trending Market Intelligence /marketintelligence/en/news-insights/trending/yuzhjpffo9zwww1g1upc5q2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

Energy capital raises in 2018: Power companies add $2.95B to YTD debt raises

Q3: U.S. Solar and Wind Power by the Numbers

Path to Carbon-Free Power Generation by 2035

The Growing Importance of Data Centers for European & U.S. Renewable Projects

CAISO and ERCOT Power Forecasts by the Hour


Energy capital raises in 2018: Power companies add $2.95B to YTD 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 $46.28 billion as of March 23, according to S&P Global Market Intelligence data. The total comprises $37.83 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 $25.73 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.

* Mississippi Power Co. on March 22 sold $600 million worth of senior notes, consisting of $300 million of series 2018A floating-rate notes due March 27, 2020, and $300 million of series 2018B 3.95% notes due March 30, 2028. The Southern Co. unit plans to use net proceeds to prepay a portion of its $900 million unsecured term loan, which matures on March 30. Barclays Capital Inc., J.P. Morgan Securities LLC, Merrill Lynch Pierce Fenner & Smith Inc. and Mizuho Securities USA LLC served as joint book-running managers.

* Entergy Louisiana LLC on March 20 sold $750 million of 4% collateral trust mortgage bonds due March 15, 2033. The Entergy Corp. subsidiary plans to use the sale proceeds to finance construction of the Lake Charles and St. Charles combined-cycle, gas-fired power facilities, repay about $375 million of its 6% first mortgage bonds due May 1, repay borrowings from the Entergy system money pool, repay about $100 million under its $350 million credit facility and for general corporate purposes. J.P. Morgan Securities LLC, Mizuho Securities USA LLC and Morgan Stanley & Co. LLC acted as joint book-running managers, among others.

* Virginia Electric and Power Co. on March 20 sold $700 million of its 3.80% series 2018A senior unsecured notes due April 1, 2028. The Dominion Energy Inc. subsidiary intends to use net proceeds for general corporate purposes and to repay short-term debt, including commercial paper. BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC and U.S. Bancorp Investments Inc. served as joint book-running managers.

* Ohio Power Co. on March 20 sold $400 million of its 4.15% series N senior unsecured notes due April 1, 2048. The American Electric Power Co. Inc. subsidiary plans to use net proceeds for general corporate purposes relating to its utility business, including paying $350 million of 6.05% series G senior notes due May 1. Morgan Stanley & Co. LLC, RBC Capital Markets LLC and Scotia Capital (USA) Inc. acted as joint book-running managers, among others.

* Connecticut Light and Power Co. on March 19 sold $500 million of its 4% series 2018A first and refunding mortgage bonds due April 1, 2048. The Eversource Energy subsidiary intends to use net proceeds to repay all of its outstanding 5.65% first and refunding mortgage bonds 2008 series A due May 1 and repay short-term debt. Barclays Capital Inc., Merrill Lynch Pierce Fenner & Smith Inc., Mizuho Securities USA LLC and MUFG Securities Americas Inc. served as joint book-running managers.

SNL Image