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Energy capital raises in 2018: MPLX issues $5.5B in debt

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Energy capital raises in 2018: MPLX issues $5.5B in debt

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 $27.10 billion as of Feb. 9, according to S&P Global Market Intelligence data. The total comprises $20.11 billion of senior debt, $3.76 billion of preferred equity, $2.53 billion of common equity and $700 million of subordinated debt in 2018.

By sector, power companies have raised $14.14 billion, midstream companies have raised $12.87 billion and gas utilities have raised $10 million. Of the total common equity raises in 2018, energy companies raised $1.55 billion from two follow-on offerings and $980 million from three private placement transactions.

* Otter Tail Power Co. on Feb. 7 sold $100 million of 4.07% series 2018A senior unsecured notes due Feb. 7, 2048, to refinance existing debt under the company's revolving credit facilities.

* Holly Energy Partners LP on Feb. 6 sold $110 million of 3,700,000 common stock at $29.73 per share. The HollyFrontier Corp.-owned partnership intends to use the proceeds to repay borrowings under its credit facility and for general partnership purposes.

* MPLX LP on Feb. 5 sold a $5.5 billion suite of unsecured senior notes issued for the most part to repay the principal and accrued interest on a $4.1 billion term loan the partnership took out Feb. 1. The offering consists of $500 million of 3.375% senior notes due March 15, 2023, $1.25 billion of 4.000% senior notes due March 15, 2028, $1.75 billion of 4.500% senior notes due April 15, 2038, $1.5 billion of 4.700% senior notes due April 15, 2048 and $500 million of 4.900% senior notes due April 15, 2058. Merrill Lynch Pierce Fenner & Smith Inc., Barclays Capital Inc. and Mizuho Securities USA LLC served as joint book-running managers, among others.

* Enphase Energy Inc. on Feb. 4 sold $20 million of 9,523,809 shares of common stock at $2.10 per share. The company plans to use the net proceeds for general corporate purposes.

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