DCP Midstream, LP Announces Upsizing and Pricing of an Additional $325 Million of 5.375% Senior Notes due 2025
January 16 2019 - 5:05PM
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 an additional $325 million aggregate principal
amount of its 5.375% senior notes due 2025 at a price of 100.75% of
their face value plus accrued interest from January 15, 2019 (the
“Additional Notes”). The Additional Notes will be fully and
unconditionally guaranteed by the Partnership. The Additional Notes
are being offered as additional notes to the existing $500 million
aggregate principal amount of 5.375% senior notes due 2025 that the
Operating Partnership issued on July 17, 2018 (the “Existing
Notes”). The Additional Notes and the Existing Notes will have
identical terms, other than the issue date, and are intended to be
treated as a single series of debt securities. The offering is
expected to close on January 18, 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 funding of capital expenditures and the repayment of
indebtedness under its revolving credit facility.
Mizuho Securities USA LLC, Barclays Capital
Inc., SunTrust Robinson Humphrey, Inc., Citigroup Global Markets
Inc., MUFG Securities Americas Inc. and TD Securities (USA) LLC
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 Additional Notes 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 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: Mizuho
Securities USA LLC by mail at 320 Park Avenue, 12th Floor, New
York, NY, 10022 Attn: Debt Capital Markets, or by phone at (866)
271-7403; Barclays Capital Inc. c/o Broadridge Financial Solutions
by mail at 1155 Long Island Avenue, Edgewood, NY, 11717, by phone
at (888) 603-5847 (toll free), or by email
at barclaysprospectus@broadridge.com; or SunTrust Robinson
Humphrey, Inc. by mail at 303 Peachtree Road, Atlanta, GA, 30326
Attn: Prospectus Department, by phone at
(800) 685-4786, or by email
at STRHdocs@SunTrust.com.
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.
ABOUT DCP MIDSTREAM, LP
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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