DCP Midstream, LP Announces Pricing of an Upsized $500 Million of 5.625% Senior Notes due 2027
June 17 2020 - 4:19PM
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 $500 million aggregate principal amount of its
5.625% senior notes due 2027 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 June 24, 2020, 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.
BofA Securities, Inc., Barclays Capital Inc.,
Wells Fargo Securities, LLC, PNC Capital Markets, LLC, SMBC Nikko,
SunTrust Robinson Humphrey and US Bancorp acted as joint
book-running managers for the offering. Regions Securities
LLC acted as co-manager 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 (the
“SEC”). 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 BofA Securities by contacting: BofA Securities,
NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC
28255-0001, Attn: Prospectus Department, or by e-mail at
dg.prospectus_requests@bofa.com.
You may also obtain these documents free of
charge by visiting the SEC’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 senior notes 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 accompanying
prospectus supplement for the senior notes offering. The
statements herein speak only as of the date of this press
release. The Partnership and Operating Partnership undertake
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:
Sarah Sandberg(303) 605-1626Source: DCP Midstream, LP
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