This Data Dispatch will be updated throughout 2017 to tally capital offerings in the U.S. energy industry. Click here for a spreadsheet listing all energy capital offerings since Nov. 4, 2009.
The U.S. energy industry aggregate year-to-date capital raised reached $123.79 billion as of Dec. 8, according to S&P Global Market Intelligence data. The total comprises $95.10 billion of senior debt, $14.96 billion of common equity, $6.78 billion of subordinated debt, $6.47 billion of preferred equity and $480 million of trust preferred shares in 2017.
By sector, power companies have raised $74.26 billion of capital, midstream companies have raised $42.03 billion, gas utilities have raised $4.33 billion and the coal sector has raised $3.16 billion. Of the total common equity raises in 2017, energy companies raised $7.61 billion from 25 follow-on offerings, $2.51 billion from 71 at-the-market transactions, $2.46 billion from nine private-placement transactions, $1.45 billion from five IPOs, $920 million from four "other" transactions and $10 million from one best-efforts deal.
* Itron Inc. on Dec. 8 sold $300 million of its 5% senior notes due 2026 to help fund its acquisition of Silver Spring Networks Inc. and to refinance their existing debts.
* Duke Energy Florida LLC on Dec. 7 sold $400 million of 2.10% amortizing senior unsecured notes due Dec. 15, 2019, to fund the restoration costs related to Hurricane Irma and for general company purposes. Citigroup Global Markets Inc. and UBS Securities LLC served as joint book-running managers.
* Tallgrass Energy Partners LP on Dec. 7 sold $250 million of 5.50% senior unsecured notes due Jan. 15, 2028, to pay down senior secured revolver debt. Citigroup Global Markets Inc., Barclays Capital Inc. and Deutsche Bank Securities Inc. acted as joint book-running managers, among others.
* Calpine Corp. on Dec. 4 completed a $560 million private placement of its 5.25% senior secured first-lien notes due June 1, 2026. The company plans to use the sale proceeds, along with cash on hand and proceeds from a new $1 billion first-lien term loan facility, to repay and terminate Calpine Construction Finance Co. LP's first-lien term loan facility.
* Genesis Energy LP on Dec. 4 sold $450 million of 6.25% senior unsecured notes due May 15, 2026, to fund a cash tender offer for its 5.75% senior notes due 2021, plus the redemption price and accrued and unpaid interest for any of the notes that remain outstanding after the tender offer and for general partnership purposes. Citigroup Global Markets Inc., SMBC Nikko Securities America Inc. and Wells Fargo Securities LLC served as joint book-running managers, among others.
* Public Service Electric and Gas Co. on Dec. 4 sold $350 million of 3.6% series L secured medium-term notes due Dec. 1, 2047. The Public Service Enterprise Group Inc. subsidiary will add the sale proceeds to its general funds and use those funds for general corporate purposes. MUFG Securities Americas Inc., Scotia Capital (USA) Inc. and Wells Fargo Securities LLC acted as joint book-running managers, among others.

