Deal Description: On January 16, 2019, DCP Midstream, LP (NYSE: DCP) (the “Partnership”) announced the pricing of an upsized offering by its wholly owned subsidiary, DCP Midstream Operating, LP (the “Operating Partnership”), of $325 million aggregate principal amount of 5.375% senior notes due 2025. The notes will be fully and unconditionally guaranteed by the Partnership. 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 the 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 are acting 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, are acting as co-managers for the offering.
Outside Counsel to Mizuho Securities USA LLC Barclays Capital Inc., SunTrust Robinson Humphrey, Inc., Citigroup Global Markets Inc., MUFG Securities Americas Inc., TD Securities (USA) LLC, 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: Baker Botts L.L.P.
Other Parties: DCP Midstream, LP and DCP Midstream Operating, LP
Outside Counsel to the Partnership: Holland & Hart LLP
Value: $325 million
Baker Botts Lawyers/Office Involved:
Corporate: Josh Davidson (Partner, Houston); A.J. Ericksen (Partner, Houston), Eileen Boyce (Senior Associate, Houston), Katie Belleville (Associate, Houston) and Steven Lackey (Associate, Houston)
Tax: Chuck Campbell (Special Counsel, Houston)
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