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Energy capital raises in 2016: Shell Midstream nets $401M from equity offering in quiet week

Asof March 24, the U.S. energy industry had raised $11.59 billion of senior debt,about $3.80 billion of preferred equity, $1.74 billion of common equity, $550.0million of subordinated debt and $300.0 million of subsidiary trust preferredin 2016. The power sector had raised $11.02 billion and the midstream sectorhad raised $6.93 billion.


onMarch 23 completed a follow-on offering of 12,650,000 common representing limited partnerinterests at $31.75 per unit, totaling about $401.6 million, including the overallotmentoption.

Thepartnership intends to use net proceeds to repay borrowings outstanding underits revolving credit facilities and for general partnership purposes. Thepartnership also said it may re-borrow any amounts repaid under its creditfacilities for general partnership purposes.

BarclaysCapital Inc. served as the sole book-running manager of the offering.


onMarch 23 completed a follow-on offering of 8 million common representing limited partner interestsat $22.25 per unit, totaling $178.0million.

Thecompany will not receive any proceeds from the sale of common units by theselling unit holder in the offering.

Citigroup Global Markets Inc. acted as the sole book-running manager.


on March 21sold $150.0 millionof 5% senior unsecured notesdue Dec. 1, 2044, to raise amounts for general corporate purposes. The noteshave a spread to benchmark Treasury of 200 basis points. The issue was ratedBaa1 by Moody's and BBB by Standard and Poor's Ratings Services.

WellsFargo Securities LLC and U.S. Bancorp Investments Inc. acted as jointbook-running managers.


Coalcompany Rhino Resource PartnersLP on March 21 sold 13,333,333 common representing limited partnershipinterests at 15 cents per unit, totaling $2.0 million.


Click for a template that explains how todownload SNL capital offerings data into an Excel spreadsheet.