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Energy capital raises in 2016: M&A activity bolsters YTD raises in busy week

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Energy capital raises in 2016: M&A activity bolsters YTD raises in busy week

This Data Dispatchwill be updated throughout 2016 to tally capital offerings in the U.S. energyindustry. Click herefor a spreadsheet listing all energy capital offerings since Nov. 4, 2009.

The U.S. energy industry aggregate year-to-date capitalraised reached $99.68 billion as of Sept. 30, according to S&P GlobalMarket Intelligence data. The total is comprised of $68.53 billion of seniordebt, $19.87 billion of common equity, $6.31 billion of preferred equity and$4.97 billion of subordinated debt in 2016.

By sector, power companies had raised $69.07 billion ofcapital, midstream companies had raised $25.63 billion and gas utilities hadraised $5.28 billion. Of the total common equity raises in 2016, energycompanies raised $14.35 billion from 36 follow-on offerings, $3.82 billion from53 at-the-market offerings and about $1.37 billion from 11 private placementtransactions.


RiceMidstream Partners LP on Sept. 30 sold 20,930,233 common at $21.50 per unit,totaling $450 million,to help fund the drop-down of midstream assets from 's pending of and Vantage EnergyII LLC. Barclays Capital Inc. and Wells Fargo Securities LLC acted as placementagents.


DTE Energy Co.on Sept. 29 completed $1.60 billion worth of senior unsecured notes and equityunits to help fund its proposed $1.3 billion purchase of midstream gas assets in the AppalachianBasin from M3 Midstream LLCand Vega Energy Partners Ltd.The company sold $400million of 1.50% series 2016-D notes due Oct. 1, 2019, and$600 million of2.85% series 2016-E notes due Oct. 1, 2026, and $600 million of 6.50% equity units consistingof 1.5% series C remarketable senior notes and purchase contracts due Oct. 1,2024. Wells FargoSecurities LLC, BNY Mellon Capital Markets LLC and MUFG Securities AmericasInc. acted as joint book-running managers for the 1.50% notes offering. WellsFargo Securities LLC, Barclays Capital Inc., Merrill Lynch Pierce Fenner &Smith Inc., Scotia Capital (USA) Inc., Citigroup Global Markets Inc. and J.P.Morgan Securities LLC served as joint book-running managers for the 2.85% notesoffering. Wells Fargo Securities LLC, Citigroup Global Markets Inc. and J.P.Morgan Securities LLC acted as joint book-running managers.


EntergyLouisiana LLC on Sept. 28 sold $400 million of 2.40% collateral trustmortgage bonds dueOct. 1, 2026, to repay $57.5 million of its outstanding 8.09% Waterford 3secured lease obligation bonds due Jan. 2, 2017, and for general corporatepurposes. BNP Paribas Securities Corp., Goldman Sachs & Co., KeyBancCapital Markets Inc., SMBC Nikko Securities America Inc. and U.S. BancorpInvestments Inc. served as joint book-running managers.


DominionResources Inc. on Sept. 28 sold $300 million of 1.50% senior unsecured notesdue Sept. 30, 2018. RBC Capital Markets LLC acted as the sole underwriter.


Great PlainsEnergy Inc. on Sept. 27 sold approximately $2.46 billion worth ofsecurities to helpfund its proposedacquisition of Westar Energy Inc.The company sold 60.49 million common shares at $26.45 apiece, totaling about$1.60 billion,and 17.25 million depositary shares at $50 apiece, totaling . Goldman Sachs& Co., J.P. Morgan Securities LLC and Merrill Lynch Pierce Fenner &Smith Inc. acted as joint book-running managers for the common offering, whileGoldman Sachs & Co., Barclays Capital Inc. and Wells Fargo Securities LLCserved as joint book-running managers for the depositary shares offering.


The city of Farmington, N.M., on Sept. 27 $146 million worth of pollutioncontrol revenue refunding bonds due April 1, 2033, on behalf of subsidiaryPublic Service Co. of New Mexico.The offering consisted of $100million of 1.875% series 2016-B bonds and of 1.875% series2016-A bonds. The net proceeds of will be used to refund $146 million ofoutstanding pollution control revenue bonds previously issued by the city.


AmericanElectric Power Co. Inc. subsidiary onSept. 26 sold $400 millionof its 2.75% series K senior unsecured notesdue Oct. 1, 2026, for general corporate purposes of its utility business.Morgan Stanley & Co. LLC, UBS Securities LLC, Wells Fargo Securities LLC,BNY Mellon Capital Markets LLC and KeyBanc Capital Markets Inc. served as jointbook-running managers.


Southwest GasCorp. on Sept. 26 sold $300 million of 3.8% senior unsecured due Sept. 29, 2046, to repayoutstanding debt under its credit facility. BNY Mellon Capital Markets LLC,J.P. Morgan Securities LLC, Merrill Lynch Pierce Fenner & Smith Inc. andWells Fargo Securities LLC acted as joint book-running managers.

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