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 $57.8 billion as of May 11, according to S&P Global Market Intelligence data. The total comprises $47.34 billion of senior debt, $4.86 billion of common equity, $4.41 billion of preferred equity and $1.19 billion of subordinated debt.
By sector, power companies have raised $32.26 billion, midstream companies have raised $22.87 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.
* New Jersey Natural Gas Co. on May 11 sold $125 million of 4.01% series 2018A senior secured notes due May 11, 2048. The New Jersey Resources Corp. will use net proceeds for general corporate purposes, including refinancing or retiring short-term debt and funding CapEx.
* Southern California Gas Co. on May 10 sold $400 million of 4.125% first mortgage bonds due June 1, 2048. The Sempra Energy subsidiary will use the net proceeds to repay outstanding commercial paper. BNP Paribas Securities Corp., Mizuho Securities USA LLC and SMBC Nikko Securities America Inc. acted as joint book-running managers, among others.
* DCP Midstream LP on May 9 sold $150 million worth of 6 million variable rate series B cumulative redeemable perpetual preferred units at $25 apiece. The partnership will use the proceeds for general partnership purposes, including funding CapEx and the repayment of its debt under their revolving credit facility. Merrill Lynch Pierce Fenner & Smith Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC served as joint book-running managers, among others.
* Entergy Arkansas Inc. on May 8 sold $250 million of 4% first mortgage bonds due June 1, 2028. The Entergy Corp. subsidiary will use the net proceeds to redeem $31.4 million aggregate par value of its preferred stock paying dividends at 4.32% to 4.72% per year and for general corporate purposes. Barclays Capital Inc., BNY Mellon Capital Markets LLC and KeyBanc Capital Markets Inc. acted as joint book-running managers, among others.
* PPL Corp. on May 8 sold approximately $1.49 billion worth of 55 million common shares at $27 apiece. The company will not receive any proceeds from the sale of the shares of its common stock by selling stockholders. J.P. Morgan Securities LLC, Barclays Capital Inc. and Citigroup Global Markets Inc. served as joint book-running managers.
* Consolidated Edison Co. of New York Inc. on May 7 sold $1 billion of its debentures to repay short-term debt and other general corporate purposes. The Consolidated Edison Inc. utility sold $300 million of 3.8% series 2018A debentures due May 15, 2028, and $700 million of 4.5% series 2018B debentures due May 15, 2058. Barclays Capital Inc., Merrill Lynch Pierce Fenner & Smith Inc. and Wells Fargo Securities LLC acted as joint book-running managers, among others.
* Enable Midstream Partners LP on May 7 sold $800 million of its 4.95% senior notes due May 15, 2028, to repay all outstanding debt under its 2015 term loan agreement and under its commercial paper program. Merrill Lynch Pierce Fenner & Smith Inc., Mizuho Securities USA LLC and Wells Fargo Securities LLC served as joint book-running managers, among others.
* Spire Inc. on May 7 sold 2.3 million common shares worth approximately $158.1 million to repay outstanding borrowings under its commercial paper program incurred to fund such investments and as well as for general corporate purposes. Wells Fargo Securities LLC, Credit Suisse Securities (USA) LLC and RBC Capital Markets LLC acted as joint book-running managers.

