay the borrowings outstanding under its revolving credit facility and forgeneral partnership purposes. Morgan Stanley & Co. LLC, RBC Capital MarketsLLC, Credit Suisse Securities (USA) LLC, MUFG Securities Americas Inc., SGAmericas Securities LLC, UBS Securities LLC and U.S. Bancorp Investments Inc.served as joint book-running managers.

Dynegy Inc.on Oct. 5 sold $750 millionof 8% senior notesdue 2025 to help fund its buyoutof Energy Capital Partners IIILLC's stake in a joint venture formed to 's U.S. fossil fuel-fired powerplants and to partially repay outstanding obligation under its term loans.

Spectra EnergyPartners LP on Oct. 5 sold $800 million of senior unsecured notesto repay a portion of its outstanding commercial paper, to fund capitalexpenditures and for general partnership purposes. The offering comprises of$600 million of3.375% notes due Oct. 15, 2026, and $200 million of 4.5% notes due March 15, 2045. J.P.Morgan Securities LLC, Merrill Lynch Pierce Fenner & Smith Inc., MizuhoSecurities USA Inc., Morgan Stanley & Co. LLC, Deutsche Bank SecuritiesInc., MUFG Securities Americas Inc., SMBC Nikko Securities America Inc.,SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC served as jointbook-running managers.

Sempra Energyon Oct. 4 sold $500 millionof 1.625% senior unsecured notesdue Oct. 7, 2019, to repay outstanding commercial paper. Goldman Sachs &Co., Merrill Lynch Pierce Fenner & Smith Inc. and Mizuho Securities USAInc. served as joint book-running managers.

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