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 aggregate year-to-date capital raised reached $31.39 billion as of Feb. 23, according to S&P Global Market Intelligence data. The total comprises $24.34 billion of senior debt, $3.76 billion of preferred equity, $2.59 billion of common equity and $700 million of subordinated debt in 2018.
By sector, midstream companies have raised $16.03 billion, power companies have raised $15.26 billion and gas utilities have raised $100 million. Of the total common equity raises in 2018, energy companies raised $1.55 billion from two follow-on offerings, $980 million from three private placement transactions and $60 million from one at-the-market transaction.
* Kinder Morgan Inc. on Feb. 22 sold $2 billion of its senior notes to pay down debt and for general corporate purposes. The notes consist of $1.25 billion of 4.3% notes due March 1, 2028, and $750 million of 5.2% notes due March 1, 2048. Mizuho Securities USA LLC, MUFG Securities Americas Inc. and SMBC Nikko Securities America Inc. served as joint book-running managers, among others.
* Western Gas Partners LP on Feb. 21 sold $1.1 billion of senior unsecured notes to pay down revolver debt and for general partnership purposes. The offering is composed of $400 million of 4.5% notes due March 1, 2028, and $700 million of 5.3% notes due March 1, 2048. Mizuho Securities USA Inc., Credit Suisse Securities (USA) LLC and MUFG Securities Americas Inc. acted as joint book-running managers, among others.
* PECO Energy Co. on Feb. 15 sold $325 million of its 3.9% first and refunding mortgage bonds due March 1, 2048. The Exelon Corp. utility will use proceeds to refinance a portion of its $500 million of 5.35% first and refunding mortgage bonds due March 1. Mizuho Securities USA LLC, U.S. Bancorp Investments Inc., Wells Fargo Securities LLC and PNC Capital Markets LLC served as joint book-running managers.
* Commonwealth Edison Co. on Feb. 12 sold $800 million of its 4% series 124 first mortgage bonds due March 1, 2048. The Exelon Corp. subsidiary plans to use the proceeds to refinance $700 million of its 5.80% first mortgage bonds due March 15 to repay a portion of its outstanding commercial paper obligations and for other general corporate purposes. Barclays Capital Inc., Merrill Lynch Pierce Fenner & Smith Inc. and Scotia Capital (USA) Inc. acted as joint book-running managers, among others.

