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Energy capital raises in 2018: Enterprise $3B debt issue leads busy week

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's aggregate year-to-date capital raised reached $107.73 billion as of Oct. 5, according to S&P Global Market Intelligence data. The total comprises $89.76 billion of senior debt, $8.69 billion of common equity, $7.31 billion of preferred equity and $1.97 billion of subordinated debt.

By sector, power companies have raised $68.06 billion, midstream companies have raised $33.95 billion, and gas utilities have raised $5.72 billion in 2018. Of the total common equity raises in 2018, energy companies raised $5.04 billion from 16 follow-on offerings, $2.24 billion from five private-placement transactions, $1.39 billion from 26 at-the-market transactions and $40 million from one other transaction.

* Enterprise Products Operating LLC on Oct. 3 sold $3 billion of senior notes to repay debt and for general company purposes including organic growth CapEx. The Enterprise Products Partners LP subsidiary sold $750 million of 3.50% series VV notes due Feb. 1, 2022, $1 billion of 4.15% series WW notes due Oct. 16, 2028, and $1.25 billion of 4.80% series XX notes due Feb. 1, 2049. Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and RBC Capital Markets LLC acted as joint book-running managers, among others.

* CenterPoint Energy Inc. on Oct. 3 sold $1.5 billion of senior notes in three tranches to fund its pending acquisition of Vectren Corp. The securities consist of $500 million of 3.60% notes due Nov. 1, 2021, $500 million of 3.85% notes due Feb. 1, 2024, and $500 million of 4.25% notes due Nov. 1, 2028. Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and Mizuho Securities USA LLC served as joint book-running managers, among others.

* Covanta Holding Corp. on Oct. 3 sold $400 million of its 6% senior unsecured notes due Jan. 1, 2027. The company intends to use the proceeds to redeem its senior notes due 2022 and to pay transaction fees and expenses and accrued interest. J.P. Morgan Securities LLC, Merrill Lynch Pierce Fenner & Smith Inc. and Crédit Agricole Securities (USA) Inc. acted as joint book-running managers, among others.

* DCP Midstream LP on Oct. 2 sold $100 million of its 7.95% series C fixed-to-floating rate cumulative redeemable preferred units for general partnership purposes such as funding CapEx and repaying revolver debt. RBC Capital Markets LLC, Merrill Lynch Pierce Fenner & Smith Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC served as joint book-running managers.

* Ascent Solar Technologies Inc. on Oct. 2 sold $150,000 of 12% secured convertible promissory notes due Oct. 2, 2019.

* Atmos Energy Corp. on Oct. 1 sold $600 million of its 4.300% senior notes due Oct. 1, 2048, for general corporate purposes including the repayment of working capital borrowings pursuant to the company's commercial paper program. J.P. Morgan Securities LLC, Mizuho Securities USA LLC and MUFG Securities Americas Inc. acted as joint book-running managers, among others.

* Tampa Electric Co. on Oct. 1 sold $375 million of its 4.45% senior notes due June 15, 2049. The Emera Inc. subsidiary plans to use a major chunk of the proceeds to repay $300 million of outstanding debt under its loan agreement due Nov. 1 and for general corporate purposes. J.P. Morgan Securities LLC, MUFG Securities Americas Inc. and Wells Fargo Securities LLC served as joint book-running managers, among others.

* WEC Energy Group Inc. subsidiary Wisconsin Electric Power Co. on Oct. 1 sold $300 million of 4.30% unsecured debentures due Oct. 15, 2048, to repay short-term debt, for working capital and other corporate purposes. BNP Paribas Securities Corp., PNC Capital Markets LLC, Scotia Capital (USA) Inc. and TD Securities (USA) LLC acted as joint book-running managers.

* Consumers Energy Co. on Oct. 1 sold $500 million of first mortgage bonds for general corporate purposes. The CMS Energy Corp. subsidiary sold $100 million of its 3.68% bonds due Oct. 1, 2027, $215 million of its 4.01% bonds due Oct. 1, 2038, and $185 million of its 4.28% bonds due Oct. 1, 2057.

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