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 $60.26 billion as of May 18, according to S&P Global Market Intelligence data. The total comprises $49.35 billion of senior debt, $4.86 billion of common equity, $4.86 billion of preferred equity and $1.19 billion of subordinated debt.
By sector, power companies have raised $34.28 billion, midstream companies have raised $23.32 billion and gas utilities have raised $2.65 billion. Of the total common equity raises in 2018, energy companies raised $2.58 billion from nine follow-on offerings, $1.59 billion from four private placement transactions and $690 million from 10 at-the-market transactions.
* Avista Corp. on May 15 sold $375 million of its 4.35% first mortgage bonds due June 1, 2048, to repay borrowings under a $400 million credit facility, to pay at maturity certain series of first mortgage bonds and secured medium-term notes, and to fund construction, facility improvement and maintenance programs and other general corporate purposes. BNY Mellon Capital Markets LLC, J.P. Morgan Securities LLC, MUFG Securities Americas Inc. and Wells Fargo Securities LLC acted as joint book-running managers.
* AEP Texas Inc. on May 14 sold $500 million of its 3.95% series E senior unsecured notes due June 1, 2028. BNP Paribas Securities Corp., Citigroup Global Markets Inc. and MUFG Securities Americas Inc. served as joint book-running managers.
* Ameren Illinois Co. on May 14 sold $430 million of 3.80% first mortgage bonds due May 15, 2028. The Ameren Corp. utility plans to use the net proceeds to repay short-term debt. J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and U.S. Bancorp Investments Inc. acted as joint book-running managers, among others.
* San Diego Gas & Electric Co. on May 14 sold $400 million of 4.15% series SSS first mortgage bonds due May 15, 2048, to repay outstanding commercial paper. Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC served as joint book-running managers, among others.
* Public Service Co. of New Mexico on May 14 sold $350 million of senior unsecured notes to repay $350 million of its 7.95% notes that matured May 15. The PNM Resources Inc. utility sold $55 million of 3.15% series A notes due May 15, 2023, $104 million of 3.45% series B notes due May 15, 2025, $88 million of 3.68% series C notes due May 15, 2028, $38 million of 3.93% series E notes due May 15, 2033, $45 million of 4.22% series F notes due May 15, 2038, and $20 million of 4.50% series G notes due May 15, 2048.

