Deal Description: On November 4, 2021, DCP Midstream, LP (NYSE: DCP) (the “Partnership”) announced the pricing of an offering by its wholly owned subsidiary, DCP Midstream Operating, LP (the “Operating Partnership”), of $400 million aggregate principal amount of 3.250% senior notes due 2032. The notes will be fully and unconditionally guaranteed by the Partnership. The offering is expected to close on November 19, 2021, subject to the satisfaction of customary closing conditions.
The Operating Partnership intends to use the net proceeds from the offering for the repayment of indebtedness under its revolving credit facility and for general partnership purposes.
The underwriters include J.P. Morgan Securities LLC, Mizuho Securities USA LLC, RBC Capital Markets, LLC, Barclays Capital Inc., Citigroup Global Markets Inc., MUFG Securities Americas Inc. and TD Securities (USA) LLC as joint book-running managers for the offering. PNC Capital Markets LLC, Regions Securities LLC, SMBC Nikko Securities America, Inc. and U.S. Bancorp Investments, Inc. are acting as co-managers for the offering.
Baker Botts Lawyers/Office Involved:
Corporate: Josh Davidson (Partner, Houston); Carina Antweil (Partner, Houston), Parker Hinman (Associate, Houston), Michael Donnellan (Associate, Houston) and Thomas Blackwell (Associate, Houston)
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