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US utility sector's YTD capital raises surpass $50B

This Data Dispatch will be updated throughout 2019 to tally capital offerings in the U.S. utilities industry. Click here for a spreadsheet listing all utilities capital offerings since Jan. 1, 2009.

The U.S. electric, gas and water utility sector's aggregate year-to-date capital raises reached $51.8 billion as of June 30, according to S&P Global Market Intelligence data. The total comprises $39.30 billion of senior debt, $6.04 billion of common equity, $3.59 billion of subordinated debt and $2.87 billion of preferred equity.

Electric utilities have raised $36.56 billion, multi-utilities companies have raised $10.64 billion, gas utilities have raised $3.02 billion and water utilities have raised $1.58 billion in 2019.

In June, the utility sector raised about $3.37 billion of capital from eight offerings, comprising of $2.21 billion of common equity and $1.17 billion of senior debt.

Edison International led the month's biggest offerings with the sale of $2.21 billion worth of 32.2 million common shares at $68.50 apiece. The company plans to use net proceeds for general corporate purposes, including contributions to Southern California Edison Co. The utility would use those contributions to repay commercial paper borrowings and contribute to the California wildfire insurance fund.

Virginia Electric and Power Co. followed with a $500 million offering of its 2.875% series 2019A senior unsecured notes due July 15, 2029. The Dominion Energy Inc. subsidiary plans to use the net proceeds for general corporate purposes and to repay short-term debt.

During the month, Tampa Electric Co. sold $300 million of 3.625% senior unsecured notes due June 15, 2050; New Jersey Natural Gas Co. sold $100 million of its 3.76% notes due July 17, 2049, and $85 million of its 3.86% notes due July 17, 2059; Texas-New Mexico Power Co. sold $80 million of its 3.6% series 2019A first mortgage bonds due July 1, 2029; New Jersey Resources Corp. sold $50 million of its 3.29% notes due July 17, 2029; and Michigan Electric Transmission Co. LLC sold $50 million of 4.65% series B senior secured notes due July 10, 2049.

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