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US utilities raise $13.8B of capital from 33 offerings in September

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US utilities raise $13.8B of capital from 33 offerings in September

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 January 2009.

The U.S. electric, gas and water utility sector's aggregate year-to-date capital raised reached $78.01 billion as of Sept. 30, according to S&P Global Market Intelligence data. The total comprises $62.31 billion of senior debt, $6.28 billion of common equity, $5.52 billion of subordinated debt and $3.90 billion of preferred equity.

Electric utilities have raised $54.28 billion, multi-utilities companies have raised $16.49 billion, gas utilities have raised $4.76 billion, and water utilities have raised $2.48 billion in 2019.

In September, the utility sector raised about $13.80 billion from 33 offerings, comprising $12.76 billion of senior debt, $1.04 billion of preferred equity and $200 million of subordinated debt.

Evergy Inc. led the month's biggest offerings with the sale of $1.60 billion of senior notes in two tranches to repay its $1 billion unsecured term loan due Sept. 15, to repurchase common stock and for general corporate purposes. The offering consisted of $800 million of the company's 2.45% notes due Sept. 15, 2024, and $800 million of its 2.90% notes due Sept. 15, 2029.

NextEra Energy Inc. sold $1.50 billion of equity units consisting of 2.10% series J debentures and purchase contracts due Sept. 1, 2024. Net proceeds of approximately $1.45 billion will be added to the general funds of NextEra Energy Capital Holdings Inc., which plans to use such funds to fund investments in energy and power projects and repay all or a portion of its outstanding commercial paper obligations, among other general corporate purposes.

Elsewhere, Duke Energy Corp. sold $1 billion of 1 million series B 4.875% fixed-rate reset cumulative perpetual preferred shares to repay a portion of its outstanding commercial paper, $500 million of its outstanding 5.05% senior notes due Sept. 15 and for general corporate purposes.

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