DCP Midstream, LP Announces Public Offering of Series C Preferred Units
October 02 2018 - 9:54AM
DCP Midstream, LP (NYSE: DCP) (“DCP”) announced today that it has
commenced, subject to market conditions, an underwritten public
offering of Series C Fixed-to-Floating Rate Cumulative Redeemable
Perpetual Preferred Units, liquidation preference of $25.00 per
unit, representing limited partner interests in DCP (the “Series C
Preferred Units”). DCP expects to grant the underwriters a 30-day
option to purchase additional Series C Preferred Units.
DCP intends to use the net proceeds from this
offering, including the net proceeds from any exercise of an option
to purchase additional Series C Preferred Units that may be granted
to the underwriters, for general partnership purposes, including
the funding of capital expenditures and the repayment of
outstanding indebtedness under its revolving credit facility.
RBC Capital Markets, LLC, Merrill Lynch, Pierce,
Fenner & Smith Incorporated, J.P. Morgan Securities LLC and
Wells Fargo Securities, LLC are acting as joint book-running
managers for the offering. When available, a copy of the prospectus
supplement and accompanying base prospectus relating to this
offering may be obtained free of charge on the Securities and
Exchange Commission's website at www.sec.gov or from any of
the underwriters by contacting:
RBC Capital Markets, LLC Attn: DCM Transaction
Management 200 Vesey Street New York, New York 10281 Telephone:
(866) 375-6829
Merrill Lynch, Pierce, Fenner & Smith
Incorporated 200 North College Street NCI 004-03-43 Charlotte, NC
28255-0001 Attention: Prospectus Department Telephone:
1-800-294-1322 Email: dg.prospectus_requests@baml.com
J.P. Morgan Securities LLC 383 Madison Avenue
New York, New York 10179 Attention: Investment Grade Syndicate
Desk, 3rd Floor Telephone: 212-834-4533
Wells Fargo Securities, LLC 608 2nd Avenue
South, Suite 1000 Minneapolis, Minnesota 55402 Attention: WFS
Customer Service Telephone: 800-645-3751
The Series C Preferred Units are being offered
and will be sold pursuant to an effective shelf registration
statement on Form S-3 that was previously filed with
the Securities and Exchange Commission. 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. This offering of Series C Preferred Units is
being made only by means of a base prospectus and related
prospectus supplement meeting the requirements of Section 10 of the
Securities Act of 1933, as amended.
DCP Midstream, LP (NYSE: DCP) is a midstream
master limited partnership headquartered in Denver, Colorado, with
a diversified portfolio of gathering and processing assets in
addition to 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 may include forward-looking
statements as defined under the federal securities laws regarding
DCP Midstream, LP, including statements regarding the intended use
of offering proceeds and other aspects of the Series C Preferred
Unit 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 DCP's control, including market
conditions, customary offering closing conditions and other factors
described in the prospectus and accompanying prospectus supplement
for the offering. If one or more of these risks or uncertainties
materialize, or if underlying assumptions prove incorrect, DCP's
actual results may vary materially from what management
anticipated, estimated, projected or expected.
Investors are encouraged to closely consider the
disclosures and risk factors contained in DCP’s annual and
quarterly reports filed from time to time with the Securities and
Exchange Commission and in the prospectus and related prospectus
supplement for the Series C Preferred Units. The statements herein
speak only as of the date of this press release. DCP 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 Investor Relations:
Irene Lofland, 303-605-1822
Source: DCP Midstream, LP
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