trending Market Intelligence /marketintelligence/en/news-insights/trending/mesrqth8y5rbype796hsmg2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

Energy capital raises in 2018: ETP's $3B debt issue leads other offerings

Q3: U.S. Solar and Wind Power by the Numbers

Path to Carbon-Free Power Generation by 2035

The Growing Importance of Data Centers for European & U.S. Renewable Projects

CAISO and ERCOT Power Forecasts by the Hour


Energy capital raises in 2018: ETP's $3B debt issue leads other offerings

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 $67.13 billion as of June 8, according to S&P Global Market Intelligence data. The total comprises $56.23 billion of senior debt, $4.87 billion of common equity, $4.86 billion of preferred equity and $1.19 billion of subordinated debt.

By sector, power companies have raised $38.06 billion, midstream companies have raised $26.32 billion and gas utilities have raised $2.75 billion. Of the total common equity raises in 2018, energy companies raised $2.58 billion from 10 follow-on offerings, $1.59 billion from four private placement transactions and $700 million from 12 at-the-market transactions.

* New Jersey Resources Corp. on June 8 sold $100 million of 3.96% senior unsecured notes due June 8, 2028, for general corporate purposes, such as funding CapEx. J.P. Morgan Securities LLC and TD Securities (USA) LLC acted as placement agents.

* Capstone Turbine Corp. on June 7 sold $3.9 million of common shares as part of its up to $25 million at-the-market equity program. Net proceeds will be used to fund working capital requirements and for general corporate purposes. H.C. Wainwright & Co. LLC served as the selling agent.

* Entergy Corp. on June 6 sold $1 billion worth of common stock, or 13,289,037 common shares at $75.25 per share. Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC acted as joint book-running managers, among others.

* Energy Transfer Partners LP on June 5 sold $3.0 billion of senior unsecured notes. The offering consists of $500 million of 4.20% notes due Sept. 15, 2023; $500 million of 5.80% notes due June 15, 2038; $1 billion of 4.95% notes due June 15, 2028; and $1 billion of 6% notes due June 15, 2048. The partnership will use the proceeds to fully repay its 2.5% notes due June 15, its 6.7% notes due July 1 and a subsidiary's 7% notes due June 15. Mizuho Securities USA LLC, MUFG Securities Americas Inc., SMBC Nikko Securities America Inc. and TD Securities (USA) LLC served as joint book-running managers.

* PSEG Power LLC on June 4 sold $700 million of 3.85% senior unsecured notes due June 1, 2023. The Public Service Enterprise Group Inc. subsidiary plans to use the net proceeds for general corporate purposes. Barclays Capital Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC acted as joint book-running managers.

* Puget Sound Energy Inc. on June 4 sold $600 million of 4.223% senior unsecured notes due June 15, 2048. The Puget Holdings LLC subsidiary plans to use the net proceeds to repay $200 million of its 6.47% notes, to pay down a portion of its outstanding commercial paper and for general corporate purposes. J.P. Morgan Securities LLC, Merrill Lynch Pierce Fenner & Smith Inc. and Mizuho Securities USA LLC served as joint book-running managers, among others.

* WEC Energy Group Inc. on June 4 sold $600 million of its 3.375% senior unsecured notes due June 15, 2021, to repay short-term debt, including short-term debt used to redeem at par all $114.9 million outstanding of Integrys Holding's 2006 junior subordinated notes due Dec. 1, 2066; to repay at maturity $300 million of its 1.65% senior notes due June 15; and for working capital and other general corporate purposes. J.P. Morgan Securities LLC, Merrill Lynch Pierce Fenner & Smith Inc. and Wells Fargo Securities LLC acted as joint book-running managers.

* Emera Inc. subsidiary Tampa Electric Co. on June 4 sold $350 million of 4.30% senior unsecured notes due June 15, 2048, for general corporate purposes, including the repayment of debts under its credit facilities. J.P. Morgan Securities LLC, RBC Capital Markets LLC and Scotia Capital (USA) Inc. served as joint book-running managers, among others.

SNL Image