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Energy capital raises in 2018: FirstEnergy $2.5B offering leads quiet week

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 $17.91 billion as of Jan. 26, according to S&P Global Market Intelligence data. The total comprises $11.77 billion of senior debt, $3.74 billion of preferred equity and $2.40 billion of common equity in 2018.

By sector, power companies have raised $13.32 billion, midstream companies have raised $4.54 billion and gas companies have raised $50 million. Of the total common equity raises in 2018, energy companies raised $1.55 billion from two follow-on offerings and $850 million from one private placement transaction.

* Spark Energy Inc. on Jan. 23 sold $50.5 million worth of 2 million shares of its 8.75% series A preferred stock at $25.25 apiece to help fund potential M&A and international growth opportunities, and for general corporate purposes. B. Riley FBR Inc., Janney Montgomery Scott LLC, BB&T Securities LLC division BB&T Capital Markets and Ladenburg Thalmann & Co. Inc. acted as joint book-running managers.

* FirstEnergy Corp. on Jan. 22 sold $1.62 billion of 1,616,000 series A convertible preferred stock at $1,000 per share and $850 million of 30,120,482 common stock at $28.22 apiece. The company will use the proceeds to reduce its holding company debt, make contribution to its pension fund and for general corporate purposes.

* Southcross Energy Partners LP on Jan. 22 sold $15 million of 12.5% senior unsecured notes due Nov. 5, 2019.

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