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 $38.57 billion as of March 2, according to S&P Global Market Intelligence data. The total comprises $30.34 billion of senior debt, $3.78 billion of common equity, $3.76 billion of preferred equity and $700 million of subordinated debt in 2018.
By sector, power companies have raised $20.71 billion, midstream companies have raised $17.76 billion and gas utilities have raised $100 million. Of the total common equity raises in 2018, energy companies raised $2.23 billion from three follow-on offerings, $980 million from three private placement transactions and $560 million from three at-the-market transaction.
* AES Corp. on March 1 sold $500 million of its 4% senior unsecured notes due March 15, 2021, and $500 million of its 4.50% senior unsecured notes due March 15, 2023. The company plans to use net proceeds to fund a concurrent tender offer to purchase its outstanding $228 million of its 8% senior notes due June 1, 2020, and $690 million of its 7.375% senior notes due July 1, 2021. Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC and Barclays Capital Inc. served as joint book-running managers, among others.
* Southern California Edison Co. on Feb. 28 sold $1.25 billion of its first and refunding mortgage bonds, comprising $450 million of its 2.90% series 2018A bonds due 2021; $400 million of its 3.65% series 2018B bonds due 2028; and $400 million of its 4.125% series 2018C bonds due 2048. The Edison International subsidiary intends to use the net proceeds to fund fuel inventories, to repay commercial paper borrowings and for general corporate purposes. BNY Mellon Capital Markets LLC, Citigroup Global Markets Inc. and MUFG Securities Americas Inc. acted as joint book-running managers, among others.
* Duke Energy Carolinas LLC on Feb. 26 sold $1 billion of first and refunding mortgage bonds, comprising $500 million of 3.05% series due March 15, 2023, and $500 million of 3.95% series due March 15, 2048. The Duke Energy Corp. subsidiary will use net proceeds to repay $300 million of 5.10% series B bonds due April 15, to pay down intercompany short-term debt under a money-pool borrowing arrangement with Duke Energy and for general company purposes. Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC and Mizuho Securities USA LLC served as joint book-running managers, among others.
* Florida Power & Light Co. on Feb. 26 sold $1 billion of its 3.95% first mortgage bonds due March 1, 2048. The NextEra Energy Inc. utility will add net proceeds to its general funds and use those funds for general corporate purposes, including repaying a portion of its $1 billion outstanding debts under several revolving credit facilities. Barclays Capital Inc., Goldman Sachs & Co. LLC and MUFG Securities Americas Inc. acted as joint book-running managers, among others.
* Williams Partners LP on Feb. 26 sold $800 million of 4.85% senior unsecured notes due March 1, 2048, for general partnership purposes such as paying down debt and repaying its $750 million of 4.875% senior notes due 2024. Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and MUFG Securities Americas Inc. served as joint book-running managers, among others.
* CenterPoint Energy Houston Electric LLC on Feb. 26 sold $400 million of its 3.95% series AB general mortgage bonds due March 1, 2048. The CenterPoint Energy Inc. utility plans to use proceeds to finance its capital investments needs this year. Mizuho Securities USA LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC acted as joint book-running managers, among others.
* Kansas City Power & Light Co. on Feb. 26 sold $300 million of its 4.2% senior unsecured notes due March 15, 2048. The Great Plains Energy Inc. subsidiary plans to use net proceeds to repay at maturity $350 million of its outstanding 6.375% notes due 2018. J.P. Morgan Securities LLC, Merrill Lynch Pierce Fenner & Smith Inc., MUFG Securities Americas Inc. and Wells Fargo Securities LLC served as joint book-running managers.

