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Energy capital raises in 2018: Power sector continues brisk pace of debt raises

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 $54.65 billion as of May 4, according to S&P Global Market Intelligence data. The total comprises $44.51 billion of senior debt, $4.69 billion of common equity, $4.26 billion of preferred equity and $1.19 billion of subordinated debt.

By sector, power companies have raised $30.76 billion, midstream companies have raised $21.92 billion, and gas utilities have raised $1.96 billion. Of the total common equity raises in 2018, energy companies raised $2.42 billion from seven follow-on offerings, $1.59 billion from four private placement transactions and $680 million from nine at-the-market transactions.

* NiSource Inc. on May 4 sold $606 million of 24,964,163 common shares in a private placement. The company plans to use net proceeds to finance capital expenditures and for general corporate purposes.

* Florida Power & Light Co. on May 3 sold $500 million of 4.125% first mortgage bonds due June 1, 2048. The NextEra Energy Inc. subsidiary will use the proceeds to repay a portion of its outstanding commercial paper obligations. BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC and Merrill Lynch Pierce Fenner & Smith Inc. served as joint book-running managers, among others.

* Louisville Gas and Electric Co. on May 3 sold $35 million of variable-rate series 2001B first mortgage bonds due Nov. 1, 2027.

* NextEra Energy Capital Holdings Inc. on May 2 sold $400 million of its floating-rate debentures due May 4, 2021, to fund investments in energy and power projects and for other general corporate purposes, including repaying part of its outstanding commercial paper obligations. Wells Fargo Securities LLC served as the sole book-running manager.

* Public Service Electric and Gas Co. on May 2 sold $700 million of its series M secured medium-term notes to repay approximately $480 million of debts outstanding under its commercial paper program and for general corporate purposes. The Public Service Enterprise Group Inc. subsidiary sold $375 million of 3.70% notes due May 1, 2028, and $325 million of 4.05% notes due May 1, 2048. BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Mizuho Securities USA LLC acted as joint book-running managers, among others.

* Consumers Energy Co. on May 1 sold $550 million of its 4.05% first mortgage bonds due May 15, 2048. The CMS Energy Corp. subsidiary intends to use net proceeds to redeem $250 million of its outstanding 5.65% first mortgage bonds due Sept. 15 and for general corporate purposes. Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and KeyBanc Capital Markets Inc. served as joint book-running managers, among others.

* Southern Indiana Gas and Electric Co. Inc. on May 1 sold $39.6 million of variable-rate series 2013B secured refunding revenue bonds due May 1, 2043.

* Targa Resources Corp. on April 30 sold $29.2 million of 640,228 shares of common stock. The partnership will use the proceeds for general corporate purposes including, among other things, repayment of debt, acquisitions, CapEx, additions to working capital and redeeming or repurchasing some of Targa Resources' outstanding notes.

* DTE Electric Co. on April 30 sold $525 million of its series A 4.05% general and refunding mortgage bonds due May 15, 2048. The DTE Energy Co. subsidiary plans to use net proceeds to finance "green" investments, including developing solar or wind energy facilities. Barclays Capital Inc., BNP Paribas Securities Corp., Merrill Lynch Pierce Fenner & Smith Inc. and TD Securities (USA) LLC acted as joint book-running managers.

* Indiana Michigan Power Co. on April 30 sold $350 million of its 3.85% senior notes due May 15, 2028. The American Electric Power Co. Inc. subsidiary intends to use net proceeds for general corporate purposes relating to its utility business and to repay outstanding advances from affiliates. BNY Mellon Capital Markets LLC, Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC and PNC Capital Markets LLC served as joint book-running managers.

* South Jersey Industries Inc. on April 25 sold $90 million of its 3.18% series 2018A senior notes due April 25, 2021, to help fund the company's acquisition of gas utilities Elizabethtown Gas Co. Inc., which operates in New Jersey, and Elkton Gas Co., which operates in Maryland.

* South Jersey Industries on April 18 sold $287.5 million of 7.25% series A junior subordinated unsecured notes and purchase contracts due April 15, 2031, and $373.8 million of 12,669,491 common shares to fund a portion of the cash consideration payable in connection with the acquisition of Elizabethtown Gas and Elkton Gas and for CapEx primarily for regulated businesses including infrastructure investments at its utility business. Merrill Lynch Pierce Fenner & Smith Inc., Guggenheim Securities LLC and Wells Fargo Securities LLC acted as joint book-running managers.

* ALLETE Inc. on April 16 sold $60 million of 4.07% series 57 first mortgage bonds due April 16, 2048, to fund utility capital expenditure and for general corporate purposes.

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