DCP Midstream, LP Announces Upsizing and Pricing of $600 Million of 5.125% Senior Notes due 2029
May 08 2019 - 3:18PM
DCP Midstream, LP (NYSE: DCP) (the “Partnership”) announced
today that its wholly owned subsidiary, DCP Midstream
Operating, LP (the “Operating Partnership”), priced an
upsized offering of $600 million aggregate principal amount of its
5.125% senior notes due 2029 at a price to the public of 100% of
their face value (the “Senior Notes”). The Senior Notes will be
fully and unconditionally guaranteed by the Partnership. The
offering is expected to close on May 10, 2019, subject to the
satisfaction of customary closing conditions.
The Operating Partnership intends to use the net
proceeds from this offering for general partnership purposes,
including the repayment of indebtedness under its revolving credit
facility and the funding of capital expenditures.
Citigroup Global Markets Inc., MUFG Securities
Americas Inc., TD Securities (USA) LLC, J.P. Morgan Securities LLC,
Mizuho Securities USA LLC, RBC Capital Markets, LLC and SunTrust
Robinson Humphrey, Inc. acted as joint book-running managers for
the offering. PNC Capital Markets LLC, SMBC Nikko Securities
America, Inc., U.S. Bancorp Investments, Inc. and BB&T Capital
Markets, a division of BB&T Securities, LLC, acted as
co-managers for the offering.
The Senior Notes are being offered and will be
sold pursuant to an effective shelf registration statement that was
previously filed with the Securities and Exchange
Commission. This offering is being made only by means of a
base prospectus and related prospectus supplement.
Before you invest, you should read the
prospectus supplement and accompanying base prospectus in the
registration statement for more complete information about this
offering. When available, copies of these documents may be
obtained from any of the underwriters by contacting: Citigroup
Global Markets Inc. c/o Broadridge Financial Solutions by mail at
1155 Long Island Avenue, Edgewood, NY, 11717, or by email at
prospectus@citi.com; MUFG Securities Americas Inc. by mail at 1221
Avenue of the Americas, 6th Floor, New York, NY, 10020 Attn:
Capital Markets Group, or by phone at (877) 649-6848; or TD
Securities (USA) LLC by mail at 31 West 52nd Street, 2nd Floor, New
York, NY, 10019 Attn: Debt Capital Markets Syndicate.
You may also obtain these documents free of
charge by visiting the Securities and Exchange Commission’s website
at www.sec.gov.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy the securities
described herein, nor shall there be any sale of these securities
in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction.
DCP Midstream, LP (NYSE: DCP) is a Fortune 500
midstream master limited partnership headquartered in Denver,
Colorado, with a diversified portfolio of gathering, processing,
logistics and marketing assets. DCP is one of the largest natural
gas liquids producers and marketers and one of the largest natural
gas processors in the U.S. The owner of DCP’s general partner is a
joint venture between Enbridge and Phillips 66.
This press release includes forward-looking
statements as defined under the federal securities laws, including
statements regarding the intended use of offering proceeds and
other aspects of the senior notes offering. Although management
believes that expectations reflected in such forward-looking
statements are reasonable, no assurance can be given that such
expectations will prove to be correct. In addition, these
statements are subject to certain risks, uncertainties and other
assumptions that are difficult to predict and may be beyond the
control of the Partnership or the Operating Partnership, including
market conditions, customary offering closing conditions and other
factors described in the base prospectus and accompanying
prospectus supplement for the offering. If one or more of these
risks or uncertainties materialize, or if underlying assumptions
prove incorrect, the actual results of the Partnership or the
Operating Partnership may vary materially from what management
anticipated, estimated, projected or expected.
Investors are encouraged to closely consider the
disclosures and risk factors contained in the Partnership’s annual
and quarterly reports filed from time to time with the Securities
and Exchange Commission and in the base prospectus and related
prospectus supplement for the senior notes offering. The
statements herein speak only as of the date of this press
release. The Partnership undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by applicable securities laws.
DCP Midstream, LP Investor
Relations:
Irene Lofland(303)
605-1822
Source: DCP Midstream, LP
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