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Energy capital raises in 2017: Midstream adds another $1.28B to YTD raises

This Data Dispatch will be updated throughout 2017 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 $46.46 billion as of May 26, according to S&P Global Market Intelligence data. The total comprises $32.53 billion of senior debt, $10.44 billion of common equity, $2.15 billion of subordinated debt and $1.34 billion of preferred equity in 2017.

By sector, power companies have raised $26.72 billion of capital, midstream companies have raised $15.63 billion, the coal sector has raised $2.81 billion and gas utilities have raised $1.31 billion. Of the total common equity raises in 2017, energy companies raised $6.10 billion from 12 follow-on offerings, $1.96 billion from four private-placement transactions, $1.02 billion from 24 at-the-market transactions, $920 million from four other transactions and $440 million from three IPOs.

* Targa Resources Corp. on May 25 sold $783.7 million of 17 million common shares at $46.10 per share to fund part of the CapEx for its recently announced NGL pipeline project, as well as to repay borrowings under its credit facilities, to redeem its 6.375% senior notes due 2022 and for general corporate purposes. Barclays Capital Inc. served as the sole book-running manager.

* Rochester Gas and Electric Corp. on May 24 sold $300 million of 3.1% first mortgage bonds due June 1, 2027. The Avangrid Inc. subsidiary will use the net proceeds to pay down notes payable to some of its affiliates and for general corporate purposes.

* Nevada Power Co. on May 23 sold $92.5 million of secured pollution-control refunding revenue bonds. The Berkshire Hathaway Energy subsidiary sold $40 million of variable rate series 2017A bonds due Sept. 1, 2032, $39.5 million of variable rate series 2017 bonds due Jan. 1, 2036, and $13 million of variable rate series 2017B due March 1, 2039, to refund certain outstanding revenue bonds. J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc. and Wells Fargo Bank NA acted as the joint book-running managers.

* TC PipeLines LP on May 22 sold $500 million of 3.9% senior unsecured notes due May 25, 2027, to pay a portion of the cash purchase price of its acquisition of a 49.3% stake in Iroquois Gas Transmission System LP and the remaining 11.8% interest in Portland Natural Gas Transmission System LP from TransCanada Corp. MUFG Securities Americas Inc. and Merrill Lynch Pierce Fenner & Smith Inc. served as joint book-running managers.

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