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Energy capital raises in 2017: Midstream sector YTD debt raises up 27%

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Essential Energy Insights - September 2021


Energy capital raises in 2017: Midstream sector YTD debt raises up 27%

This Data Dispatch will be updated throughout 2017 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 $125.24 billion as of Dec. 15, according to S&P Global Market Intelligence data. The total comprises $96.34 billion of senior debt, $15.17 billion of common equity, $6.78 billion of subordinated debt, $6.47 billion of preferred equity and $480 million of trust preferred shares in 2017.

By sector, power companies have raised $75.40 billion of capital, midstream companies have raised $42.33 billion, gas utilities have raised $4.33 billion and the coal sector has raised $3.16 billion. Of the total common equity raises in 2017, energy companies raised $7.81 billion from 27 follow-on offerings, $2.51 billion from 71 at-the-market transactions, $2.46 billion from nine private-placement transactions, $1.45 billion from five IPOs, $920 million from four "other" transactions and $10 million from one best-efforts deal.

* American Midstream Partners LP on Dec. 14 sold $125 million of 8.5% senior unsecured notes due Dec. 15, 2021, to reduce borrowings under its revolving credit facility. Wells Fargo Securities LLC, Merrill Lynch Pierce Fenner & Smith Inc. and Barclays Capital Inc. acted as joint book-running managers, among others.

* Avista Corp. on Dec. 14 completed a private placement of $90 million of 3.91% series 61 first mortgage bonds due Dec. 1, 2047, to repay a portion of its outstanding borrowings under a $400 million committed line of credit.

* Noble Midstream Partners LP on Dec. 12 sold $174.8 million worth of 3,680,000 common shares at $47.50 apiece to fund the a portion of the acquisition of Saddle Butte Rockies Midstream LLC and pay down borrowings under its revolving credit facility. Citigroup Global Markets Inc. served as the sole book-running manager.

* Unitil Corp. on Dec. 12 sold $33.3 million worth of 690,000 common shares at $48.30 apiece to make equity capital contributions to its regulated utility subsidiaries, to repay short-term debt and for general corporate purposes. RBC Capital Markets LLC and Merrill Lynch Pierce Fenner & Smith Inc. acted as joint book-running managers.

* NextEra Energy Capital Holdings Inc. on Dec. 11 sold $500 million of its 2.80% unsecured debentures due Jan. 15, 2023. The NextEra Energy Inc. subsidiary plans to use the net proceeds to redeem on Dec. 28 all of its outstanding $500 million of 6% debentures due March 1, 2019. Pending such use, the proceeds will be used to support investments in energy and power projects and for other general corporate purposes. CIBC World Markets Corp., Credit Suisse Securities (USA) LLC and Merrill Lynch Pierce Fenner & Smith Inc. served as joint book-running managers, among others.

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