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 $43.33 billion as of March 16, according to S&P Global Market Intelligence data. The total comprises $34.88 billion of senior debt, $3.79 billion of common equity, $3.76 billion of preferred equity and $900 million of subordinated debt in 2018.
By sector, power companies have raised $22.78 billion, midstream companies have raised $19.89 billion and gas utilities have raised $660 million. Of the total common equity raises in 2018, energy companies raised $2.25 billion from five follow-on offerings, $980 million from three private placement transactions and $560 million from three at-the-market transactions.
* RGC Resources Inc. on March 15 completed a follow-on offering of $16.1 million of 700,000 shares of its common stock at $23 apiece. The company plans to use the net proceeds to fund CapEx and a portion of its required contributions to Mountain Valley Pipeline LLC. The company may also repay certain debt, including amounts outstanding under Roanoke Gas Co.'s revolving line of credit. BB&T Capital Markets and Janney Montgomery Scott LLC acted as joint book-running managers.
* Idaho Power Co. on March 13 sold $220 million of its 4.20% series K first mortgage bonds due March 1, 2048. The IDACORP Inc. subsidiary intends to use net proceeds to pay $130 million of its 4.5% first mortgage bonds due March 2020 and to fund a portion of its capital requirements. The company may also temporarily invest the proceeds in short-term investments. J.P. Morgan Securities LLC and Wells Fargo Securities LLC served as joint book-running managers.
* Southwest Gas Corp. on March 12 sold $300 million of its 3.70% senior unsecured notes due April 1, 2028. The company will use the net proceeds to repay revolver debt and debt under its commercial paper program. KeyBanc Capital Markets Inc., MUFG Securities Americas Inc. and U.S. Bancorp Investments Inc. acted as joint book-running managers.
* WGL Holdings Inc. on March 12 sold $250 million of floating-rate senior unsecured notes due March 12, 2020. The company will use the net proceeds for general corporate purposes, including repayment of amounts outstanding under its revolving credit facility. U.S. Bancorp Investments Inc. and RBC Capital Markets LLC served as joint book-running managers.