This Data Dispatch will be updated throughout 2018 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 $90.69 billion as of Aug. 31, according to S&P Global Market Intelligence data. The total comprises $76.55 billion of senior debt, $6.72 billion of common equity, $6.23 billion of preferred equity and $1.19 billion of subordinated debt.
By sector, power companies have raised $57.47 billion, midstream companies have raised $28.80 billion and gas utilities have raised $4.42 billion. Of the total common equity raises in 2018, energy companies raised $3.06 billion from 14 follow-on offerings, $2.24 billion from five private placement transactions, $1.39 billion from 26 at-the-market transactions and $40 million from other transactions.
* Covanta Holding Corp. on Aug. 30 completed the sale of $314.6 million of four series of resource recovery revenue bonds to refinance outstanding tax exempt bonds of the same amounts and maturities. The company sold $130 million of 4.75% series 2018A bonds due Nov. 1, 2042, $82.4 million of 4.875% series 2018C bonds due Nov. 1, 2042, $67.2 million of 4.625% series 2018B bonds due Nov. 1, 2042, and $35.0 million of 3.5% series 2018B bonds due Nov. 1, 2024. Merrill Lynch Pierce Fenner & Smith Inc. served as the sole book manager.